Alexandria Real Estate Equities (ARE) 10-K 4 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 15, 2020	Jun. 30, 2019
Cover page.
Entity Central Index Key	0001035443
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Type	10-K
Document Period End Date	Dec. 31, 2019
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 Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 15.8
Entity Common Stock, Shares Outstanding		122,699,875
Document Annual Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Investments in real estate	$ 14,844,038	$ 11,913,693
Investment in unconsolidated real estate joint ventures	346,890	237,507
Cash and cash equivalents	189,681	234,181
Restricted cash	53,008	37,949
Tenant receivables	10,691	9,798
Deferred rent	641,844	530,237
Deferred leasing costs	270,043	239,070
Investments	1,140,594	892,264
Other assets	893,714	370,257
Total assets	18,390,503	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	349,352	630,547
Unsecured senior notes payable	6,044,127	4,292,293
Unsecured senior line of credit	384,000	208,000
Unsecured senior bank term loans	0	347,415
Accounts payable, accrued expenses, and other liabilities	1,320,268	981,707
Dividends payable	126,278	110,280
Total liabilities	8,224,025	6,570,242
Commitments and contingencies
Redeemable noncontrolling interests	12,300	10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
7.00% Series D cumulative convertible preferred stock, $0.01 par value per share, 10,000,000 shares authorized; 0 and 2,573,432 shares issued and outstanding as of December 31, 2019 and 2018, respectively; $25 liquidation value per share	0	64,336
Common stock, $0.01 par value per share, 200,000,000 shares authorized as of December 31, 2019 and 2018; 120,800,315 and 111,011,816 shares issued and outstanding as of December 31, 2019 and 2018, respectively	1,208	1,110
Additional paid-in capital	8,874,367	7,286,954
Accumulated other comprehensive income (loss)	(9,749)	(10,435)
Alexandria Real Estate Equities, Inc.'s stockholders' equity	8,865,826	7,341,965
Noncontrolling interests	1,288,352	541,963
Total equity	10,154,178	7,883,928
Total liabilities, noncontrolling interests, and equity	$ 18,390,503	$ 14,464,956

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Shares of preferred stock authorized	100,000,000
Shares of preferred stock issued and outstanding	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Shares of common stock authorized	200,000,000	200,000,000
Shares of common stock issued and outstanding	120,800,315	111,011,816
Common Stock, Shares, Outstanding	120,800,315	111,011,816
Series D Convertible Preferred Stock
Preferred Stock, dividend rate (as a percent)	7.00%	7.00%
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Shares of preferred stock authorized	10,000,000	10,000,000
Shares of preferred stock issued and outstanding	0	2,573,432
Preferred Stock, Shares Outstanding	0	2,573,432
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues	$ 408,114	$ 390,484	$ 373,856	$ 358,842	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 1,531,296	$ 1,327,459	$ 1,128,097
Expenses:
Rental operations									445,492	381,120	325,609
General and administrative									108,823	90,405	75,009
Interest									173,675	157,495	128,645
Depreciation and amortization									544,612	477,661	416,783
Impairment of real estate									12,334	6,311	203
Loss on early extinguishment of debt									47,570	1,122	3,451
Total expenses									1,332,506	1,114,114	949,700
Equity in earnings (losses) of unconsolidated real estate joint ventures									10,136	43,981	15,426
Investment income									194,647	136,763	0
Gain on sales of real estate – rental properties									474	8,704	270
Gain on sales of real estate - land parcels									0	0	111
Net income (loss)									404,047	402,793	194,204
Net income attributable to noncontrolling interest									(40,882)	(23,481)	(25,111)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									363,165	379,312	169,093
Dividends on preferred stock									(3,204)	(5,060)	(7,666)
Preferred stock redemption charge									(2,580)	(4,240)	(11,279)
Net income attributable to unvested restricted stock awards									(6,386)	(6,029)	(4,753)
Net Income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 199,618	$ (49,773)	$ 76,330	$ 123,598	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 350,995	$ 363,983	$ 145,395
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ 1.75	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 3.13	$ 3.53	$ 1.59
Earnings per share - diluted (USD per share)	$ 1.74	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 1.99	$ 0.51	$ 1.32	$ 3.12	$ 3.52	$ 1.58
Income from rentals
Revenues									$ 1,516,864	$ 1,314,781	$ 1,122,325
Other income
Revenues									$ 14,432	$ 12,678	$ 5,772

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 404,047	$ 402,793	$ 194,204
Unrealized gains (losses) on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period	0	0	24,360
Reclassification adjustment for losses included in net income	0	0	6,118
Unrealized gains (losses) on available-for-sale equity securities, net	0	0	30,478
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	(1,763)	1,622	2,837
Reclassification adjustment for amortization (income) expense to interest expense included in net income	(1,777)	(4,941)	1,915
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702	0	0
Unrealized gains (losses) on interest rate swap agreements, net	(1,838)	(3,319)	4,752
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	2,524	(7,369)	7,774
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation	0	0	1,599
Unrealized gains (losses) on foreign currency translation, net	2,524	(7,369)	9,373
Total other comprehensive income (loss)	686	(10,688)	44,603
Comprehensive income (loss)	404,733	392,105	238,807
Less: comprehensive income attributable to noncontrolling interests	(40,882)	(23,481)	(25,045)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	$ 363,851	$ 368,624	$ 213,762

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity and Noncontrolling Interests - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Redeemable Noncontrolling Interests	Series D Convertible Preferred Stock	Series D Convertible Preferred StockPreferred Stock	Series D Convertible Preferred StockAdditional Paid-In Capital	Series D Convertible Preferred StockRetained Earnings	Series E Cumulative Redeemable Preferred Stock	Series E Cumulative Redeemable Preferred StockPreferred Stock	Series E Cumulative Redeemable Preferred StockAdditional Paid-In Capital	Series E Cumulative Redeemable Preferred StockRetained Earnings
Common stock dividends declared (per share)	$ 3.45							$ 1.75				$ 0.4031
Preferred stock dividends declared (per share)								$ 1.75				$ 0
Beginning balance at Dec. 31, 2016	$ 5,370,971	$ 877	$ 4,672,650	$ 0	$ 5,355	$ 475,175			$ 86,914				$ 130,000
Beginning balance (shares) at Dec. 31, 2016		87,665,880
Increase (Decrease) in Stockholders' Equity
Net Income	193,146			169,093		24,053
Total other comprehensive income (loss)	44,603				44,669	(66)
Redemption of noncontrolling interests	(541)					(541)
Distributions to noncontrolling interests	(21,505)					(21,505)
Contributions from and sales of noncontrolling interests	52,625		7,747			44,878
Issuance of common stock (in shares)		11,694,101
Issuance of common stock	1,275,397	$ 117	1,275,280
Issuance pursuant to stock plan (in shares)		423,705
Issuance pursuant to stock plan	42,399	$ 4	42,395
Repurchases of 7.00% Series D preferred stock								$ (17,934)	(12,528)	$ 391	$ (5,797)
Conversion/redemption of preferred stock												$ (130,350)	(130,000)	$ 5,132	$ (5,482)
Dividends declared on common stock	(329,485)			(329,485)
Dividends declared on preferred stock	(7,666)			(7,666)				$ (5,200)
Distributions in excess of earnings			(179,337)	179,337
Ending balance (shares) at Dec. 31, 2017		99,783,686
Ending balance at Dec. 31, 2017	$ 6,471,660	$ 998	5,824,258	0	50,024	521,994			74,386				0
Beginning balance at Dec. 31, 2016							$ 11,307
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							1,058
Distributions to noncontrolling interests							(856)
Ending balance at Dec. 31, 2017							11,509
Common stock dividends declared (per share)	$ 3.73							$ 1.75
Preferred stock dividends declared (per share)								$ 1.75				$ 0
Increase (Decrease) in Stockholders' Equity
Net Income	$ 401,930			379,312		22,618
Total other comprehensive income (loss)	(10,688)				(10,688)
Distributions to noncontrolling interests	(29,810)					(29,810)
Contributions from and sales of noncontrolling interests	27,418		257			27,161
Issuance of common stock (in shares)		10,915,120
Issuance of common stock	1,304,640	$ 109	1,304,531
Issuance pursuant to stock plan (in shares)		313,010
Issuance pursuant to stock plan	45,978	$ 3	45,975
Repurchases of 7.00% Series D preferred stock								$ (13,976)	(10,050)	314	(4,240)
Dividends declared on common stock	(398,914)			(398,914)
Dividends declared on preferred stock	(5,060)			(5,060)				$ (5,100)
Reclassification of net unrealized gains on non-real estate investments upon adoption of new ASU on financial instruments on January 1, 2018	$ 90,750			140,521	(49,771)
Distributions in excess of earnings			111,619	(111,619)
Ending balance (shares) at Dec. 31, 2018	111,011,816	111,011,816
Ending balance at Dec. 31, 2018	$ 7,883,928	$ 1,110	7,286,954	0	(10,435)	541,963			64,336				$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							863
Redemption of noncontrolling interests							(1,597)
Distributions to noncontrolling interests							(846)
Contributions from and sales of noncontrolling interests							857
Ending balance at Dec. 31, 2018	$ 10,786						10,786
Common stock dividends declared (per share)	$ 4							$ 1.3125
Preferred stock dividends declared (per share)								$ 1.3125				$ 0
Increase (Decrease) in Stockholders' Equity
Net Income	$ 403,172			363,165		40,007
Total other comprehensive income (loss)	686				686
Distributions to noncontrolling interests	(47,395)					(47,395)
Contributions from and sales of noncontrolling interests	1,134,939		381,162			753,777
Issuance of common stock (in shares)		8,723,076
Issuance of common stock	1,216,445	$ 87	1,216,358
Issuance pursuant to stock plan (in shares)		666,836
Issuance pursuant to stock plan	67,913	$ 7	67,906
Taxes paid related to net settlement of equity awards (in shares)		179,008
Taxes paid related to net settlement of equity awards	(25,477)	$ (2)	(25,475)
Repurchases of 7.00% Series D preferred stock								$ (9,240)	(6,875)	215	$ (2,580)
Conversion/redemption of preferred stock		$ 6						(100)	(57,461)	$ 57,355
Dividends declared on common stock	(463,964)			(463,964)
Dividends declared on preferred stock	$ (3,204)			(3,204)				$ (3,200)
Distributions in excess of earnings			(110,108)	110,108
Ending balance (shares) at Dec. 31, 2019	120,800,315	120,800,315
Ending balance at Dec. 31, 2019	$ 10,154,178	$ 1,208	$ 8,874,367	$ 0	$ (9,749)	$ 1,288,352			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income							875
Distributions to noncontrolling interests							(830)
Contributions from and sales of noncontrolling interests							1,469
Ending balance at Dec. 31, 2019	$ 12,300						$ 12,300
Increase (Decrease) in Stockholders' Equity
Conversion of 7.00% Series D preferred stock (in shares)	(578,000)	577,595

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income (loss)	$ 404,047	$ 402,793	$ 194,204
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	544,612	477,661	416,783
Loss on early extinguishment of debt	47,570	1,122	3,451
Impairment of real estate	12,334	6,311	203
Gain on sale of real estate - rental properties	(474)	(8,704)	(270)
Gain on sales of real estate - land parcels	0	0	(111)
Equity in (earnings) losses of unconsolidated real estate joint ventures	(10,136)	(43,981)	(15,426)
Distributions of earnings from unconsolidated real estate joint ventures	2,796	430	1,618
Amortization of loan fees	9,105	10,271	11,149
Amortization of debt discount (premiums)	(3,777)	(2,406)	(2,512)
Amortization of acquired below-market leases	(29,813)	(21,938)	(19,055)
Deferred rent	(104,235)	(93,883)	(107,643)
Stock compensation expense	43,640	35,019	25,610
Investment income	(194,647)	(136,763)	(1,329)
Changes in operating assets and liabilities:
Tenant receivables	(897)	435	(502)
Deferred leasing costs	(54,455)	(57,088)	(62,639)
Other assets	(20,825)	(20,849)	(18,222)
Accounts payable, accrued expenses, and tenant security deposits	39,012	21,909	25,573
Net cash provided by operating activities	683,857	570,339	450,882
Investing Activities
Proceeds from sales of real estate	6,619	20,190	15,432
Additions to real estate	(1,224,541)	(927,168)	(893,685)
Purchase of real estate	(2,259,778)	(1,037,180)	(675,584)
Deposits for investing activities	(18,107)	(2,000)	(2,300)
Acquisition of interest in unconsolidated real estate joint venture	0	(35,922)	(60,291)
Investments in unconsolidated real estate joint venture	(102,081)	(116,008)	(17,876)
Return of capital from unconsolidated real estate joint ventures	14	68,592	38,576
Additions to investments	(190,778)	(235,943)	(171,881)
Proceeds from sales of investments	147,332	103,679	30,483
Net cash used in investing activities	(3,641,320)	(2,161,760)	(1,737,126)
Financing Activities
Borrowings from secured notes payable	0	17,784	153,405
Repayments of borrowings from secured notes payable	(306,199)	(156,888)	(396,240)
Proceeds from issuance of unsecured senior notes payable	2,721,169	899,321	1,023,262
Repayments of unsecured senior notes payable	(950,000)	0	0
Borrowings from unsecured senior line of credit	5,056,000	4,741,000	3,858,000
Repayments of borrowings from unsecured senior line of credit	(4,880,000)	(4,583,000)	(3,836,000)
Proceeds from issuance of commercial paper program	2,233,000	0	0
Repayments of borrowings from commercial paper program	(2,233,000)	0	0
Repayment of unsecured senior bank term loan	(350,000)	(200,000)	(200,000)
Premium paid for early extinguishment of debt	(41,351)	0
Payment of loan fees	(27,182)	(19,292)	(10,019)
Taxes paid related to net settlement of equity awards	(25,477)	0	0
Repurchase of 7.00% Series D convertible preferred stock	(9,240)	(13,976)	(17,934)
Redemption of 6.45% Series E redeemable preferred stock	0	0	(130,350)
Proceeds from the issuance of common stock	1,216,445	1,293,301	1,275,397
Dividends paid on common stock	(447,029)	(380,632)	(312,131)
Dividends paid on preferred stock	(4,141)	(5,207)	(9,619)
Contributions from and sales of noncontrolling interests	1,022,712	28,275	44,931
Distributions to and purchases of noncontrolling interests	(48,225)	(32,253)	(22,361)
Net cash provided by financing activities	2,927,482	1,588,433	1,420,341
Effect of foreign exchange rate changes on cash and cash equivalents	540	(2,068)	1,723
Net increase (decrease) in cash, cash equivalents, and restricted cash	(29,441)	(5,056)	135,820
Cash, cash equivalents, and restricted cash as of the beginning of period	272,130	277,186	141,366
Cash, cash equivalents, and restricted cash as of the end of period	242,689	272,130	277,186
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	146,165	127,093	112,113
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	(24)	81,177	(11,034)
Accrued construction for current-period additions to real estate	220,773	244,147	179,154
Assumption of secured notes payable in connection with purchase of properties	(28,200)	0	0
Right-of-use asset	269,189	0	0
Lease liability	(275,175)	0	0
Payable for purchase of real estate	0	(65,000)	0
Contribution of real estate to an unconsolidated real estate joint venture	0	0	6,998
Contribution of real estate from noncontrolling interests	115,167	0	8,597
Issuance of common stock for conversion of 7.00% Series D preferred stock	$ 57,461	$ 0	$ 0

Organization and basis of prese

Organization and basis of presentation (Notes)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® 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 annual report on Form 10-K, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. Certain prior-period amounts have been reclassified to conform to the current-period presentation. Refer to the “Lease Accounting” section in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. Any references to our market capitalization, number or quality of buildings or tenants, quality of location, square footage, number of leases, or occupancy percentage, and any amounts derived from these values in these notes to consolidated financial statements are unaudited.

Summary of significant accounti

Summary of significant accounting policies (Notes)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., 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 our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (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 our 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. Reportable segment We are engaged in the business of providing space for lease to the life science, technology, and agtech industries. Our properties are similar in that they provide space for lease to the aforementioned industries, consist of improvements that are generic and reusable, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and review financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segment. Investments in real estate Evaluation of business combination or asset acquisition We evaluate each acquisition of real estate or in-substance real estate (including equity interests in entities that predominantly hold real estate assets) to determine whether the integrated set of assets and activities acquired meets the definition of a business and needs to be accounted for as a business combination. An acquisition of an integrated set of assets and activities that does not meet the definition of a business is accounted for as an asset acquisition. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable, and experienced in performing the process; • The process cannot be replaced without significant cost, effort, or delay; or • The process is considered unique or scarce. Generally, our acquisitions of real estate or in-substance real estate do 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 useful depreciable and amortizable lives applicable to 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, an 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, as a reduction of income from rentals in our consolidated statements of operations. 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, as an increase in income from rentals in our consolidated statements of operations. 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. 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 generally 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 under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV 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 December 31, 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 year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals 1,516,864 Other income 14,432 Total revenues $ 1,531,296 During the year ended December 31, 2019 , revenues that were subject to the new lease accounting standard aggregated $1.5 billion and represented 95.9% of our total revenues. During the year ended December 31, 2019 , our total revenues also included $63.2 million , or 4.1% , 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 to our 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 all

Investments in real estate (Not

Investments in real estate (Notes)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Investments in real estate, net	Investments in real estate Our consolidated investments in real estate, including real estate assets held for sale as described in Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements, consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Rental properties: Land (related to rental properties) $ 2,225,785 $ 1,625,349 Buildings and building improvements 11,775,132 9,986,635 Other improvements 1,277,862 976,627 Rental properties 15,278,779 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects 2,057,084 1,460,814 Future development projects 182,746 98,802 Gross investments in real estate 17,518,609 14,148,227 Less: accumulated depreciation (2,704,657 ) (2,263,797 ) Net investments in real estate – North America 14,813,952 11,884,430 Net investments in real estate – Asia 30,086 29,263 Investments in real estate $ 14,844,038 $ 11,913,693 Acquisitions Our real estate asset acquisitions during the year ended December 31, 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 12 668,000 153,157 154,855 615,439 $ 858,600 San Francisco 8 — 347,912 478,000 247,770 735,450 New York City — 135,938 — — — 25,000 San Diego 16 869,000 — 93,220 912,419 474,214 (1) Seattle 1 188,400 — 18,680 — 28,500 Maryland 3 435,000 — — 138,938 76,130 Other 7 54,000 — 134,678 34,534 77,000 Year ended December 31, 2019 47 2,350,338 501,069 879,433 1,949,100 $ 2,274,894 (1) Includes $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. The total purchase price was $80.0 million , of which $15.0 million was paid in December 2018. Also includes $114.8 million related to our partner’s noncontrolling interest in the consolidated real estate joint venture at 4224/4242 Campus Point Court and 10210 Campus Point Drive to reflect the full contractual purchase price. 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 year ended December 31, 2019 , we acquired 47 properties for an aggregate purchase price of $2.3 billion . In connection with our acquisitions, we recorded in-place leases aggregating $197.8 million and below-market leases in which we are the lessor aggregating $90.2 million . As of December 31, 2019 , the weighted-average amortization period remaining on our acquired in-place and below-market leases related to properties acquired in 2019 was 9.0 years and 11.9 years , respectively, and 9.9 years in total. Acquired below-market leases The balances of acquired below-market tenant leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2019 and 2018 , were as follows (in thousands): December 31, 2019 2018 Acquired below-market leases $ 326,255 $ 236,026 Accumulated amortization (131,482 ) (101,218 ) $ 194,773 $ 134,808 For the years ended December 31, 2019, 2018, and 2017 , we recognized in rental revenues approximately $30.3 million , $22.3 million , and $19.3 million , respectively, related to the amortization of acquired below-market leases. The amounts in the table above excludes the balances of acquired below-market ground leases, and related accumulated amortization, classified in other assets in our consolidated balance sheets as of December 31, 2019 and 2018 . Refer to Note 8 – “Other Assets” to our consolidated financial statements. The weighted-average amortization period of the value of acquired below-market leases was approximately 5.1 years , and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2019 , is as follows (in thousands): Year Amount 2020 $ 44,269 2021 20,698 2022 19,503 2023 18,635 2024 16,940 Thereafter 74,728 Total $ 194,773 Acquired in-place leases The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in our consolidated balance sheets. As of December 31, 2019 and 2018 , these amounts were as follows (in thousands): December 31, 2019 2018 Acquired in-place leases $ 426,280 $ 229,095 Accumulated amortization (144,630 ) (96,189 ) $ 281,650 $ 132,906 Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $49.1 million , $34.3 million , and $19.6 million for the years ended December 31, 2019, 2018, and 2017 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 5.9 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2019 , is as follows (in thousands): Year Amount 2020 $ 54,757 2021 49,878 2022 37,006 2023 31,885 2024 24,001 Thereafter 84,123 Total $ 281,650 Sales of real estate assets and impairment charges For the discussion of our sales of partial interests in 75/125 Binney Street, 5200 Illumina Way, and 500 Forbes Boulevard in 2019 and the formation of consolidated joint ventures that own these properties, refer to “Sales of Partial Interests and Formation of Consolidated Joint Ventures in 2019” section within Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures” to our consolidated financial statements. 6138/6150 Nancy Ridge Drive During the three months ended June 30, 2019, we classified as held for sale 6138/6150 Nancy Ridge Drive aggregating 56,698 RSF, located in our Sorrento Mesa submarket. In December 2019, we completed the sale of the property for a sales price of $6.6 million , or $117 per RSF, and recognized a gain of $474 thousand . Impairment charges In December 2019, we decided to sell two of our real estate assets aggregating 123,862 RSF located in non-cluster markets to allow for reinvestment of this capital into our highly leased value-creation pipeline. We evaluated these assets under the held for sale impairment model and determined that these investments met the criteria for classification as held for sale but did not meet the criteria for classification as discontinued operations in our consolidated financial statements. Upon classification as held for sale, we recognized impairment charges aggregating $12.3 million to lower the carrying amounts to their respective estimated fair value less cost to sell. For additional information, refer to Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements.

Consolidated and unconsolidated

Consolidated and unconsolidated real estate joint ventures (Notes)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in consolidated and unconsolidated real estate joint ventures	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 December 31, 2019 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 225 Binney Street Greater Boston Cambridge 30.0 % 75/125 Binney Street Greater Boston Cambridge 40.0 % 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 (3) 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 % SD Tech by Alexandria San Diego Sorrento Mesa 50.0 % Unconsolidated joint ventures (2) : Menlo Gateway San Francisco Greater Stanford 49.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (4) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (4) 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % (1) Refer to the table on the next page that shows our categorization of our existing significant joint ventures under the consolidation framework. (2) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in six other joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) Excludes 9880 Campus Point Drive in our University Town Center submarket. (4) Represents our ownership interest; our voting interest is limited to 50%. Our consolidation policy is fully described under the “Consolidation” section in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”). We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of income and losses. The table below shows our categorization of our existing significant joint ventures under the consolidation framework: Property Consolidation Model Voting Interest Consolidation Analysis Conclusion 225 Binney Street VIE model Not applicable under the VIE model We have: Consolidated 75/125 Binney Street (i) The power to direct the activities of the joint venture that most significantly affect its economic performance; and 409 and 499 Illinois Street 1500 Owens Street 500 Forbes Boulevard Campus Pointe by Alexandria (ii) Benefits that can be significant to the joint venture. 5200 Illumina Way 9625 Towne Centre Drive Therefore, we are the primary beneficiary of each VIE SD Tech by Alexandria 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 Sales of partial interests and formation of consolidated joint ventures in 2019 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 $438.0 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. We formed a joint venture with the buyer of the partial interest in 75/125 Binney Street. We hold a 40% 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 it to significantly impact the economic performance of the joint venture, and can affect the operations of the joint venture primarily through the exercise of its protective rights. Therefore, we 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 in Note 2 – “Summary of Significant Accounting Policies” to our 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 it to significantly impact the economic performance of the joint venture, and can affect the operations of the joint venture primarily through the exercise of its protective rights. Therefore, we 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 in Note 2 – “Summary of Significant Accounting Policies” to our 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for additional information. Consolidated VIEs’ balance sheet information The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Investments in real estate $ 2,678,476 $ 1,108,385 Cash and cash equivalents 81,021 42,178 Other assets 280,343 74,901 Total assets $ 3,039,840 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 149,471 59,336 Total liabilities 149,471 59,336 Redeemable noncontrolling interests 2,388 874 Alexandria Real Estate Equities, Inc.’s share of equity 1,600,729 624,349 Noncontrolling interests’ share of equity 1,287,252 540,905 Total liabilities and equity $ 3,039,840 $ 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 of December 31, 2019 and 2018 , consisted of the following (in thousands): December 31, Property 2019 2018 Menlo Gateway $ 288,408 $ 186,504 1401/1413 Research Boulevard 7,696 8,197 704 Quince Orchard Road 4,748 4,547 1655 and 1725 Third Street 37,016 34,917 Other 9,022 3,342 $ 346,890 $ 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 December 31, 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% 5.18% $ 26,158 $ 2,619 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.41% 309,275 65,725 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 3.94% 9,172 5,709 Menlo Gateway, Phase II 49.0% 5/1/35 4.53% 4.59% 56,321 99,529 Menlo Gateway, Phase I 49.0% 8/10/35 4.15% 4.18% 142,101 — $ 543,027 $ 173,582 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2019 .

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of 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 in Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are the lessor As of December 31, 2019 , we had 291 properties aggregating 27.0 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 December 31, 2019 , a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2019 , our 291 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 72.9 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 December 31, 2019 , are outlined in the table below (in thousands): Year Amount 2020 $ 1,074,698 2021 1,090,837 2022 1,076,898 2023 1,024,652 2024 948,223 Thereafter 6,238,082 Total $ 11,453,390 Refer to Note 3 – “Investments in Real Estate” to our 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 December 31, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 72.9 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 December 31, 2019 and 2018 , are summarized in the table below (in thousands): December 31, 2019 2018 Gross investment in direct financing lease $ 260,457 $ 262,111 Less: unearned income (220,541 ) (222,962 ) Net investment in direct financing lease $ 39,916 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of December 31, 2019 , are outlined in the table below (in thousands): Year Total 2020 $ 1,705 2021 1,756 2022 1,809 2023 1,863 2024 1,919 Thereafter 251,405 Total $ 260,457 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 and revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals $ 1,516,864 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Deferred leasing costs $ 631,416 $ 557,791 Accumulated amortization (361,373 ) (318,721 ) Deferred leasing costs, net $ 270,043 $ 239,070 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. As of December 31, 2019 , the present value of the remaining contractual payments, aggregating $699.9 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $271.8 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 $264.7 million . As of December 31, 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 5.24% . The weighted-average discount date is based on the incremental borrowing rate estimated for each lease, 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. Ground lease obligations as of December 31, 2019 , included leases for 31 of our properties, which accounted for approximately 11% 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 $7.7 million as of December 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 years , including extension options that 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 December 31, 2019 , is presented in the table below (in thousands): Year Total 2020 $ 15,132 2021 15,931 2022 16,467 2023 16,628 2024 16,857 Thereafter 618,924 Total future payments under our operating leases in which we are the lessee 699,939 Effect of discounting (428,131 ) Operating lease liability $ 271,808 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 15 years , exclusive of extension options. For the years ended December 31, 2019 , 2018 , and 2017 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Gross operating lease costs $ 19,740 $ 16,102 $ 14,307 Capitalized lease costs (1,452 ) (340 ) (340 ) Expenses for operating leases in which we are the lessee $ 18,288 $ 15,762 $ 13,967 For the years ended December 31, 2019 , 2018 , and 2017 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $17.7 million , $14.8 million , and $14.6 million , respectively.
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of 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 in Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are the lessor As of December 31, 2019 , we had 291 properties aggregating 27.0 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 December 31, 2019 , a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2019 , our 291 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 72.9 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 December 31, 2019 , are outlined in the table below (in thousands): Year Amount 2020 $ 1,074,698 2021 1,090,837 2022 1,076,898 2023 1,024,652 2024 948,223 Thereafter 6,238,082 Total $ 11,453,390 Refer to Note 3 – “Investments in Real Estate” to our 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 December 31, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 72.9 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 December 31, 2019 and 2018 , are summarized in the table below (in thousands): December 31, 2019 2018 Gross investment in direct financing lease $ 260,457 $ 262,111 Less: unearned income (220,541 ) (222,962 ) Net investment in direct financing lease $ 39,916 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of December 31, 2019 , are outlined in the table below (in thousands): Year Total 2020 $ 1,705 2021 1,756 2022 1,809 2023 1,863 2024 1,919 Thereafter 251,405 Total $ 260,457 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 and revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals $ 1,516,864 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Deferred leasing costs $ 631,416 $ 557,791 Accumulated amortization (361,373 ) (318,721 ) Deferred leasing costs, net $ 270,043 $ 239,070 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. As of December 31, 2019 , the present value of the remaining contractual payments, aggregating $699.9 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $271.8 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 $264.7 million . As of December 31, 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 5.24% . The weighted-average discount date is based on the incremental borrowing rate estimated for each lease, 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. Ground lease obligations as of December 31, 2019 , included leases for 31 of our properties, which accounted for approximately 11% 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 $7.7 million as of December 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 years , including extension options that 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 December 31, 2019 , is presented in the table below (in thousands): Year Total 2020 $ 15,132 2021 15,931 2022 16,467 2023 16,628 2024 16,857 Thereafter 618,924 Total future payments under our operating leases in which we are the lessee 699,939 Effect of discounting (428,131 ) Operating lease liability $ 271,808 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 15 years , exclusive of extension options. For the years ended December 31, 2019 , 2018 , and 2017 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Gross operating lease costs $ 19,740 $ 16,102 $ 14,307 Capitalized lease costs (1,452 ) (340 ) (340 ) Expenses for operating leases in which we are the lessee $ 18,288 $ 15,762 $ 13,967 For the years ended December 31, 2019 , 2018 , and 2017 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $17.7 million , $14.8 million , and $14.6 million , respectively.
Leases	Leases On January 1, 2019, we adopted a new lease accounting standard that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). As a lessor, we are required to disclose, among other things, the following: • A description of the nature of leases, including terms for any variable payments, options to extend or terminate, and options to purchase the underlying asset; • Tabular presentation of undiscounted cash flows to be received over the next five years and thereafter separately for operating leases and direct financing leases; • The amount of lease income and its location on the statements of 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 in Note 2 – “Summary of Significant Accounting Policies” for additional information. Leases in which we are the lessor As of December 31, 2019 , we had 291 properties aggregating 27.0 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 December 31, 2019 , a ll leases in which we are the lessor were classified as operating leases with the exception of one direct financing lease. Our operating leases and direct financing lease are described below. Operating leases As of December 31, 2019 , our 291 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 72.9 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 December 31, 2019 , are outlined in the table below (in thousands): Year Amount 2020 $ 1,074,698 2021 1,090,837 2022 1,076,898 2023 1,024,652 2024 948,223 Thereafter 6,238,082 Total $ 11,453,390 Refer to Note 3 – “Investments in Real Estate” to our 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 December 31, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 72.9 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 December 31, 2019 and 2018 , are summarized in the table below (in thousands): December 31, 2019 2018 Gross investment in direct financing lease $ 260,457 $ 262,111 Less: unearned income (220,541 ) (222,962 ) Net investment in direct financing lease $ 39,916 $ 39,149 Future lease payments to be received under the terms of our direct financing lease as of December 31, 2019 , are outlined in the table below (in thousands): Year Total 2020 $ 1,705 2021 1,756 2022 1,809 2023 1,863 2024 1,919 Thereafter 251,405 Total $ 260,457 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 and revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals $ 1,516,864 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for additional information. Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Deferred leasing costs $ 631,416 $ 557,791 Accumulated amortization (361,373 ) (318,721 ) Deferred leasing costs, net $ 270,043 $ 239,070 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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements. As of December 31, 2019 , the present value of the remaining contractual payments, aggregating $699.9 million , under our operating lease agreements, including our extension options that we are reasonably certain to exercise, was $271.8 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 $264.7 million . As of December 31, 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 5.24% . The weighted-average discount date is based on the incremental borrowing rate estimated for each lease, 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. Ground lease obligations as of December 31, 2019 , included leases for 31 of our properties, which accounted for approximately 11% 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 $7.7 million as of December 31, 2019 , our ground lease obligations have remaining lease terms ranging from approximately 34 years to 95 years , including extension options that 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 December 31, 2019 , is presented in the table below (in thousands): Year Total 2020 $ 15,132 2021 15,931 2022 16,467 2023 16,628 2024 16,857 Thereafter 618,924 Total future payments under our operating leases in which we are the lessee 699,939 Effect of discounting (428,131 ) Operating lease liability $ 271,808 Lessee operating costs Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 15 years , exclusive of extension options. For the years ended December 31, 2019 , 2018 , and 2017 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Gross operating lease costs $ 19,740 $ 16,102 $ 14,307 Capitalized lease costs (1,452 ) (340 ) (340 ) Expenses for operating leases in which we are the lessee $ 18,288 $ 15,762 $ 13,967 For the years ended December 31, 2019 , 2018 , and 2017 , amounts paid and classified as operating activities in our consolidated statements of cash flows for leases in which we are the lessee, were $17.7 million , $14.8 million , and $14.6 million , respectively.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash (Notes)	12 Months Ended
	Dec. 31, 2019
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Cash and cash equivalents $ 189,681 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 24,331 22,681 Funds held in escrow related to construction projects and investing activities 23,252 10,558 Other 5,425 4,710 53,008 37,949 Total $ 242,689 $ 272,130

Investments (Notes)

Investments (Notes)	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Investment	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 generally 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 in Note 2 – “Summary of Significant Accounting Policies” to our 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 December 31, 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 of 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 December 31, 2019 , and 2018 (in thousands): December 31, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 148,109 $ 170,528 $ 318,637 Entities that report NAV 271,276 162,626 433,902 Entities that do not report NAV: Entities with observable price changes 42,045 68,489 110,534 Entities without observable price changes 277,521 — 277,521 Total investments $ 738,951 $ 401,643 $ 1,140,594 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 December 31, 2019 , aggregated $68.5 million , which consisted of upward adjustments representing unrealized gains of $69.5 million and downward adjustments representing unrealized losses of $1.0 million . During the year ended December 31, 2019 , adjustments recognized on investments in privately held entities that do not report NAV aggregated $4.4 million , which consisted of upward adjustments of $5.2 million primarily representing unrealized gains, and downward adjustments of $832 thousand representing unrealized losses. Additionally, we recognized an impairment charge of $17.1 million related to investments in privately held entities that do not report NAV. Refer to the “Investments” section of Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for further details. Our investment income for the years ended December 31, 2019 and 2018 , consisted of the following (in thousands): Year Ended December 31, 2019 Unrealized Realized Gains (Losses) Total Investments held at December 31, 2019: Publicly traded companies $ 130,802 $ — $ 130,802 Entities that report NAV 49,440 — 49,440 Entities that do not report NAV, held at period end 4,378 (17,124 ) (12,746 ) Total investments held at December 31, 2019 184,620 (17,124 ) 167,496 Investment dispositions during the year ended December 31, 2019: Recognized in the current period — 27,151 27,151 Previously recognized gains (23,131 ) 23,131 — Total investment dispositions during the year ended December 31, 2019 (23,131 ) 50,282 27,151 Investment income $ 161,489 $ 33,158 $ 194,647 Year Ended December 31, 2018 Unrealized Gains Realized (Losses) Gains Total Investments held at December 31, 2018: Publicly traded companies $ 27,944 $ — $ 27,944 Entities that report NAV 22,389 — 22,389 Entities that do not report NAV, held at period end 64,112 (5,483 ) 58,629 Total investments held at December 31, 2018 114,445 (5,483 ) 108,962 Investment dispositions during the year ended December 31, 2018: Recognized in the current period — 27,801 27,801 Previously recognized gains (14,811 ) 14,811 — Total investment dispositions during the year ended December 31, 2018 (14,811 ) 42,612 27,801 Investment income $ 99,634 $ 37,129 $ 136,763 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 $229.5 million for all investments primarily related to our 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 December 31, 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 5.5 years as of December 31, 2019

Other assets (Notes)

Other assets (Notes)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other assets The following table summarizes the components of other assets as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Acquired in-place leases $ 281,650 $ 132,906 Acquired below-market leases in which we are the lessee (1) — 17,434 Deferred compensation plan 22,225 19,238 Deferred financing costs – unsecured senior line of credit 13,064 16,060 Deposits 31,028 12,974 Furniture, fixtures, and equipment 23,031 14,787 Interest rate hedge assets — 2,606 Net investment in direct financing lease 39,916 39,149 Notes receivable 435 528 Operating lease right-of-use asset (1) 264,709 — Other assets 32,040 19,861 Prepaid expenses 11,324 13,690 Property, plant, and equipment 174,292 81,024 Total $ 893,714 $ 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. Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to our consolidated financial statements for additional information.

Fair value measurements (Notes)

Fair value measurements (Notes)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the years ended December 31, 2019 and 2018 . The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 318,637 $ 318,637 $ — $ — December 31, 2018 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 184,005 $ 184,005 $ — $ — Interest rate hedge agreements $ 2,606 $ — $ 2,606 $ — Liabilities: Interest rate hedge agreements $ 768 $ — $ 768 $ — Our investments in publicly traded companies represent investments with readily determinable fair values, and are carried at fair value, with changes in fair value classified in net income. We also hold investments in privately held entities, which consist of (i) investments that report NAV, and (ii) investments that do not report NAV, further described below. Our investments in privately held entities that report NAV, such as our privately held investments in limited partnerships, are carried at fair value using NAV as a practical expedient, with changes in fair value classified in net income. As of December 31, 2019 and 2018 , the carrying values of investments in privately held entities that report NAV aggregated $433.9 million and $317.8 million , respectively. These investments are excluded from the fair value hierarchy above as required by the fair value standards. We estimate the fair value of each of our investments in limited partnerships based on the most recent NAV reported by each limited partnership. As a result, the determination of fair values of our investments in privately held entities that report NAV generally does not involve significant estimates, assumptions, or judgments. Our investments in privately held entities that do not report NAV are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. As of December 31, 2019 and 2018 , the carrying values of investments in privately held entities that do not report NAV aggregated $388.1 million and $390.5 million , respectively. These investments are evaluated on a nonrecurring basis based on the observable price changes in orderly transactions for the identical or similar investment of the same issuer. Further adjustments are not made until another observable transaction occurs. Therefore, the determination of fair values of our investments in privately held entities that do not report NAV does not involve significant estimates and assumptions or subjective and complex judgments. We also subject our investments in privately held entities that do not report NAV to a qualitative assessment for indicators of impairment. If indicators of impairment 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. For further details about our investments in privately held entities that do not report NAV and related impairment monitoring criteria refer to the “Investments” section in Note 2 – “Summary of Significant Accounting Policies” and Note 7 – “Investments” to our consolidated financial statements. Effective on January 1, 2020, in accordance with the new accounting standard described within “Recognition and Measurement of Financial Instruments” subsection of “Recent Accounting Pronouncements” section within Note 2 – “Summary of Significant Accounting Policies,” for all investments in privately held entities that do not report NAV that are adjusted during the period under the measurement alternative elected for equity securities without readily determinable fair values, we will provide fair value disclosures, including disclosures about the level in the fair value hierarchy. During the year ended December 31, 2019 , in conjunction with the full repayment of our $350.0 million unsecured senior bank term loan described in Note 10 – “Secured and Unsecured Senior Debt” to our 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 our consolidated financial statements for further details. The carrying values of cash and cash equivalents, restricted cash, tenant receivables, other assets, accounts payable, accrued expenses, and other liabilities approximate their fair value. The fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit, and unsecured senior bank term loans were estimated using widely accepted valuation techniques, including discounted cash flow analyses using significant other observable inputs such as available market information on discount and borrowing rates with similar terms, maturities, and credit ratings. Because the valuations of our financial instruments are based on these types of estimates, the actual fair value of our financial instruments may differ materially if our estimates do not prove to be accurate. Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. As of December 31, 2019 and 2018 , the book and estimated fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit and unsecured senior bank term loan were as follows (in thousands): December 31, 2019 2018 Book Value Fair Value Book Value Fair Value Liabilities: Secured notes payable $ 349,352 $ 363,344 $ 630,547 $ 638,860 Unsecured senior notes payable $ 6,044,127 $ 6,571,668 $ 4,292,293 $ 4,288,335 Unsecured senior line of credit $ 384,000 $ 383,928 $ 208,000 $ 208,106 Unsecured senior bank term loan $ — $ — $ 347,415 $ 350,240 Nonrecurring fair value measurements Refer to “Sales of Partial Interests and Formation of Consolidated Joint Ventures in 2019” in Note 4 – “Consolidated and Unconsolidated Real Estate Joint Ventures,” Note 7 – “Investments,” and Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements for further discussion.

Secured and unsecured senior de

Secured and unsecured senior debt (Notes)	12 Months Ended
	Dec. 31, 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 December 31, 2019 (dollars in thousands): Fixed Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term (in years) Total Percentage Secured notes payable $ 349,352 $ — $ 349,352 5.2 % 3.57 % 4.0 Unsecured senior notes payable 6,044,127 — 6,044,127 89.1 3.99 11.2 Commercial paper program — — — — N/A N/A $2.2 billion unsecured senior line of credit — 384,000 384,000 5.7 2.89 4.1 Total/weighted average $ 6,393,479 $ 384,000 $ 6,777,479 100.0 % 3.91 % 10.4 Percentage of total debt 94 % 6 % 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 December 31, 2019 (dollars in thousands): Stated Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2020 2021 2022 2023 2024 Thereafter Principal Total Secured notes payable San Diego 4.66 % 4.90 % 1/1/23 $ 1,621 $ 1,852 $ 1,942 $ 26,259 $ — $ — $ 31,674 $ (198 ) $ 31,476 Greater Boston 3.93 % 3.19 3/10/23 1,565 1,629 1,693 74,517 — — 79,404 1,771 81,175 Greater Boston 4.82 % 3.40 2/6/24 3,207 3,394 3,564 3,742 183,527 — 197,434 10,978 208,412 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (639 ) 27,561 San Francisco 6.50 % 6.50 7/1/36 25 26 28 30 32 587 728 — 728 Secured debt weighted-average interest rate/subtotal 4.55 % 3.57 6,418 6,901 7,227 104,548 183,559 28,787 337,440 11,912 349,352 Commercial paper program (3) N/A N/A (3) N/A — — — — — — — — — $2.2 billion unsecured senior line of credit L+0.825 % 2.89 1/28/24 — — — — 384,000 — 384,000 — 384,000 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — 500,000 — — 500,000 (2,065 ) 497,935 Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — — 650,000 — 650,000 (548 ) 649,452 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (4,667 ) 595,333 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (2,942 ) 297,058 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,081 ) 346,919 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,552 ) 346,448 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,403 ) 421,597 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,126 ) 297,874 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (4,089 ) 395,911 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,903 ) 446,097 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (7,527 ) 742,473 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,446 ) 296,554 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,476 710,476 Unsecured debt weighted-average interest rate/subtotal 3.93 — — — 500,000 1,034,000 4,925,000 6,459,000 (30,873 ) 6,428,127 Weighted-average interest rate/total 3.91 % $ 6,418 $ 6,901 $ 7,227 $ 604,548 $ 1,217,559 $ 4,953,787 $ 6,796,440 $ (18,961 ) $ 6,777,479 (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. (3) In September 2019, we established a commercial paper program that has 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. Borrowings under the program will be used to fund short-term capital needs and are backed by our $2.2 billion unsecured senior line of credit. In the event we are unable to refinance outstanding borrowings under terms equal to or more favorable than those under the unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at L+0.825% . The commercial paper notes sold during the year ended December 31, 2019 , were issued at a yield to maturity of between 1.83% and 2.29% . $2.2 billion unsecured senior line of credit We use our unsecured senior line of credit to fund working capital, construction activities, and, from time to time, acquisition of properties. Borrowings under the unsecured senior line of credit will bear interest at a “Eurocurrency Rate,” a “LIBOR Floating Rate,” or a “Base Rate” specified in the amended unsecured senior line of credit agreement plus, in any case, the Applicable Margin. The Eurocurrency Rate specified in the amended unsecured senior line of credit agreement is, as applicable, the rate per annum equal to either (i) the LIBOR or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in a LIBOR quoted currency (i.e., U.S. dollars, euro, sterling, or yen), (ii) the average annual yield rates applicable to Canadian dollar bankers’ acceptances for loans denominated in Canadian dollars, (iii) the Bank Bill Swap Reference Bid rate for loans denominated in Australian dollars, or (iv) the rate designated with respect to the applicable alternative currency for loans denominated in a non-LIBOR quoted currency (other than Canadian or Australian dollars). The LIBOR Floating Rate means, for any day, one month LIBOR, or a successor rate thereto as agreed to by the administrative agent and the Company for loans denominated in U.S. dollars. The Base Rate means, for any day, a fluctuating rate per annum equal to the highest of (i) the federal funds rate plus 1/2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (iii) the Eurocurrency Rate plus 1.00%. Our unsecured senior line of credit contains a feature that allows lenders to competitively bid on the interest rate for borrowings under the facility. This may result in an interest rate that is below the stated rate. In addition to the cost of borrowing, the facility is subject to an annual facility fee of 0.15% based on the aggregate commitments outstanding. $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 at all times we expect to retain a minimum undrawn amount of borrowing capacity under our unsecured senior line of credit equal to any outstanding balance on our commercial paper program. 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. During the year ended December 31, 2019 , the commercial paper notes were issued at a yield to maturity of between 1.83% and 2.29% . As of December 31, 2019 , we had no outstanding borrowings under our commercial paper program. Unsecured senior notes payable As of December 31, 2019 , we have unsecured senior notes payable aggregating $6.1 billion , which are unsecured obligations of the Company and are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., a 100% owned subsidiary of the Company. The unsecured senior notes payable rank equally in right of payment with all other senior unsecured indebtedness. However, the unsecured senior notes payable are subordinate to existing and future mortgages and other secured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future preferred equity and liabilities, whether secured or unsecured, of the Company’s subsidiaries, other than Alexandria Real Estate Equities, L.P. In addition, the terms of the indentures, among other things, limit the ability of the Company, Alexandria Real Estate Equities, L.P., and the Company’s subsidiaries to (i) consummate a merger, or consolidate or sell all or substantially all of the Company’s assets, and (ii) incur certain secured or unsecured indebtedness. During the year ended December 31, 2019 , our issuances of unsecured senior notes payable and repayments of debt included the following (dollars in millions): Issuance Stated Interest Rate Effective Interest Rate Maturity Date Principal Amount Net Proceeds Issuances Unsecured senior notes payable – green bond March 4.00 % 4.03 % 1/15/24 $ 200 $ 203.0 Unsecured senior notes payable – green bond March 3.80 3.96 4/15/26 350 346.6 Unsecured senior notes payable March 4.85 4.93 4/15/49 300 296.5 Unsecured senior notes payable July 3.375 3.48 8/15/31 750 742.5 Unsecured senior notes payable July/Sept 4.00 3.91 2/1/50 700 711.1 Unsecured senior notes payable Sept 2.75 2.87 12/15/29 400 395.8 3.71 % 3.77 % 16.9 years $ 2,700 (1) $ 2,695.5 Repayments of debt Secured notes payable Jan 7.75 % 8.15 % 4/1/20 $ 107 N/A Secured construction loan March 3.29 3.29 1/28/20 193 N/A Unsecured senior notes payable July/Aug 2.75 2.96 1/15/20 400 N/A Unsecured senior notes payable July/Aug 4.60 4.75 4/1/22 550 N/A Unsecured senior bank term loan July/Sept 3.62 3.62 1/2/25 350 N/A Weighted average/total 3.97 % 4.11 % 2.4 years $ 1,600 (1) (1) The remaining proceeds received from our debt issuances, after repayments of debt, were used to fund the construction of our value-creation pipeline and acquisitions completed during 2019. Refer to Note 3 – “Investments in Real Estate” to our consolidated financial statements for additional information. Our $350.0 million of 3.80% unsecured senior notes payable and our $200.0 million of 4.00% unsecured senior notes payable issued in March 2019 were allocated to fund recently completed and future eligible green development and redevelopment projects, and to the repayment of the outstanding balance of $193.1 million under our secured construction loan related to 50/60 Binney Street, a recently completed Class A property, which was awarded LEED ® Gold certification. The proceeds from our $300.0 million of 4.85% unsecured senior notes payable issued in March 2019 were primarily allocated to fund acquisitions completed during 2019. Refer to Note 3 – “Investments in Real Estate” to our consolidated financial statements for additional information. The proceeds from our $750.0 million of 3.375% unsecured senior notes payable issued in July 2019 and partial proceeds from our $700.0 million of 4.00% unsecured senior notes payable, which was issued in two tranches of $500.0 million during July 2019 and $200.0 million during September 2019, were primarily used to refinance $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 . Additionally, a portion of the proceeds from our $750.0 million of 3.375% unsecured senior notes payable, $700.0 million of 4.00% unsecured senior notes payable, and $400.0 million of 2.75% unsecured senior notes payable issued in September 2019 were used to complete the repayment of the remaining principal balance on our unsecured senior bank term loan of $350.0 million . As a result of our debt issuances and repayments of debt, we recognized losses of $47.6 million related to the early extinguishment of debt during the year ended December 31, 2019 , including $40.2 million related to the refinancing of our 2.75% unsecured senior notes payable due 2020 and 4.60% 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 outstanding balance of $193.1 million under 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 , including the write-off of unamortized loan fees. Interest expense Interest expense for the years ended December 31, 2019 , 2018 , and 2017 , consisted of the following (dollars in thousands): Year Ended December 31, 2019 2018 2017 Interest incurred $ 262,238 $ 223,715 $ 186,867 Capitalized interest (88,563 ) (66,220 ) (58,222 ) Interest expense $ 173,675 $ 157,495 $ 128,645

Interest rate swap agreements (

Interest rate swap agreements (Notes)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap agreements	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 in Note 2 – “Summary of Significant Accounting Policies” to our consolidated financial statements for further information about our accounting policy for interest-rate hedge instruments. Historically, our interest rate hedge agreements have 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 proactively reduced outstanding LIBOR-based borrowings under our unsecured senior bank term loans and secured construction loans through repayments. From January 2017 to December 2018, we retired approximately $942.0 million of such debt. • During the year ended December 31, 2019 , we further reduced our exposure to LIBOR as follows: • Repaid the $350.0 million balance and extinguished our unsecured senior bank term loan. • Fully repaid outstanding balances aggregating $193.1 million under our LIBOR-based construction loans. • 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 paper notes, bearing interest at short-term fixed rates, with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is not subject to LIBOR and is used for funding short-term working capital needs. As of December 31, 2019 , we had no outstanding borrowings under our commercial paper program. • We continue to prudently manage outstanding borrowings under our unsecured senior line of credit, which represented less than 6% of our total debt balance outstanding as of December 31, 2019 . Excluding LIBOR-based debt held by our unconsolidated joint ventures, borrowings under our unsecured senior line of credit represented our only LIBOR-based debt outstanding as of December 31, 2019 . In conjunction with the $350.0 million repayment of our unsecured senior bank term loan, as discussed above, during the three months ended September 30, 2019, we also terminated all of our interest rate hedge agreements with an aggregate notional balance of $350.0 million and 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 borrowing by the date the hedging relationship was originally designated to mature, and determined that it was probable that variable interest payments on LIBOR-based borrowing would not occur. As a result, we reclassified the entire loss on our interest rate hedge agreements aggregating $1.7 million from accumulated other comprehensive loss into interest expense in our consolidated statements of operations. As of December 31, 2019

Accounts payable, accrued expen

Accounts payable, accrued expenses, and tenant security deposits (Notes)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [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 December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Accounts payable and accrued expenses $ 198,994 $ 215,539 Accrued construction 275,818 275,882 Acquired below-market leases 194,773 134,808 Conditional asset retirement obligations 14,037 10,343 Deferred rent liabilities (1) 2,897 29,547 Interest rate hedge liabilities — 768 Operating lease liability (1) 271,808 — Unearned rent and tenant security deposits 275,863 250,923 Other liabilities 86,078 63,897 Total $ 1,320,268 $ 981,707 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to our consolidated financial statements for additional information.

Earnings per share (Notes)

Earnings per share (Notes)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per share	Earnings per share From time to time, we enter into forward equity sales agreements, discussed in Note 16 – “Stockholders’ Equity” to our 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. During the year ended December 31, 2019 , we repurchased, in privately negotiated transactions, 275,000 shares of our 7.00% Series D cumulative convertible preferred stock (“Series D Convertible Preferred Stock”). Additionally, in October 2019 we elected to convert 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock. As of December 31, 2019 , we had no shares of our Series D Convertible Preferred Stock outstanding. Refer to “7.00% Series D Cumulative Convertible Preferred Stock Repurchases and Conversion” in Note 16 – “Stockholders’ Equity” to our consolidated financial statements for further detail. For the period during which our Series D Convertible Preferred Stock was outstanding, we calculated the number of weighted-average shares outstanding – diluted using the if-converted method. Shares of Alexandria Real Estate Equities, Inc.’s common shares issued upon conversion, weighted for the period the common shares were outstanding, were included in the denominator for the period after the date of conversion. For purposes of calculating diluted EPS, we did not assume conversion of our Series D Convertible Preferred Stock for the years ended December 31, 2019, 2018, and 2017 , since the result was antidilutive to EPS attributable to Alexandria Real Estate Equities, Inc.’s common stockholders from continuing operations during those periods. We account for unvested restricted stock awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of EPS using the two-class method. Our Series D Convertible Preferred Stock and forward equity sales agreements are not participating securities and are therefore not included in the computation of EPS using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests, dividends on preferred stock, and preferred stock redemption charge) to common stockholders and unvested restricted stock awards by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2019, 2018, and 2017 (in thousands, except per share amounts): Year Ended December 31, 2019 2018 2017 Net income $ 404,047 $ 402,793 $ 194,204 Net income attributable to noncontrolling interests (40,882 ) (23,481 ) (25,111 ) Dividends on preferred stock (3,204 ) (5,060 ) (7,666 ) Preferred stock redemption charge (2,580 ) (4,240 ) (11,279 ) Net income attributable to unvested restricted stock awards (6,386 ) (6,029 ) (4,753 ) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 350,995 $ 363,983 $ 145,395 Denominator for basic EPS – weighted-average shares of common stock outstanding 112,204 103,010 91,546 Dilutive effect of forward equity sales agreements 320 311 517 Denominator for diluted EPS – weighted-average shares of common stock outstanding 112,524 103,321 92,063 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.13 $ 3.53 $ 1.59 Diluted $ 3.12 $ 3.52 $ 1.58

Income taxes (Notes)

Income taxes (Notes)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes	Income taxes We have elected to be taxed as a REIT, under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its shareholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state, local, and foreign taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. We distributed all of our REIT taxable income in 2018 and 2017 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2019 , we expect our distributions to exceed our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2019 REIT taxable income when we file our 2019 federal income tax return in 2020 . The income tax treatment of distributions and dividends declared on our common stock, our Series D Convertible Preferred Stock, and our Series E Redeemable Preferred Stock for the years ended December 31, 2019, 2018, and 2017 , were as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Series E Redeemable Preferred Stock (1) Year Ended December 31, 2019 2018 2017 2019 2018 2017 2017 Ordinary income 62.4 % 69.9 % 62.1 % 64.4 % 72.7 % 85.3 % 85.3 % Return of capital 3.2 3.8 27.2 — — — — Capital gains at 25% 2.2 0.1 0.7 2.2 0.1 1.0 1.0 Capital gains at 20% 32.2 26.2 10.0 33.4 27.2 13.7 13.7 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.00 $ 3.73 $ 3.45 $ 1.3125 $ 1.75 $ 1.75 $ 0.4031 (1) Refer to Note 16 - “Stockholders’ Equity” to our consolidated financial statements for information regarding the conversion of our Series D Preferred Stock and redemption of our Series E Preferred Stock. Beginning in 2018, the Tax Cuts and Jobs Act of 2017 added Section 199A to allow for a new tax deduction based on certain qualified business income. Section 199A provides eligible individual taxpayers a deduction of up to 20 percent of their qualified REIT dividends. Our dividends declared in a given quarter are generally paid during the subsequent quarter. The taxability information presented above for our dividends paid in 2019 is based upon management’s estimate. Our federal tax return for 2019 is due on or before October 15, 2020 , assuming we file for an extension of the due date. Our federal tax returns for previous tax years have not been examined by the IRS. Consequently, the taxability of distributions and dividends is subject to change. The income tax treatment of distributions and dividends noted above for the year ended December 31, 2019 , is inclusive of the changes to taxable income related to our 2019 real estate transactions described in Note 3 – “Investments in Real Estate” to our consolidated financial statements. In addition to our REIT tax returns, we file federal, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations and may be subject to audits, assessments, or other actions by local taxing authorities. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority that has full knowledge of all relevant information. As of December 31, 2019 , there were no material unrecognized tax benefits. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. Interest expense and penalties, if any, are recognized in the first period during which the interest or penalties begin accruing, according to the provisions of the relevant tax law at the applicable statutory rate of interest. We did not incur any significant tax-related interest expense or penalties for the years ended December 31, 2019 , 2018 , and 2017 . The following reconciles net income (loss) (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2018 and 2017 (in thousands and unaudited): Year Ended December 31, 2018 2017 Net income $ 402,793 $ 194,204 Net income attributable to noncontrolling interests (23,481 ) (25,111 ) Book/tax differences: Rental revenue recognition (65,901 ) (121,589 ) Depreciation and amortization 161,514 137,576 Share-based compensation 30,771 23,466 Interest expense (6,414 ) (5,256 ) Sales of property (39,393 ) 12,166 Impairments — 9,011 Unrealized (gains)/losses on non-real estate investments (95,757 ) — Other (5,043 ) 3,642 Taxable income before dividend deduction 359,089 228,109 Dividend deduction necessary to eliminate taxable income (1) (359,089 ) (228,109 ) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $385.8 million and $321.8 million during the years ended December 31, 2018 and 2017 , respectively.

Commitments and contingencies (

Commitments and contingencies (Notes)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Employee retirement savings plan We have a retirement savings plan pursuant to Section 401(k) of the Internal Revenue Code (the “Code) whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company discretionary profit-sharing contributions (subject to statutory limitations), which amounted to approximately $4.9 million , $4.1 million , and $3.2 million for the years ended December 31, 2019, 2018, and 2017 , respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the Federal Deposit Insurance Corporation (FDIC) insurance coverage of $ 250,000 , and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. We are dependent on rental revenue from relatively few tenants. The inability of any single tenant to make its lease payments could adversely affect our operations. As of December 31, 2019 , we had 820 leases with a total of 622 tenants, and 135 , or 46% , of our 291 properties were each leased to a single tenant. As of December 31, 2019 , our three largest tenants, accounted for 4.1% , 3.1% , and 3.0% of our aggregate annual rental revenue individually, or 10.2% Commitments As of December 31, 2019 , remaining aggregate costs under contract for the construction of properties undergoing development, redevelopment, and improvements under the terms of leases approximated $1.1 billion . We expect payments for these obligations to occur over one year to three years , subject to capital planning adjustments from time to time. We may have the ability to cease the construction of certain properties, which would result in the reduction of our commitments. In addition, we have letters of credit and performance obligations aggregating $11.1 million primarily related to construction projects. We are committed to funding approximately $229.5 million for non-real estate investments primarily related to our investments in limited partnerships. Our funding commitments expire at various dates over the next 12 years , with a weighted-average remaining period of 8.6 years as of December 31, 2019

Stockholders' equity (Notes)

Stockholders' equity (Notes)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' equity	Stockholders’ equity Common equity transactions During the year ended December 31, 2019 , we issued 8.7 million shares of common stock and received net proceeds of $1.2 billion , as follows: • Issued an aggregate of 8.1 million shares of common stock, at a weighted-average price of $139.32 per share, for aggregate proceeds (net of underwriters’ discounts) of approximately $1.1 billion . During the year ended December 31, 2019 , 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 December 31, 2019 , we had approximately $22.5 million of gross proceeds available to be issued under our ATM program. • The proceeds were used to fund construction projects and to fund 2019 acquisitions completed prior to December 2019. In January 2020, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $155.00 per share, before underwriting discounts. We expect to settle these forward equity sales agreements in 2020 and receive proceeds of approximately $1.0 billion 7.00% Series D cumulative convertible preferred stock repurchases and conversion As of December 31, 2019 , we had no outstanding shares of our Series D Convertible Preferred Stock remaining. During the year ended December 31, 2019 , we repurchased, in privately negotiated transactions, 275,000 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $9.2 million , or $33.60 per share. We recognized a preferred stock redemption charge of $2.6 million during the year ended December 31, 2019 , including the write-off of original issuance costs of approximately $215 thousand . Additionally, in September 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. In October 2019, 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 December 31, 2018 , we had 2.6 million shares of our Series D Convertible Preferred Stock issued and outstanding. During the year ended December 31, 2018 , we repurchased, in privately negotiated transactions, 402,000 outstanding shares for an aggregate price of $14.0 million , or $34.77 per share. We recognized a preferred stock redemption charge of $4.2 million during the year ended December 31, 2018 , including the write-off of original issuance costs of approximately $314 thousand . As of December 31, 2017 , we had 3.0 million shares of our Series D Convertible Preferred Stock issued and outstanding. During the year ended December 31, 2017 , we repurchased, in privately negotiated transactions, 501,115 outstanding shares for an aggregate price of $17.9 million , or $35.79 per share. We recognized a preferred stock redemption charge of $5.8 million during the year ended December 31, 2017 , including the write-off of original issuance costs of approximately $391 thousand . During the years ended December 31, 2019 , 2018 , and 2017 , we declared cash dividends on our Series D Convertible Preferred Stock aggregating $3.2 million , or $1.3125 per share, $5.1 million , or $1.75 per share, and $5.2 million , or $1.75 per share, respectively. The dividends on our Series D Convertible Preferred Stock were cumulative and accrued from the date of original issuance. We paid dividends quarterly in arrears at an annual rate of $1.75 per share. Our Series D Convertible Preferred Stock had no stated maturity and was not subject to any sinking fund or mandatory redemption provisions. We were not allowed to redeem our Series D Convertible Preferred Stock, except to preserve our status as a REIT, but could at our option, 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 equaled or exceeded 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. Investors in our Series D Convertible Preferred Stock generally had no voting rights, and could 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 was 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. 6.45% Series E cumulative redeemable preferred stock redemption In March 2017, we announced the redemption of our Series E Redeemable Preferred Stock and recognized a preferred stock redemption charge of $5.5 million related to the write-off of original issuance costs. On April 14, 2017 , we completed the redemption of all 5.2 million outstanding shares of our Series E Redeemable Preferred Stock at a redemption price of $25.00 per share, or an aggregate of $130.0 million , plus accrued dividends, using funds primarily from the proceeds of our March 2017 common stock offering. Accumulated other comprehensive 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 year ended December 31, 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 ) 2,524 761 Reclassification of amortization income to interest expense (1,777 ) — (1,777 ) Reclassification of losses in accumulated other comprehensive income to interest expense upon swap termination 1,702 — 1,702 Net other comprehensive (loss) income (1,838 ) 2,524 686 Balance as of December 31, 2019 $ — $ (9,749 ) $ (9,749 ) Common stock, preferred stock, and excess stock authorizations Our charter authorizes the issuance of 200.0 million shares of common stock, of which 120.8 million shares were issued and outstanding as of December 31, 2019 . Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, none of which were issued and outstanding as of December 31, 2019 . In addition, 200.0 million shares of “excess stock” (as defined in our charter) are authorized, none of which were issued and outstanding as of December 31, 2019 . Additional paid-in capital During 2019 , we sold partial interests in three of our properties at 75/125 Binney Street, 500 Forbes Boulevard, and 5200 Illumina Way. Upon completion of the partial interest sales of these properties aggregating 1.3 million RSF for an aggregate sales price of $864.2 million , we formed real estate joint ventures with our respective joint venture partners in each transaction. Since we retained controlling interests in all of the resulting joint ventures, we continued to consolidate these entities. Accordingly, we accounted for the difference between consideration in excess of book value received and the book value of the interests sold as equity financing transactions, and the amounts were recorded as adjustments to additional paid-in capital in 2019 , with no gain or loss recognized in earnings. These transactions did not qualify as sales of real estate and did not result in purchase accounting adjustments to the carrying value. Accordingly, the carrying amounts of our partner’s share of assets and liabilities are reported at historical cost.

Share-based compensation (Notes

Share-based compensation (Notes)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation Stock plan For the purpose of attracting and retaining the highest-quality personnel, providing for additional incentives, and promoting the success of our Company, we have historically issued two forms of share-based compensation under our equity incentive plan: (i) options to purchase common stock and (ii) restricted stock. We have not granted any options since 2002. Each restricted share issued reduced the share reserve by three shares (3:1 ratio) prior to March 23, 2018, and by one share (1:1 ratio) on and after March 23, 2018. As of December 31, 2019 , there were 1,858,673 shares reserved for the granting of future options and stock awards under the equity incentive plan. In addition, the stock plan permits us to issue share awards to our employees, non-employees, and non-employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Internal Revenue Code. Shares issued generally vest over a four-year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. The unearned portion of time-based awards is amortized as stock compensation expense on a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels of performance and market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares. Forfeiture of share awards with time-based or performance-based restrictions results in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense. The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2019, 2018, and 2017 : Number of Share Awards Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2016 1,135,788 $ 87.21 Granted 688,295 $ 108.22 Vested (423,705 ) $ 85.16 Forfeited (5,796 ) $ 101.45 Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120 ) $ 103.83 Forfeited (20,330 ) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Granted 768,625 $ 134.70 Vested (666,836 ) $ 96.77 Forfeited (14,480 ) $ 119.88 Outstanding at December 31, 2019 1,799,685 $ 119.59 Year Ended December 31, (In thousands) 2019 2018 2017 Total grant date fair value of stock awards vested $ 64,530 $ 41,854 $ 36,083 Total gross compensation recognized for stock awards $ 68,036 $ 57,341 $ 42,292 Capitalized stock compensation $ 24,396 $ 22,322 $ 16,682 Certain restricted stock awards granted during 2016 through 2019 are subject to performance and market conditions. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for 2019 and 2018 , respectively: (i) expected term of 3.0 years and 3.0 years (equal to the remaining performance measurement period at the grant date), (ii) volatility of 18.0% and 16.0% (approximating a blended average of implied and historical volatilities), (iii) dividend yield of 3.2% and 3.1% , and (iv) risk-free rate of 2.60% and 2.15% . As of December 31, 2019 , there was $168.5 million of unrecognized compensation related to unvested share awards under the equity incentive plan, which is expected to be recognized over the next four years and has a weighted-average vesting period of approximately 19 months .

Noncontrolling interests (Notes

Noncontrolling interests (Notes)	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling interests	Noncontrolling interests Noncontrolling interests represent the third-party interests in certain entities in which we have a controlling interest. These entities owned 36 properties as of December 31, 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 years ended December 31, 2019 and 2018 , we distributed $48.2 million and $30.7 million , respectively, to our consolidated real estate joint venture partners. Certain of our noncontrolling interests have the right to require us to redeem their ownership interests in the respective entities. We classify these ownership interests in the entities as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets. Redeemable noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net earnings or losses, and other comprehensive income or loss. If the amount of a redeemable noncontrolling interest is less than the maximum redemption value at the balance sheet date, such amount is adjusted to the maximum redemption value. Subsequent declines in the redemption value are recognized only to the extent that previous increases have been recognized.

Assets Held for Sale (Notes)

Assets Held for Sale (Notes)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Assets Held for Sale	Assets classified as held for sale In December 2019, we decided to sell two of our real estate investments aggregating 123,862 RSF located in non-cluster markets to allow for reinvestment of this capital into our highly leased value-creation pipeline. We evaluated these assets under the held for sale impairment model and determined that these investments met the criteria for classification as held for sale but did not meet the criteria for classification as discontinued operations in our consolidated financial statements. Upon classification as held for sale, we recognized impairment charges aggregating $12.3 million to lower the carrying amounts to their respective estimated fair values less cost to sell. The fair value considered in the impairment of each investment was determined based on several factors, including significant other observable inputs such as the consideration of fair values of comparable assets in the market, and discounted cash flow analyses. As of December 31, 2019 , four properties aggregating 526,006 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 December 31, 2019 and 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2019 2018 Total assets $ 59,412 $ 31,260 Total liabilities (2,860 ) (2,476 ) Total accumulated other comprehensive loss 536 768 Net assets classified as held for sale $ 57,088 $ 29,552

Quarterly financial data (Notes

Quarterly financial data (Notes)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial data (unaudited)	Quarterly financial data (unaudited) The following is a summary of consolidated financial information on a quarterly basis for 2019 and 2018 (in thousands, except per share amounts): Quarter 2019 First Second Third Fourth Total revenues $ 358,842 $ 373,856 $ 390,484 $ 408,114 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 76,330 $ (49,773 ) $ 199,618 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.11 $ 0.68 $ (0.44 ) $ 1.75 Diluted (1) $ 1.11 $ 0.68 $ (0.44 ) $ 1.74 Quarter 2018 First Second Third Fourth Total revenues $ 320,139 $ 325,034 $ 341,823 $ 340,463 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 52,016 $ 208,940 $ (31,740 ) Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.33 $ 0.51 $ 2.01 $ (0.30 ) Diluted (1) $ 1.32 $ 0.51 $ 1.99 $ (0.30 ) (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding.

Subsequent events (Notes)

Subsequent events (Notes)	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent events Real estate asset acquired in January 2020 In January 2020, we completed acquisitions of four properties for an aggregate purchase price of $341.2 million , comprising 800,346 RSF of operating and redevelopment opportunities strategically located across multiple markets. Consolidated real estate joint venture with Boston Properties, Inc. In January 2020, we formed a real estate joint venture with Boston Properties, Inc., through a non-cash contribution, and are targeting a 51% ownership interest over time. We are the managing member with the power to direct the activities that most significantly affect the economic performance of the joint venture, and will consolidate this joint venture pursuant to the applicable accounting standards. Our partner contributed three office buildings and land supporting 260,000 square feet of future development, and we contributed one office building, one office/laboratory building, one amenity building, at 701, 681, and 685 Gateway Boulevard, respectively, and land supporting 377,000 square feet of future development. This future mega campus in our South San Francisco submarket will aggregate 1.7 million RSF, approximately 50% of which represents future development and redevelopment opportunities. Forward equity sales agreements In January 2020, we entered into forward equity sales agreements to sell an aggregate of 6.9 million shares of our common stock (including the exercise of underwriters’ option) at a public offering price of $155.00 per share, before underwriting discounts. Refer to Note 16 – “Stockholders’ Equity” to our consolidated financial statements for additional information.

Condensed consolidating financi

Condensed consolidating financial information (Notes)	12 Months Ended
	Dec. 31, 2019
Condensed consolidating financial information
Condensed consolidating financial information	Condensed consolidating financial information Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act of 1933, as amended, that are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the “LP” or the “Guarantor Subsidiary”), an indirectly 100% owned subsidiary of the Issuer. The Issuer’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of its real estate (collectively, the “Combined Non-Guarantor Subsidiaries”), will not provide a guarantee of such securities, including the subsidiaries that are partially or 100% owned by the LP. The following condensed consolidating financial information presents the condensed consolidating balance sheets as of December 31, 2019 and 2018 , and the condensed consolidating statements of operations, comprehensive income, and cash flows for the years ended December 31, 2019, 2018, and 2017 , for the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries, as well as the eliminations necessary to arrive at the information on a consolidated basis. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Issuer’s interests in the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries, (ii) the Guarantor Subsidiary’s interests in the Combined Non-Guarantor Subsidiaries, and (iii) the Combined Non-Guarantor Subsidiaries’ interests in the Guarantor Subsidiary, where applicable, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” All assets and liabilities have been allocated to the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries generally based on legal entity ownership. Condensed Consolidating Balance Sheet as of December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 14,844,038 $ — $ 14,844,038 Investments in unconsolidated real estate JVs — — 346,890 — 346,890 Cash and cash equivalents 4,202 — 185,479 — 189,681 Restricted cash 230 — 52,778 — 53,008 Tenant receivables — — 10,691 — 10,691 Deferred rent — — 641,844 — 641,844 Deferred leasing costs — — 270,043 — 270,043 Investments — 1,014 1,139,580 — 1,140,594 Investments in and advances to affiliates 15,498,357 13,950,850 284,207 (29,733,414 ) — Other assets 70,022 — 823,692 — 893,714 Total assets $ 15,572,811 $ 13,951,864 $ 18,599,242 $ (29,733,414 ) $ 18,390,503 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 349,352 $ — $ 349,352 Unsecured senior notes payable 6,044,127 — — — 6,044,127 Unsecured senior line of credit 384,000 — — — 384,000 Accounts payable, accrued expenses, and other liabilities 152,580 — 1,167,688 — 1,320,268 Dividends payable 126,278 — — — 126,278 Total liabilities 6,706,985 — 1,517,040 — 8,224,025 Redeemable noncontrolling interests — — 12,300 — 12,300 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 8,865,826 13,951,864 15,781,550 (29,733,414 ) 8,865,826 Noncontrolling interests — — 1,288,352 — 1,288,352 Total equity 8,865,826 13,951,864 17,069,902 (29,733,414 ) 10,154,178 Total liabilities, noncontrolling interests, and equity $ 15,572,811 $ 13,951,864 $ 18,599,242 $ (29,733,414 ) $ 18,390,503 Condensed Consolidating Balance Sheet as of December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 11,913,693 $ — $ 11,913,693 Investments in unconsolidated real estate JVs — — 237,507 — 237,507 Cash and cash equivalents 119,112 — 115,069 — 234,181 Restricted cash 193 — 37,756 — 37,949 Tenant receivables — — 9,798 — 9,798 Deferred rent — — 530,237 — 530,237 Deferred leasing costs — — 239,070 — 239,070 Investments — 1,262 891,002 — 892,264 Investments in and advances to affiliates 12,235,577 10,949,631 222,983 (23,408,191 ) — Other assets 56,353 — 313,904 — 370,257 Total assets $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 630,547 $ — $ 630,547 Unsecured senior notes payable 4,292,293 — — — 4,292,293 Unsecured senior line of credit 208,000 — — — 208,000 Unsecured senior bank term 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 Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,516,864 $ — $ 1,516,864 Other income 22,731 — 14,684 (22,983 ) 14,432 Total revenues 22,731 — 1,531,548 (22,983 ) 1,531,296 Expenses: Rental operations — — 445,492 — 445,492 General and administrative 106,523 — 25,283 (22,983 ) 108,823 Interest 164,249 — 9,426 — 173,675 Depreciation and amortization 6,949 — 537,663 — 544,612 Impairment of real estate — — 12,334 — 12,334 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Total expenses 317,930 — 1,037,559 (22,983 ) 1,332,506 Equity in earnings of unconsolidated real estate JVs — — 10,136 — 10,136 Equity in earnings of affiliates 658,364 490,393 9,644 (1,158,401 ) — Investment income — 34 194,613 — 194,647 Gain on sales of real estate — — 474 — 474 Net income 363,165 490,427 708,856 (1,158,401 ) 404,047 Net income attributable to noncontrolling interests — — (40,882 ) — (40,882 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 363,165 490,427 667,974 (1,158,401 ) 363,165 Dividends on preferred stock (3,204 ) — — — (3,204 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (6,386 ) — — — (6,386 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 350,995 $ 490,427 $ 667,974 $ (1,158,401 ) $ 350,995 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,314,781 $ — $ 1,314,781 Other income 19,275 — 14,941 (21,538 ) 12,678 Total revenues 19,275 — 1,329,722 (21,538 ) 1,327,459 Expenses: Rental operations — — 381,120 — 381,120 General and administrative 88,707 — 23,236 (21,538 ) 90,405 Interest 136,036 — 21,459 — 157,495 Depreciation and amortization 6,339 — 471,322 — 477,661 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 231,905 — 903,747 (21,538 ) 1,114,114 Equity in earnings of unconsolidated real estate JVs — — 43,981 — 43,981 Equity in earnings of affiliates 591,942 455,574 9,057 (1,056,573 ) — Investment income — 528 136,235 — 136,763 Gain on sales of real estate — — 8,704 — 8,704 Net income 379,312 456,102 623,952 (1,056,573 ) 402,793 Net income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 379,312 456,102 600,471 (1,056,573 ) 379,312 Dividends on preferred stock (5,060 ) — — — (5,060 ) Preferred stock redemption charge (4,240 ) — — — — (4,240 ) Net income attributable to unvested restricted stock awards (6,029 ) — — — (6,029 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 456,102 $ 600,471 $ (1,056,573 ) $ 363,983 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,122,325 $ — $ 1,122,325 Other income (loss) 15,238 (2,575 ) 11,278 (18,169 ) 5,772 Total revenues 15,238 (2,575 ) 1,133,603 (18,169 ) 1,128,097 Expenses: Rental operations — — 325,609 — 325,609 General and administrative 73,897 — 19,281 (18,169 ) 75,009 Interest 101,876 — 26,769 — 128,645 Depreciation and amortization 7,625 — 409,158 — 416,783 Impairment of real estate — — 203 — 203 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Total expenses 184,068 — 783,801 (18,169 ) 949,700 Equity in losses of unconsolidated real estate JVs — — 15,426 — 15,426 Equity in earnings of affiliates 337,923 328,230 6,384 (672,537 ) — Gain on sale of real estate – rental properties — — 270 — 270 Gain on sales of real estate – land parcels — — 111 — 111 Net income 169,093 325,655 371,993 (672,537 ) 194,204 Net income attributable to noncontrolling interests — — (25,111 ) — (25,111 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 169,093 325,655 346,882 (672,537 ) 169,093 Dividends on preferred stock (7,666 ) — — — (7,666 ) Preferred stock redemption charge (11,279 ) — — — (11,279 ) Net income attributable to unvested restricted stock awards (4,753 ) — — — (4,753 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 145,395 $ 325,655 $ 346,882 $ (672,537 ) $ 145,395 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 363,165 $ 490,427 $ 708,856 $ (1,158,401 ) $ 404,047 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 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 — — 2,524 — 2,524 Unrealized gains on foreign currency translation, net — — 2,524 — 2,524 Total other comprehensive (loss) income (1,838 ) — 2,524 — 686 Comprehensive income 361,327 490,427 711,380 (1,158,401 ) 404,733 Less: comprehensive income attributable to noncontrolling interests — — (40,882 ) — (40,882 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 361,327 $ 490,427 $ 670,498 $ (1,158,401 ) $ 363,851 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) 402,793 $ 402,793 Other comprehensive loss Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,622 — — — 1,622 Reclassification adjustment for amortization to interest expense included in net income (4,941 ) — — — (4,941 ) Unrealized losses on interest rate hedge agreements, net (3,319 ) — — — (3,319 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (7,369 ) — (7,369 ) Unrealized losses on foreign currency translation, net — — (7,369 ) — (7,369 ) Total other comprehensive loss (3,319 ) — (7,369 ) — (10,688 ) Comprehensive income 375,993 456,102 616,583 (1,056,573 ) 392,105 Less: comprehensive income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 375,993 $ 456,102 $ 593,102 $ (1,056,573 ) $ 368,624 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding (losses) gains arising during the period — (5 ) 24,365 — 24,360 Reclassification adjustment for losses included in net income — 2 6,116 — 6,118 Unrealized (losses) gains on available-for-sale equity securities, net — (3 ) 30,481 — 30,478 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 3,025 — (188 ) — 2,837 Reclassification adjustment for amortization to interest expense included in net income 1,914 — 1 — 1,915 Unrealized gains (losses) on interest rate hedge agreements, net 4,939 — (187 ) — 4,752 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 7,774 — 7,774 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 1,599 — 1,599 Unrealized gains on foreign currency translation, net — — 9,373 — 9,373 Total other comprehensive income (loss) 4,939 (3 ) 39,667 — 44,603 Comprehensive income 174,032 325,652 411,660 (672,537 ) 238,807 Less: comprehensive income attributable to noncontrolling interests — — (25,045 ) — (25,045 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 174,032 $ 325,652 $ 386,615 $ (672,537 ) $ 213,762 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 363,165 $ 490,427 $ 708,856 $ (1,158,401 ) $ 404,047 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,949 — 537,663 — 544,612 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Impairment of real estate — — 12,334 — 12,334 Gain on sales of real estate – rental properties — — (474 ) — (474 ) Equity in earnings of unconsolidated real estate JVs — — (10,136 ) — (10,136 ) Distributions of earnings from unconsolidated real estate JVs — — 2,796 — 2,796 Amortization of loan fees 8,780 — 325 — 9,105 Amortization of debt premiums (573 ) — (3,204 ) — (3,777 ) Amortization of acquired below-market leases — — (29,813 ) — (29,813 ) Deferred rent — — (104,235 ) — (104,235 ) Stock compensation expense 43,640 — — — 43,640 Equity in earnings of affiliates (658,364 ) (490,393 ) (9,644 ) 1,158,401 — Investment income — (34 ) (194,613 ) — (194,647 ) Changes in operating assets and liabilities: Tenant receivables — — (897 ) — (897 ) Deferred leasing costs — — (54,455 ) — (54,455 ) Other assets (7,171 ) — (13,654 ) — (20,825 ) Accounts payable, accrued expenses, and other liabilities 22,076 — 16,936 — 39,012 Net cash (used in) provided by operating activities (181,289 ) — 865,146 — 683,857 Investing Activities Proceeds from sales of real estate — — 6,619 — 6,619 Additions to real estate — — (1,224,541 ) — (1,224,541 ) Purchases of real estate — — (2,259,778 ) — (2,259,778 ) Deposits for investing activities — — (18,107 ) — (18,107 ) Investments in subsidiaries (2,604,416 ) (2,510,826 ) (51,580 ) 5,166,822 — Investments in unconsolidated real estate JVs — — (102,081 ) — (102,081 ) Return of capital from unconsolidated real estate JVs — — 14 — 14 Additions to non-real estate investments — — (190,778 ) — (190,778 ) Sales of non-real estate investments — 282 147,050 — 147,332 Net cash used in investing activities $ (2,604,416 ) $ (2,510,544 ) $ (3,693,182 ) $ 5,166,822 $ (3,641,320 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2019 (In thousands) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (306,199 ) $ — $ (306,199 ) 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 5,056,000 — — — 5,056,000 Repayments of borrowings from unsecured senior line of credit (4,880,000 ) — — — (4,880,000 ) Proceeds from issuance of commercial paper program 2,233,000 — — — 2,233,000 Repayments of borrowings from commercial paper program (2,233,000 ) — — — (2,233,000 ) Repayments of borrowings from unsecured senior bank term loan (350,000 ) — — — (350,000 ) Premium paid for early extinguishment of debt (34,677 ) — (6,674 ) — (41,351 ) Transfer to/from parent company 404,556 2,510,544 2,251,722 (5,166,822 ) — Payments of loan fees (26,774 ) — (408 ) — (27,182 ) Taxes paid related to net settlement of equity awards (25,477 ) — — — (25,477 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Proceeds from the issuance of common stock 1,216,445 — — — 1,216,445 Dividends on common stock (447,029 ) — — — (447,029 ) Dividends on preferred stock (4,141 ) — — — (4,141 ) Contributions from and sales of noncontrolling interests — — 1,022,712 — 1,022,712 Distributions to and purchase of noncontrolling interests — — (48,225 ) — (48,225 ) Net cash provided by financing activities 2,670,832 2,510,544 2,912,928 (5,166,822 ) 2,927,482 Effect of foreign exchange rate changes on cash and cash equivalents — — 540 — 540 Net (decrease) increase in cash, cash equivalents, and restricted cash (114,873 ) — 85,432 — (29,441 ) 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 $ 4,432 $ — $ 238,257 $ — $ 242,689 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 133,033 $ — $ 13,132 $ — $ 146,165 Change in accrued construction $ — $ — $ (24 ) $ — $ (24 ) Accrued construction for current-period additions to real estate $ — $ — $ 220,773 $ — $ 220,773 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 269,189 $ — $ 269,189 Lease liability $ — $ — $ (275,175 ) $ — $ (275,175 ) Contribution of real estate from noncontrolling interests $ — $ — $ 115,167 $ — $ 115,167 Issuance of common stock for conversion of 7.00% Series D preferred stock $ 57,461 $ — $ — $ — $ 57,461 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,339 — 471,322 — 477,661 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Gain on sales of real estate – rental properties — — (8,704 ) — (8,704 ) Equity in earnings from unconsolidated real estate JVs — — (43,981 ) — (43,981 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 8,777 — 1,494 — 10,271 Amortization of debt discounts (premiums) 797 — (3,203 ) — (2,406 ) Amortization of acquired below-market leases — — (21,938 ) — (21,938 ) Deferred rent — — (93,883 ) — (93,883 ) Stock compensation expense 35,019 — — — 35,019 Equity in earnings of affiliates (591,942 ) (455,574 ) (9,057 ) 1,056,573 — Investment income — (528 ) (136,235 ) — (136,763 ) Changes in operating assets and liabilities: Tenant receivables — — 435 — 435 Deferred leasing costs — — (57,088 ) — (57,088 ) Other assets (14,701 ) — (6,148 ) — (20,849 ) Accounts payable, accrued expenses, and other liabilities 20,663 — 1,246 — 21,909 Net cash (used in) provided by operating activities (154,913 ) — 725,252 — 570,339 Investing Activities Proceeds from sales of real estate — — 20,190 — 20,190 Additions to real estate — — (927,168 ) — (927,168 ) Purchases of real estate — — (1,037,180 ) — (1,037,180 ) Deposits for investing activities — — (2,000 ) — (2,000 ) Investments in subsidiaries (1,693,774 ) (1,463,063 ) (30,076 ) 3,186,913 — Acquisitions of interest in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (116,008 ) — (116,008 ) Return of capital from unconsolidated real estate JVs — — 68,592 — 68,592 Additions to non-real estate investments — — (235,943 ) — (235,943 ) Sales of non-real estate investments — 956 102,723 — 103,679 Net cash used in investing activities $ (1,693,774 ) $ (1,462,107 ) $ (2,192,792 ) $ 3,186,913 $ (2,161,760 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (156,888 ) — (156,888 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 4,741,000 — — — 4,741,000 Repayments of borrowings from unsecured senior line of credit (4,583,000 ) — — — (4,583,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 105,961 1,462,098 1,618,854 (3,186,913 ) — Payments of loan fees (19,292 ) — — — (19,292 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (13,976 ) — — — (13,976 ) Proceeds from the issuance of common stock 1,293,301 — — — 1,293,301 Dividends on common stock (380,632 ) — — — (380,632 ) Dividends on preferred stock (5,207 ) — — — (5,207 ) Contributions from and sales of noncontrolling interests — — 28,275 — 28,275 Distributions to and purchase of noncontrolling interests — — (32,253 ) — (32,253 ) Net cash provided by financing activities 1,837,476 1,462,098 1,475,772 (3,186,913 ) 1,588,433 Effect of foreign exchange rate changes on cash and cash equivalents — — (2,068 ) — (2,068 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (11,211 ) (9 ) 6,164 — (5,056 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 119,305 $ — $ 152,825 $ — $ 272,130 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 104,935 $ — $ 22,158 $ — $ 127,093 Change in accrued construction $ — $ — $ 81,177 $ — $ 81,177 Accrued construction for current-period additions to real estate $ — $ — $ 244,147 $ — $ 244,147 Payable for purchase of real estate $ — $ — $ (65,000 ) $ — $ (65,000 ) Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 7,625 — 409,158 — 416,783 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Impairment of real estate — — 203 — 203 Gains on sales of real estate – rental properties — — (270 ) — (270 ) Gains on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings from unconsolidated real estate JVs — — (15,426 ) — (15,426 ) Distributions of earnings from unconsolidated real estate JVs — — 1,618 — 1,618 Amortization of loan fees 7,627 — 3,522 — 11,149 Amortization of debt discounts (premiums) 608 — (3,120 ) — (2,512 ) Amortization of acquired below-market leases — — (19,055 ) — (19,055 ) Deferred rent — — (107,643 ) — (107,643 ) Stock compensation expense 25,610 — — — 25,610 Equity in earnings of affiliates (337,923 ) (328,230 ) (6,384 ) 672,537 — Investment income — 2,575 (3,904 ) — (1,329 ) Changes in operating assets and liabilities: Tenant receivables — — (502 ) — (502 ) Deferred leasing costs — — (62,639 ) — (62,639 ) Other assets (9,343 ) — (8,879 ) — (18,222 ) Accounts payable, accrued expenses, and other liabilities (10,524 ) — 36,097 — 25,573 Net cash (used in) provided by operating activities (146,557 ) — 597,439 — 450,882 Investing Activities Proceeds from sales of real estate — — 15,432 — 15,432 Additions to real estate — — (893,685 ) — (893,685 ) Purchases of real estate — — (675,584 ) — (675,584 ) Deposits for investing activities — — (2,300 ) — (2,300 ) Investments in subsidiaries (1,458,973 ) (1,257,845 ) (25,872 ) 2,742,690 — Acquisition of interest in unconsolidated real estate JVs — — (60,291 ) — (60,291 ) Investments in unconsolidated real estate joint ventures — — (17,876 ) — (17,876 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to non-real estate investments — — (171,881 ) — (171,881 ) Sales of non-real estate investments — 208 30,275 — 30,483 Net cash used in investing activities $ (1,458,973 ) $ (1,257,637 ) $ (1,763,206 ) $ 2,742,690 $ (1,737,126 ) C ondensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 153,405 $ — $ 153,405 Repayments of borrowings from secured notes payable — — (396,240 ) — (396,240 ) Proceeds from issuance of unsecured senior notes payable 1,023,262 — — — 1,023,262 Borrowings from unsecured senior line of credit 3,858,000 — — — 3,858,000 Repayments of borrowings from unsecured senior line of credit (3,836,000 ) — — — (3,836,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 64,156 1,257,646 1,420,888 (2,742,690 ) — Payments of loan fees (9,440 ) — (579 ) — (10,019 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (17,934 ) — — — (17,934 ) Redemption of 6.45% Series E cumulative redeemable preferred stock (130,350 ) — — — (130,350 ) Proceeds from the issuance of common stock 1,275,397 — — — 1,275,397 Dividends on common stock (312,131 ) — — — (312,131 ) Dividends on preferred stock (9,619 ) — — — (9,619 ) Contributions from and sales of noncontrolling interests — — 44,931 — 44,931 Distributions to and purchases of noncontrolling interests — — (22,361 ) — (22,361 ) Net cash provided by financing activities 1,705,341 1,257,646 1,200,044 (2,742,690 ) 1,420,341 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,723 — 1,723 Net increase in cash, cash equivalents, and restricted cash 99,811 9 36,000 — 135,820 Cash, cash equivalents, and restricted cash as of the beginning of period 30,705 — 110,661 — 141,366 Cash, cash equivalents, and restricted cash as of the end of period $ 130,516 $ 9 $ 146,661 $ — $ 277,186 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 85,705 $ — $ 26,408 $ — $ 112,113 Change in accrued construction $ — $ — $ (11,034 ) $ — $ (11,034 ) Accrued construction for current-period additions to real estate $ — $ — $ 179,154 $ — $ 179,154 Contribution of real estate from noncontrolling interests $ — $ — $ 8,597 $ — $ 8,597 Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998

Schedule III - Consolidated Fin

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation	Alexandria Real Estate Equities, Inc. and Subsidiaries Schedule III Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Alexandria Center ® at Kendall Square Greater Boston $ — $ 279,668 $ 205,491 $ 1,440,945 $ 279,668 $ 1,646,436 $ 1,926,104 $ (241,801 ) $ 1,684,303 2000 - 2017 2005 - 2015 Alexandria Technology Square ® Greater Boston — — 619,658 234,311 — 853,969 853,969 (251,017 ) 602,952 2001 - 2012 2006 The Arsenal on the Charles Greater Boston — 181,797 354,611 1,464 181,797 356,075 537,872 — 537,872 2000 - 2017 2019 Alexandria Center ® at One Kendall Square Greater Boston 208,411 349,952 483,816 282,309 349,952 766,125 1,116,077 (80,606 ) 1,035,471 1985 - 2019 2016 - 2017 480 and 500 Arsenal Street Greater Boston — 9,773 12,773 88,226 9,773 100,999 110,772 (40,689 ) 70,083 2001 - 2003 2000 - 2001 640 Memorial Drive Greater Boston 81,175 — 174,878 741 — 175,619 175,619 (36,598 ) 139,021 2011 2015 780 and 790 Memorial Drive Greater Boston — — — 54,490 — 54,490 54,490 (24,387 ) 30,103 2002 2001 167 Sidney Street and 99 Erie Street Greater Boston — — 12,613 13,733 — 26,346 26,346 (7,383 ) 18,963 2006 - 2012 2005 - 2006 79/96 13th Street (Charlestown Navy Yard) Greater Boston — — 6,247 8,706 — 14,953 14,953 (5,661 ) 9,292 2012 1998 5 Necco Street Greater Boston — 41,958 41,546 582 41,958 42,128 84,086 (250 ) 83,836 2019 2019 10 Necco Street Greater Boston — 67,743 13,357 4,202 67,743 17,559 85,302 (255 ) 85,047 N/A 2019 15 Necco Street Greater Boston — — — 172,114 — 172,114 172,114 — 172,114 N/A 2019 99 A Street Greater Boston — 31,671 878 9,306 31,671 10,184 41,855 (938 ) 40,917 1968 2018 Alexandria Park at 128 Greater Boston — 10,439 41,596 79,501 10,439 121,097 131,536 (44,353 ) 87,183 1997 - 2010 1998 - 2008 225, 266, and 275 Second Avenue Greater Boston — 17,086 69,994 60,552 17,086 130,546 147,632 (19,074 ) 128,558 2014 - 2018 2014 - 2017 100 Tech Drive Greater Boston — 11,977 85,620 235 11,977 85,855 97,832 (4,765 ) 93,067 2015 2018 19 Presidential Way Greater Boston — 12,833 27,333 23,133 12,833 50,466 63,299 (17,114 ) 46,185 1999 2005 100 Beaver Street Greater Boston — 1,466 9,046 22,201 1,466 31,247 32,713 (7,129 ) 25,584 2006 2005 285 Bear Hill Road Greater Boston — 422 3,538 6,905 422 10,443 10,865 (2,417 ) 8,448 2013 2011 111 and 130 Forbes Boulevard Greater Boston — 3,146 15,725 3,165 3,146 18,890 22,036 (6,284 ) 15,752 2006 2006 - 2007 20 Walkup Drive Greater Boston — 2,261 7,099 9,029 2,261 16,128 18,389 (3,833 ) 14,556 2012 2006 30 Bearfoot Road Greater Boston — 1,220 22,375 59 1,220 22,434 23,654 (21,533 ) 2,121 2000 2005 Alexandria Center ® for Science and Technology – Mission Bay San Francisco — 211,450 210,211 442,961 211,450 653,172 864,622 (145,182 ) 719,440 2007 - 2014 2004 - 2017 510 Townsend Street San Francisco — 52,105 — 174,287 52,105 174,287 226,392 (12,754 ) 213,638 2017 2014 945 Market Street San Francisco — 99,294 86,360 5,770 99,294 92,130 191,424 — 191,424 2016 2019 505 Brannan Street San Francisco — 31,710 2,540 107,671 31,710 110,211 141,921 (6,726 ) 135,195 2017 2015 260 Townsend Street San Francisco 27,561 26,392 33,921 471 26,392 34,392 60,784 (714 ) 60,070 2017 2019 88 Bluxome Street San Francisco — 148,551 21,514 52,292 148,551 73,806 222,357 (7,951 ) 214,406 N/A 2017 213, 249, 259, 269, and 279 East Grand Avenue San Francisco — 59,199 — 542,156 59,199 542,156 601,355 (47,537 ) 553,818 2008 - 2019 2004 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired Alexandria Technology Center ® – Gateway San Francisco — 71,005 168,894 101,122 71,005 270,016 341,021 (65,979 ) 275,042 1998 - 2019 2002 - 2017 201 Haskins Way San Francisco — 32,245 1,287 118,801 32,245 120,088 152,333 (1,445 ) 150,888 N/A 2017 400 and 450 East Jamie Court San Francisco — — — 117,282 — 117,282 117,282 (47,091 ) 70,191 2012 2002 500 Forbes Boulevard San Francisco — 35,596 69,091 17,503 35,596 86,594 122,190 (27,166 ) 95,024 2001 2007 7000 Shoreline Court San Francisco — 7,038 39,704 19,454 7,038 59,158 66,196 (19,317 ) 46,879 2001 2004 341 and 343 Oyster Point Boulevard San Francisco — 7,038 — 43,433 7,038 43,433 50,471 (17,640 ) 32,831 2009 - 2013 2000 849/863 Mitten Road/866 Malcolm Road San Francisco — 3,211 8,665 24,070 3,211 32,735 35,946 (13,318 ) 22,628 2012 1998 Alexandria District for Science and Technology San Francisco — 87,566 — 190,881 87,566 190,881 278,447 — 278,447 N/A 2017 3825 and 3875 Fabian Way San Francisco — 194,424 54,519 872 194,424 55,391 249,815 (119 ) 249,696 1969 - 2014 2019 Alexandria Stanford Life Science District San Francisco — — 152,437 5,536 — 157,973 157,973 (11,248 ) 146,725 1998 - 2017 2003 - 2019 Alexandria PARC San Francisco — 72,859 53,309 16,637 72,859 69,946 142,805 (3,265 ) 139,540 1984 - 2019 2018 960 Industrial Road San Francisco — 79,969 5,558 19,589 79,969 25,147 105,116 (4,852 ) 100,264 N/A 2017 2425 Garcia Avenue & 2400/2450 Bayshore Parkway San Francisco 728 1,512 21,323 26,261 1,512 47,584 49,096 (22,637 ) 26,459 2008 1999 Shoreway Science Center San Francisco — 20,049 48,554 152 20,049 48,706 68,755 (1,262 ) 67,493 2016 2019 1450 Page Mill Road San Francisco — — 84,467 104 — 84,571 84,571 (5,590 ) 78,981 2017 2017 3350 West Bayshore Road San Francisco — 4,800 6,693 20,325 4,800 27,018 31,818 (5,726 ) 26,092 1982 2005 2625/2627/2631 Hanover Street San Francisco — — 6,628 11,910 — 18,538 18,538 (10,424 ) 8,114 2000 1999 Alexandria Center ® for Life Science New York City — — — 848,102 — 848,102 848,102 (170,156 ) 677,946 2010 - 2016 2006 219 East 42nd Street New York City — 141,266 63,312 2,149 141,266 65,461 206,727 (13,573 ) 193,154 1995 2018 47-50 30th Street New York City — 25,000 — 2,120 25,000 2,120 27,120 — 27,120 1942 2019 Alexandria Center ® – Long Island City New York City — 22,746 53,093 13,283 22,746 66,376 89,122 (369 ) 88,753 N/A 2018 ARE Spectrum San Diego — 32,361 80,957 203,705 32,361 284,662 317,023 (55,306 ) 261,717 2008 - 2017 2007 - 2017 ARE Torrey Ridge San Diego — 22,124 152,840 52,470 22,124 205,310 227,434 (32,702 ) 194,732 2003 - 2004 2016 ARE Sunrise San Diego — 6,118 17,947 82,874 6,118 100,821 106,939 (51,853 ) 55,086 2000 - 2015 1994 - 2004 ARE Nautilus San Diego — 6,684 27,600 123,685 6,684 151,285 157,969 (44,910 ) 113,059 2009 - 2012 1994 - 1997 3545 Cray Court San Diego 31,477 7,056 53,944 11,537 7,056 65,481 72,537 (40,636 ) 31,901 1998 2014 11119 North Torrey Pines Road San Diego — 9,994 37,099 34,147 9,994 71,246 81,240 (20,799 ) 60,441 2012 2007 Campus Pointe by Alexandria San Diego — 88,016 393,713 441,342 88,016 835,055 923,071 (110,603 ) 812,468 1988 - 2019 2010 - 2019 5200 Illumina Way San Diego — 38,340 96,606 195,156 38,340 291,762 330,102 (49,000 ) 281,102 2004 - 2017 2010 University District San Diego — 18,221 48,840 203,245 18,221 252,085 270,306 (82,398 ) 187,908 1989 - 2018 1998 - 2014 SD Tech by Alexandria San Diego — 54,648 169,485 4,835 54,648 174,320 228,968 (563 ) 228,405 2014 2019 Summers Ridge Science Park San Diego — 21,154 102,046 3,491 21,154 105,537 126,691 (5,277 ) 121,414 2005 2018 10121 and 10151 Barnes Canyon Road San Diego — 4,608 5,100 19,110 4,608 24,210 28,818 (4,103 ) 24,715 1988 - 2014 2013 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired ARE Portola San Diego — 6,991 25,153 39,893 6,991 65,046 72,037 (12,389 ) 59,648 2005 - 2012 2007 5810/5820 Nancy Ridge Drive San Diego — 5,476 28,682 (52 ) 5,476 28,630 34,106 (10,137 ) 23,969 2000 - 2001 2003 - 2004 7330 Carroll Road San Diego — 2,650 19,878 1,912 2,650 21,790 24,440 (5,860 ) 18,580 2007 2010 5871 Oberlin Drive San Diego — 1,349 8,016 6,019 1,349 14,035 15,384 (2,232 ) 13,152 2004 2010 Vista Wateridge I & II San Diego — 3,286 — 735 3,286 735 4,021 — 4,021 N/A 2017 3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard San Diego — 18,177 35,178 31,920 18,177 67,098 85,275 (24,580 ) 60,695 2007 - 2015 2010 - 2019 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street San Diego — 4,156 11,571 42,744 4,156 54,315 58,471 (12,252 ) 46,219 2006 - 2014 1997 - 2014 13112 Evening Creek Drive San Diego — 7,393 27,950 232 7,393 28,182 35,575 (13,055 ) 22,520 2007 2007 Townsgate by Alexandria San Diego — 16,416 — 3,620 16,416 3,620 20,036 — 20,036 N/A 2018 The Eastlake Life Science Campus by Alexandria - North Campus Seattle — 24,205 35,296 391,761 24,205 427,057 451,262 (85,863 ) 365,399 2007 - 2019 2003 - 2015 The Eastlake Life Science Campus by Alexandria - South Campus Seattle — 22,987 47,149 100,758 22,987 147,907 170,894 (45,301 ) 125,593 1997 2002 - 2008 400 Dexter Avenue North Seattle — 11,342 — 211,045 11,342 211,045 222,387 (20,303 ) 202,084 2017 2007 2301 5th Avenue Seattle — 6,543 76,180 1,130 6,543 77,310 83,853 (2,980 ) 80,873 2002 2018 219 Terry Avenue North Seattle — 1,819 2,302 19,892 1,819 22,194 24,013 (7,143 ) 16,870 2012 2007 601 Dexter Avenue North Seattle — 29,412 408 1,541 29,412 1,949 31,361 — 31,361 1985 2019 701 Dexter Avenue North Seattle — 35,316 719 6,149 35,316 6,868 42,184 (340 ) 41,844 1984 2018 3000/3018 Western Avenue Seattle — 1,432 7,497 24,181 1,432 31,678 33,110 (16,287 ) 16,823 2000 1998 410 West Harrison/410 Elliott Avenue West Seattle — 3,857 1,989 11,266 3,857 13,255 17,112 (5,707 ) 11,405 2006 - 2008 2004 9800, 9900, 9920 and 9950 Medical Center Drive Maryland — 20,219 112,543 180,483 20,219 293,026 313,245 (76,214 ) 237,031 1985 - 2018 2004 - 2017 9704, 9708, 9712, and 9714 Medical Center Drive Maryland — 10,258 74,173 766 10,258 74,939 85,197 (3,229 ) 81,968 2015 2018 1330 Piccard Drive Maryland — 2,800 11,533 34,933 2,800 46,466 49,266 (18,830 ) 30,436 2005 1997 1500 and 1550 East Gude Drive Maryland — 1,523 7,731 6,445 1,523 14,176 15,699 (8,979 ) 6,720 1995 - 2003 1997 14920 and 15010 Broschart Road Maryland — 4,904 15,846 5,471 4,904 21,317 26,221 (5,979 ) 20,242 1998 - 1999 2004 - 2010 1405 Research Boulevard Maryland — 899 21,946 14,363 899 36,309 37,208 (14,621 ) 22,587 2006 1997 5 Research Place Maryland — 1,466 5,708 28,981 1,466 34,689 36,155 (14,768 ) 21,387 2010 2001 5 Research Court Maryland — 1,647 13,258 24,060 1,647 37,318 38,965 (14,379 ) 24,586 2007 2004 9920 Belward Campus Drive Maryland — 2,732 12,308 76 2,732 12,384 15,116 (527 ) 14,589 2007 2018 12301 Parklawn Drive Maryland — 1,476 7,267 1,184 1,476 8,451 9,927 (2,949 ) 6,978 2007 2004 14200 Shady Grove Road Maryland — 25,000 — 903 25,000 903 25,903 — 25,903 N/A 2019 Alexandria Technology Center ® – Gaithersburg I Maryland — 20,980 121,952 39,799 20,980 161,751 182,731 (36,204 ) 146,527 1992 - 2019 1997 - 2019 Alexandria Technology Center ® – Gaithersburg II Maryland — 6,938 34,685 33,085 6,938 67,770 74,708 (27,742 ) 46,966 2000 - 2015 1997 - 2018 Initial Costs Costs Capitalized Subsequent to Acquisitions Total Costs Property Market Encumbrances Land Buildings & Improvements Buildings & Improvements Land Buildings & Improvements Total (1) Accumulated Depreciation (2) Net Cost Basis Date of Construction (3) Date Acquired 401 Professional Drive Maryland — 1,129 6,941 10,125 1,129 17,066 18,195 (7,192 ) 11,003 2007 1996 950 Wind River Lane Maryland — 2,400 10,620 1,050 2,400 11,670 14,070 (3,348 ) 10,722 2009 2010 620 Professional Drive Maryland — 784 4,705 7,353 784 12,058 12,842 (5,490 ) 7,352 2012 2005 8000/9000/10000 Virginia Manor Road Maryland — — 13,679 7,189 — 20,868 20,868 (10,460 ) 10,408 2003 1998 14225 Newbrook Drive Maryland — 4,800 27,639 11,562 4,800 39,201 44,001 (17,364 ) 26,637 2006 1997 Alexandria Technology Center ® – Alston Research Triangle — 1,430 17,482 31,096 1,430 48,578 50,008 (23,693 ) 26,315 1985 - 2009 1998 Alexandria Center ® for AgTech, Phase I – Research Triangle Research Triangle — 2,000 6,756 69,863 2,000 76,619 78,619 (1,562 ) 77,057 2018 2017 Alexandria Center ® for AgTech, Phase II – Research Triangle Research Triangle — 800 — 9,663 800 9,663 10,463 — 10,463 N/A 2018 108/110/112/114 TW Alexander Drive Research Triangle — — 376 43,195 — 43,571 43,571 (19,650 ) 23,921 2000 1999 Alexandria Innovation Center ® – Research Triangle Research Triangle — 1,065 21,218 30,249 1,065 51,467 52,532 (18,709 ) 33,823 2005 - 2008 2000 6 Davis Drive Research Triangle — 9,029 10,712 20,318 9,029 31,030 40,059 (12,914 ) 27,145 2012 2012 7 Triangle Drive Research Triangle — 701 — 32,502 701 32,502 33,203 (7,289 ) 25,914 2011 2005 2525 East NC Highway 54 Research Triangle — 713 12,827 20,751 713 33,578 34,291 (9,480 ) 24,811 1995 2004 407 Davis Drive Research Triangle — 1,229 17,733 712 1,229 18,445 19,674 (3,449 ) 16,225 1998 2013 601 Keystone Park Drive Research Triangle — 785 11,546 7,103 785 18,649 19,434 (6,034 ) 13,400 2009 2006 6040 George Watts Hill Drive Research Triangle — — — 26,344 — 26,344 26,344 (3,127 ) 23,217 2015 2014 5 Triangle Drive Research Triangle — 161 3,409 7,933 161 11,342 11,503 (5,248 ) 6,255 1981 1998 6101 Quadrangle Drive Research Triangle — 951 3,982 11,146 951 15,128 16,079 (3,281 ) 12,798 2012 2008 Canada Canada — 10,350 43,884 15,208 10,350 59,092 69,442 (22,245 ) 47,197 2004 - 2012 2005 - 2007 Various Various — 64,176 115,107 217,354 64,176 332,461 396,637 (58,994 ) 337,643 Various Various Total – North America 349,352 3,173,913 5,681,985 8,662,711 3,173,913 14,344,696 17,518,609 (2,704,657 ) 14,813,952 Asia — — — 34,347 — 34,347 34,347 (4,261 ) 30,086 2015 2008 $ 349,352 $ 3,173,913 $ 5,681,985 $ 8,697,058 $ 3,173,913 $ 14,379,043 $ 17,552,956 $ (2,708,918 ) $ 14,844,038 Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2019 (Dollars in thousands) (1) The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited). (2) The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements. (3) Represents the later of the date of original construction or the date of the latest renovation. Alexandria Real Estate Equities, Inc. Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation December 31, 2019 (In thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2019 2018 2017 Balance at beginning of period $ 14,181,780 $ 12,178,255 $ 10,632,518 Acquisitions (including real estate, land, and joint venture consolidation) 2,240,376 1,057,036 707,522 Additions to real estate 1,143,035 959,410 881,463 Deductions (including dispositions and direct financing leases) (12,235 ) (12,921 ) (43,248 ) Balance at end of period $ 17,552,956 $ 14,181,780 $ 12,178,255 December 31, Accumulated Depreciation 2019 2018 2017 Balance at beginning of period $ 2,268,087 $ 1,880,236 $ 1,554,546 Depreciation expense on properties 448,661 390,471 348,064 Sale of properties (7,830 ) (2,620 ) (22,374 ) Balance at end of period $ 2,708,918 $ 2,268,087 $ 1,880,236

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation On an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly owned by us in accordance with the consolidation guidance. Our evaluation considers all of our variable interests, including equity ownership, as well as fees paid to us for our involvement in the management of each partially owned entity. To fall within the scope of the consolidation guidance, an entity must meet both of the following criteria: • The entity has a legal structure that has been established to conduct business activities and to hold assets; such entity can be in the form of a partnership, limited liability company, or corporation, among others; and • We have a variable interest in the legal entity – i.e., variable interests that are contractual, such as equity ownership, or other financial interests that change with changes in the fair value of the entity’s net assets. If an entity does not meet both criteria above, we apply other accounting literature, such as the cost or equity method of accounting. If an entity does meet both criteria above, we evaluate such entity for consolidation under either the variable interest model if the legal entity meets any of the following characteristics to qualify as a VIE, or under the voting model for all other legal entities that are not VIEs. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The entity is established with non-substantive voting rights (i.e., 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 our consolidated financial statements for information on specific joint ventures that qualify as VIEs. If we have a variable interest in a VIE but are not the primary beneficiary, we account for our investment using the equity method of accounting. Voting model If a legal entity fails to meet any of the three characteristics of a VIE (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 our 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.
Operating segment	Reportable segment We are engaged in the business of providing space for lease to the life science, technology, and agtech industries. Our properties are similar in that they provide space for lease to the aforementioned industries, consist of improvements that are generic and reusable, are primarily located in AAA urban innovation cluster locations, and have similar economic characteristics. Our chief operating decision makers review financial information for our entire consolidated operations when making decisions related to assessing our operating performance, and review financial information for our individual properties when determining how to allocate resources related to capital expenditures. We have aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities, including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. The financial information disclosed herein represents all of the financial information related to our one reportable segment.
Investments in real estate	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, our acquisitions of real estate or in-substance real estate do 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 useful depreciable and amortizable lives applicable to 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, an 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, as a reduction of income from rentals in our consolidated statements of operations. 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, as an increase in income from rentals in our consolidated statements of operations. 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 generally 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 under which these investments are measured at cost, adjusted for observable price changes and impairments, with changes recognized in net income. For investments in privately held entities that do not report NAV 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 December 31, 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 year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals 1,516,864 Other income 14,432 Total revenues $ 1,531,296 During the year ended December 31, 2019 , revenues that were subject to the new lease accounting standard aggregated $1.5 billion and represented 95.9% of our total revenues. During the year ended December 31, 2019 , our total revenues also included $63.2 million , or 4.1% , 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 to our 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 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 qualify for capitalization under the new lease accounting standard. Therefore, we continue to amortize these initial direct leasing costs over their respective lease terms. On January 1, 2019, 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 by 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 December 31, 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): Year Ended 2018 2017 Rental revenues (presentation prior to January 1, 2019) $ 1,010,718 $ 863,181 Tenant recoveries (presentation prior to January 1, 2019) 304,063 259,144 Income from rentals (presentation effective January 1, 2019) $ 1,314,781 $ 1,122,325 Direct financing and sales-type leases As of December 31, 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 December 31, 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 year ended December 31, 2019 , included $48.8 million primarily related to short-term parking revenues associated with long-term lease agreements. These revenues are classified within income from rentals in our consolidated 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 service is provided and the performance obligation is satisfied, which normally occurs at a point in time.
Monitoring of tenant credit quality	Monitoring of tenant credit quality During the term of each lease, we monitor the credit quality and any related material changes of our tenants by (i) monitoring the credit rating of tenants that are rated by a nationally recognized credit rating agency, (ii) reviewing financial statements of the tenants that are publicly available or that are required to be delivered to us pursuant to the applicable lease, (iii) monitoring news reports regarding our tenants and their respective businesses, and (iv) monitoring the timeliness of lease payments.
Income taxes	Income taxes We are organized and operate as a REIT pursuant to the Internal Revenue Code (the “Code”). Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually (excluding net capital gains) and meets certain other conditions is not subject to federal income tax on its distributed taxable income, but could be subject to certain federal, foreign, state, and local taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. In addition to our REIT returns, we file federal, foreign, state, and local tax returns for our subsidiaries. We file with jurisdictions located in the U.S., Canada, India, China, and other international locations. Our tax returns are subject to routine examination in various jurisdictions for the 2013 through 2018 calendar years.
Employee and non-employee share-based payments	Employee and non-employee share-based payments We have implemented an entity-wide accounting policy to account for forfeitures of share-based awards granted to employees and non-employees when they occur. As a result of this policy, we recognize expense on share-based awards with time-based vesting conditions without reductions for an estimate of forfeitures. This accounting policy only applies to service condition awards. For performance condition awards, we continue to assess the probability that such conditions will be achieved. Expenses related to forfeited awards are reversed as forfeitures occur. In addition, all nonforfeitable dividends paid on share-based payment awards are initially 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 We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. During 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. As of December 31, 2019
Loan fees	Loan fees Fees incurred in obtaining long-term financing are capitalized and classified with the corresponding debt instrument appearing on our consolidated balance sheet. Loan fees related to our unsecured senior line of credit are classified within other assets. Capitalized amounts are amortized over the term of the related loan, and the amortization is classified in interest expense in our consolidated statements of operations.
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 have 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 LIBOR-based borrowings and terminated our related interest rate hedge agreements to minimize our exposure to LIBOR. As a result, as of December 31, 2019 , we had no outstanding interest rate hedge agreements and no LIBOR-based borrowings other than borrowings of $384.0 million outstanding under our unsecured senior line of credit. 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 year ended December 31, 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 had 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 distributions	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.
Cash and cash equivalents, restricted cash and cash equivalents	Cash and cash equivalents We consider all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks in accounts that may at times exceed the FDIC-insured limit of $250,000. We have not experienced any losses to date on our invested cash. 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 requires companies to estimate and recognize lifetime expected losses, rather than incurred losses, resulting in the earlier recognition of credit losses even if the expected risk of credit loss is remote. The accounting standard applies 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 (e.g., loan commitments). The standard does not apply to the receivables arising from operating leases. An assessment of the collectibility of operating lease payments and the recognition of an adjustment to lease income based on this assessment is governed by the lease accounting standard discussed in the “Lease Accounting” section earlier within this Note 2. The accounting standard became effective for us and was adopted on January 1, 2020. Upon adoption, we had one lease subject to this standard classified as a direct financing lease with a net investment balance aggregating $39.9 million prior to the credit loss adjustment. In this direct financing lease, the payment obligation of the lessee is collateralized by real estate property. Historically, we have had no collection issues related to this direct financing lease; therefore, we assessed the probability of default on this lease based on the lessee’s financial condition, credit rating, business prospects, remaining term of the lease, expected value of the underlying collateral upon its repossession, and our historical loss experience related to other leases in which we are the lessor. Based on the aforementioned considerations, we estimated a credit loss adjustment related to this direct financing lease totaling $2.2 million , which was recognized as a cumulative adjustment to retained earnings and as a reduction of the investment in direct financing lease balance from $39.9 million to $37.7 million in our consolidated balance sheets on January 1, 2020. In addition to direct financing lease, the accounting standard on credit losses applies 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. Upon adoption of the standard on January 1, 2020, our receivables resulting from revenue transactions within the scope of revenue recognition standard aggregated $16.1 million . Among other factors, we considered the short-term nature of these receivables, our positive assessment of the financial condition and business prospects of the payors, and minimal historical collectibility issues. Based on the aforementioned considerations, we estimated the credit loss related to our trade receivables to approximate $259,000 , which was recognized as a cumulative adjustment to retained earnings and as a reduction of the tenant receivables balance in our consolidated balance sheets on January 1, 2020. Recognition and measurement of financial instruments

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues subject to new accounting standards	The table below provides detail of our consolidated total revenues for the year ended December 31, 2019 (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals 1,516,864 Other income 14,432 Total revenues $ 1,531,296
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): Year Ended 2018 2017 Rental revenues (presentation prior to January 1, 2019) $ 1,010,718 $ 863,181 Tenant recoveries (presentation prior to January 1, 2019) 304,063 259,144 Income from rentals (presentation effective January 1, 2019) $ 1,314,781 $ 1,122,325

Investments in real estate (Tab

Investments in real estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate Properties [Line Items]
Investments in real estate	Our consolidated investments in real estate, including real estate assets held for sale as described in Note 19 – “Assets Classified as Held for Sale” to our consolidated financial statements, consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Rental properties: Land (related to rental properties) $ 2,225,785 $ 1,625,349 Buildings and building improvements 11,775,132 9,986,635 Other improvements 1,277,862 976,627 Rental properties 15,278,779 12,588,611 Development and redevelopment of new Class A properties: Development and redevelopment projects 2,057,084 1,460,814 Future development projects 182,746 98,802 Gross investments in real estate 17,518,609 14,148,227 Less: accumulated depreciation (2,704,657 ) (2,263,797 ) Net investments in real estate – North America 14,813,952 11,884,430 Net investments in real estate – Asia 30,086 29,263 Investments in real estate $ 14,844,038 $ 11,913,693
Real estate assets acquisitions	Our real estate asset acquisitions during the year ended December 31, 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 12 668,000 153,157 154,855 615,439 $ 858,600 San Francisco 8 — 347,912 478,000 247,770 735,450 New York City — 135,938 — — — 25,000 San Diego 16 869,000 — 93,220 912,419 474,214 (1) Seattle 1 188,400 — 18,680 — 28,500 Maryland 3 435,000 — — 138,938 76,130 Other 7 54,000 — 134,678 34,534 77,000 Year ended December 31, 2019 47 2,350,338 501,069 879,433 1,949,100 $ 2,274,894 (1) Includes $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. The total purchase price was $80.0 million , of which $15.0 million was paid in December 2018. Also includes $114.8 million related to our partner’s noncontrolling interest in the consolidated real estate joint venture at 4224/4242 Campus Point Court and 10210 Campus Point Drive to reflect the full contractual purchase price.
Acquired Below-Market Leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired below-market tenant leases, and related accumulated amortization, classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets as of December 31, 2019 and 2018 , were as follows (in thousands): December 31, 2019 2018 Acquired below-market leases $ 326,255 $ 236,026 Accumulated amortization (131,482 ) (101,218 ) $ 194,773 $ 134,808
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The weighted-average amortization period of the value of acquired below-market leases was approximately 5.1 years , and the estimated annual amortization of the value of acquired below-market leases as of December 31, 2019 , is as follows (in thousands): Year Amount 2020 $ 44,269 2021 20,698 2022 19,503 2023 18,635 2024 16,940 Thereafter 74,728 Total $ 194,773
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Schedule of Finite-Lived Intangible Assets	The balances of acquired in-place leases, and related accumulated amortization, are classified in other assets in our consolidated balance sheets. As of December 31, 2019 and 2018 , these amounts were as follows (in thousands): December 31, 2019 2018 Acquired in-place leases $ 426,280 $ 229,095 Accumulated amortization (144,630 ) (96,189 ) $ 281,650 $ 132,906
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Amortization for these intangible assets, classified in depreciation and amortization expense in our consolidated statements of operations, was approximately $49.1 million , $34.3 million , and $19.6 million for the years ended December 31, 2019, 2018, and 2017 , respectively. The weighted-average amortization period of the value of acquired in-place leases was approximately 5.9 years , and the estimated annual amortization of the value of acquired in-place leases as of December 31, 2019 , is as follows (in thousands): Year Amount 2020 $ 54,757 2021 49,878 2022 37,006 2023 31,885 2024 24,001 Thereafter 84,123 Total $ 281,650

Consolidated and unconsolidat_2

Consolidated and unconsolidated real estate joint ventures (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Consolidated And Unconsolidated Real Estate Joint Venture Properties	From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that own, develop, and operate real estate properties. As of December 31, 2019 , our real estate joint ventures held the following properties: Property Market Submarket Our Ownership Interest (1) Consolidated joint ventures (2) : 225 Binney Street Greater Boston Cambridge 30.0 % 75/125 Binney Street Greater Boston Cambridge 40.0 % 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 (3) 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 % SD Tech by Alexandria San Diego Sorrento Mesa 50.0 % Unconsolidated joint ventures (2) : Menlo Gateway San Francisco Greater Stanford 49.0 % 1401/1413 Research Boulevard Maryland Rockville 65.0 % (4) 704 Quince Orchard Road Maryland Gaithersburg 56.8 % (4) 1655 and 1725 Third Street San Francisco Mission Bay/SoMa 10.0 % (1) Refer to the table on the next page that shows our categorization of our existing significant joint ventures under the consolidation framework. (2) In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in six other joint ventures in North America and we hold an interest in one other insignificant unconsolidated real estate joint venture in North America. (3) Excludes 9880 Campus Point Drive in our University Town Center submarket. (4) 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 December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Investments in real estate $ 2,678,476 $ 1,108,385 Cash and cash equivalents 81,021 42,178 Other assets 280,343 74,901 Total assets $ 3,039,840 $ 1,225,464 Secured notes payable $ — $ — Other liabilities 149,471 59,336 Total liabilities 149,471 59,336 Redeemable noncontrolling interests 2,388 874 Alexandria Real Estate Equities, Inc.’s share of equity 1,600,729 624,349 Noncontrolling interests’ share of equity 1,287,252 540,905 Total liabilities and equity $ 3,039,840 $ 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 of December 31, 2019 and 2018 , consisted of the following (in thousands): December 31, Property 2019 2018 Menlo Gateway $ 288,408 $ 186,504 1401/1413 Research Boulevard 7,696 8,197 704 Quince Orchard Road 4,748 4,547 1655 and 1725 Third Street 37,016 34,917 Other 9,022 3,342 $ 346,890 $ 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 December 31, 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% 5.18% $ 26,158 $ 2,619 1655 and 1725 Third Street 10.0% 6/29/21 L+3.70% 5.41% 309,275 65,725 704 Quince Orchard Road 56.8% 3/16/23 L+1.95% 3.94% 9,172 5,709 Menlo Gateway, Phase II 49.0% 5/1/35 4.53% 4.59% 56,321 99,529 Menlo Gateway, Phase I 49.0% 8/10/35 4.15% 4.18% 142,101 — $ 543,027 $ 173,582 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2019 .

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Lessor Disclosure [Abstract]
Operating Lease - Schedule of Future Minimum Lease Receivable	As of December 31, 2019 , our 291 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 72.9 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 December 31, 2019 , are outlined in the table below (in thousands): Year Amount 2020 $ 1,074,698 2021 1,090,837 2022 1,076,898 2023 1,024,652 2024 948,223 Thereafter 6,238,082 Total $ 11,453,390
Net investment in direct financing lease	As of December 31, 2019 , we had one direct financing lease agreement for a parking structure with a remaining lease term of 72.9 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 December 31, 2019 and 2018 , are summarized in the table below (in thousands): December 31, 2019 2018 Gross investment in direct financing lease $ 260,457 $ 262,111 Less: unearned income (220,541 ) (222,962 ) Net investment in direct financing lease $ 39,916 $ 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 December 31, 2019 , are outlined in the table below (in thousands): Year Total 2020 $ 1,705 2021 1,756 2022 1,809 2023 1,863 2024 1,919 Thereafter 251,405 Total $ 260,457
Income from rentals	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 and revenues subject to the revenue recognition accounting standard as summarized below (in thousands): Year Ended December 31, 2019 Income from rentals: Revenues subject to the new lease accounting standard: Operating leases $ 1,465,692 Direct financing lease 2,421 Revenues subject to the new lease accounting standard 1,468,113 Revenues subject to the revenue recognition accounting standard 48,751 Income from rentals $ 1,516,864
Summary of deferred leasing costs	Deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Deferred leasing costs $ 631,416 $ 557,791 Accumulated amortization (361,373 ) (318,721 ) Deferred leasing costs, net $ 270,043 $ 239,070
Lessee Disclosure [Abstract]
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 December 31, 2019 , is presented in the table below (in thousands): Year Total 2020 $ 15,132 2021 15,931 2022 16,467 2023 16,628 2024 16,857 Thereafter 618,924 Total future payments under our operating leases in which we are the lessee 699,939 Effect of discounting (428,131 ) Operating lease liability $ 271,808
Lesee operating costs	Operating lease costs relate to our ground and office leases in which we are the lessee. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. Our operating lease obligations related to our office leases have remaining terms of up to 15 years , exclusive of extension options. For the years ended December 31, 2019 , 2018 , and 2017 , our costs for operating leases in which we are the lessee were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Gross operating lease costs $ 19,740 $ 16,102 $ 14,307 Capitalized lease costs (1,452 ) (340 ) (340 ) Expenses for operating leases in which we are the lessee $ 18,288 $ 15,762 $ 13,967

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	12 Months Ended
	Dec. 31, 2019
Cash, cash equivalents, and restricted cash [Abstract]
Cash, cash equivalents, and restricted cash summary	Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Cash and cash equivalents $ 189,681 $ 234,181 Restricted cash: Funds held in trust under the terms of certain secured notes payable 24,331 22,681 Funds held in escrow related to construction projects and investing activities 23,252 10,558 Other 5,425 4,710 53,008 37,949 Total $ 242,689 $ 272,130

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Summary of investments	The following tables summarize our investments as of December 31, 2019 , and 2018 (in thousands): December 31, 2019 Cost Adjustments Carrying Amount Investments: Publicly traded companies $ 148,109 $ 170,528 $ 318,637 Entities that report NAV 271,276 162,626 433,902 Entities that do not report NAV: Entities with observable price changes 42,045 68,489 110,534 Entities without observable price changes 277,521 — 277,521 Total investments $ 738,951 $ 401,643 $ 1,140,594 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 income for the years ended December 31, 2019 and 2018 , consisted of the following (in thousands): Year Ended December 31, 2019 Unrealized Realized Gains (Losses) Total Investments held at December 31, 2019: Publicly traded companies $ 130,802 $ — $ 130,802 Entities that report NAV 49,440 — 49,440 Entities that do not report NAV, held at period end 4,378 (17,124 ) (12,746 ) Total investments held at December 31, 2019 184,620 (17,124 ) 167,496 Investment dispositions during the year ended December 31, 2019: Recognized in the current period — 27,151 27,151 Previously recognized gains (23,131 ) 23,131 — Total investment dispositions during the year ended December 31, 2019 (23,131 ) 50,282 27,151 Investment income $ 161,489 $ 33,158 $ 194,647 Year Ended December 31, 2018 Unrealized Gains Realized (Losses) Gains Total Investments held at December 31, 2018: Publicly traded companies $ 27,944 $ — $ 27,944 Entities that report NAV 22,389 — 22,389 Entities that do not report NAV, held at period end 64,112 (5,483 ) 58,629 Total investments held at December 31, 2018 114,445 (5,483 ) 108,962 Investment dispositions during the year ended December 31, 2018: Recognized in the current period — 27,801 27,801 Previously recognized gains (14,811 ) 14,811 — Total investment dispositions during the year ended December 31, 2018 (14,811 ) 42,612 27,801 Investment income $ 99,634 $ 37,129 $ 136,763

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Acquired in-place leases $ 281,650 $ 132,906 Acquired below-market leases in which we are the lessee (1) — 17,434 Deferred compensation plan 22,225 19,238 Deferred financing costs – unsecured senior line of credit 13,064 16,060 Deposits 31,028 12,974 Furniture, fixtures, and equipment 23,031 14,787 Interest rate hedge assets — 2,606 Net investment in direct financing lease 39,916 39,149 Notes receivable 435 528 Operating lease right-of-use asset (1) 264,709 — Other assets 32,040 19,861 Prepaid expenses 11,324 13,690 Property, plant, and equipment 174,292 81,024 Total $ 893,714 $ 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. Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to our consolidated financial statements for additional information.

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	The following tables set forth the assets and liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 and 2018 (in thousands): December 31, 2019 Description Total Quoted Prices in Significant Significant Assets: Investments in publicly traded companies $ 318,637 $ 318,637 $ — $ — 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	As of December 31, 2019 and 2018 , the book and estimated fair values of our secured notes payable, unsecured senior notes payable, unsecured senior line of credit and unsecured senior bank term loan were as follows (in thousands): December 31, 2019 2018 Book Value Fair Value Book Value Fair Value Liabilities: Secured notes payable $ 349,352 $ 363,344 $ 630,547 $ 638,860 Unsecured senior notes payable $ 6,044,127 $ 6,571,668 $ 4,292,293 $ 4,288,335 Unsecured senior line of credit $ 384,000 $ 383,928 $ 208,000 $ 208,106 Unsecured senior bank term loan $ — $ — $ 347,415 $ 350,240

Secured and unsecured senior _2

Secured and unsecured senior debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Summary of secured and unsecured debt	The following table summarizes our secured and unsecured senior debt as of December 31, 2019 (dollars in thousands): Fixed Rate Debt Variable-Rate Debt Weighted-Average Interest Rate (1) Remaining Term (in years) Total Percentage Secured notes payable $ 349,352 $ — $ 349,352 5.2 % 3.57 % 4.0 Unsecured senior notes payable 6,044,127 — 6,044,127 89.1 3.99 11.2 Commercial paper program — — — — N/A N/A $2.2 billion unsecured senior line of credit — 384,000 384,000 5.7 2.89 4.1 Total/weighted average $ 6,393,479 $ 384,000 $ 6,777,479 100.0 % 3.91 % 10.4 Percentage of total debt 94 % 6 % 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 December 31, 2019 (dollars in thousands): Stated Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2020 2021 2022 2023 2024 Thereafter Principal Total Secured notes payable San Diego 4.66 % 4.90 % 1/1/23 $ 1,621 $ 1,852 $ 1,942 $ 26,259 $ — $ — $ 31,674 $ (198 ) $ 31,476 Greater Boston 3.93 % 3.19 3/10/23 1,565 1,629 1,693 74,517 — — 79,404 1,771 81,175 Greater Boston 4.82 % 3.40 2/6/24 3,207 3,394 3,564 3,742 183,527 — 197,434 10,978 208,412 San Francisco 4.14 % 4.42 7/1/26 — — — — — 28,200 28,200 (639 ) 27,561 San Francisco 6.50 % 6.50 7/1/36 25 26 28 30 32 587 728 — 728 Secured debt weighted-average interest rate/subtotal 4.55 % 3.57 6,418 6,901 7,227 104,548 183,559 28,787 337,440 11,912 349,352 Commercial paper program (3) N/A N/A (3) N/A — — — — — — — — — $2.2 billion unsecured senior line of credit L+0.825 % 2.89 1/28/24 — — — — 384,000 — 384,000 — 384,000 Unsecured senior notes payable 3.90 % 4.04 6/15/23 — — — 500,000 — — 500,000 (2,065 ) 497,935 Unsecured senior notes payable – green bond 4.00 % 4.03 1/15/24 — — — — 650,000 — 650,000 (548 ) 649,452 Unsecured senior notes payable 3.45 % 3.62 4/30/25 — — — — — 600,000 600,000 (4,667 ) 595,333 Unsecured senior notes payable 4.30 % 4.50 1/15/26 — — — — — 300,000 300,000 (2,942 ) 297,058 Unsecured senior notes payable – green bond 3.80 % 3.96 4/15/26 — — — — — 350,000 350,000 (3,081 ) 346,919 Unsecured senior notes payable 3.95 % 4.13 1/15/27 — — — — — 350,000 350,000 (3,552 ) 346,448 Unsecured senior notes payable 3.95 % 4.07 1/15/28 — — — — — 425,000 425,000 (3,403 ) 421,597 Unsecured senior notes payable 4.50 % 4.60 7/30/29 — — — — — 300,000 300,000 (2,126 ) 297,874 Unsecured senior notes payable 2.75 % 2.87 12/15/29 — — — — — 400,000 400,000 (4,089 ) 395,911 Unsecured senior notes payable 4.70 % 4.81 7/1/30 — — — — — 450,000 450,000 (3,903 ) 446,097 Unsecured senior notes payable 3.375 % 3.48 8/15/31 — — — — — 750,000 750,000 (7,527 ) 742,473 Unsecured senior notes payable 4.85 % 4.93 4/15/49 — — — — — 300,000 300,000 (3,446 ) 296,554 Unsecured senior notes payable 4.00 % 3.91 2/1/50 — — — — — 700,000 700,000 10,476 710,476 Unsecured debt weighted-average interest rate/subtotal 3.93 — — — 500,000 1,034,000 4,925,000 6,459,000 (30,873 ) 6,428,127 Weighted-average interest rate/total 3.91 % $ 6,418 $ 6,901 $ 7,227 $ 604,548 $ 1,217,559 $ 4,953,787 $ 6,796,440 $ (18,961 ) $ 6,777,479 (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. (3) In September 2019, we established a commercial paper program that has 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. Borrowings under the program will be used to fund short-term capital needs and are backed by our $2.2 billion unsecured senior line of credit. In the event we are unable to refinance outstanding borrowings under terms equal to or more favorable than those under the unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at L+0.825% . The commercial paper notes sold during the year ended December 31, 2019 , were issued at a yield to maturity of between 1.83% and 2.29% .
Schedule of debt issuances and repayments	During the year ended December 31, 2019 , our issuances of unsecured senior notes payable and repayments of debt included the following (dollars in millions): Issuance Stated Interest Rate Effective Interest Rate Maturity Date Principal Amount Net Proceeds Issuances Unsecured senior notes payable – green bond March 4.00 % 4.03 % 1/15/24 $ 200 $ 203.0 Unsecured senior notes payable – green bond March 3.80 3.96 4/15/26 350 346.6 Unsecured senior notes payable March 4.85 4.93 4/15/49 300 296.5 Unsecured senior notes payable July 3.375 3.48 8/15/31 750 742.5 Unsecured senior notes payable July/Sept 4.00 3.91 2/1/50 700 711.1 Unsecured senior notes payable Sept 2.75 2.87 12/15/29 400 395.8 3.71 % 3.77 % 16.9 years $ 2,700 (1) $ 2,695.5 Repayments of debt Secured notes payable Jan 7.75 % 8.15 % 4/1/20 $ 107 N/A Secured construction loan March 3.29 3.29 1/28/20 193 N/A Unsecured senior notes payable July/Aug 2.75 2.96 1/15/20 400 N/A Unsecured senior notes payable July/Aug 4.60 4.75 4/1/22 550 N/A Unsecured senior bank term loan July/Sept 3.62 3.62 1/2/25 350 N/A Weighted average/total 3.97 % 4.11 % 2.4 years $ 1,600 (1) (1) The remaining proceeds received from our debt issuances, after repayments of debt, were used to fund the construction of our value-creation pipeline and acquisitions completed during 2019. Refer to Note 3 – “Investments in Real Estate” to our consolidated financial statements for additional information.
Schedule of Interest Incurred	Interest expense for the years ended December 31, 2019 , 2018 , and 2017 , consisted of the following (dollars in thousands): Year Ended December 31, 2019 2018 2017 Interest incurred $ 262,238 $ 223,715 $ 186,867 Capitalized interest (88,563 ) (66,220 ) (58,222 ) Interest expense $ 173,675 $ 157,495 $ 128,645

Accounts payable, accrued exp_2

Accounts payable, accrued expenses, and tenant security deposits (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Summary of components of accounts payable, accrued expenses, and tenant security deposits	The following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of December 31, 2019 and 2018 (in thousands): December 31, 2019 2018 Accounts payable and accrued expenses $ 198,994 $ 215,539 Accrued construction 275,818 275,882 Acquired below-market leases 194,773 134,808 Conditional asset retirement obligations 14,037 10,343 Deferred rent liabilities (1) 2,897 29,547 Interest rate hedge liabilities — 768 Operating lease liability (1) 271,808 — Unearned rent and tenant security deposits 275,863 250,923 Other liabilities 86,078 63,897 Total $ 1,320,268 $ 981,707 (1) Refer to Note 2 – “Summary of Significant Accounting Policies” and Note 5 – “Leases” to our consolidated financial statements for additional information.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of the numerators and denominators of the basic and diluted earnings per share computations	The table below is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31, 2019, 2018, and 2017 (in thousands, except per share amounts): Year Ended December 31, 2019 2018 2017 Net income $ 404,047 $ 402,793 $ 194,204 Net income attributable to noncontrolling interests (40,882 ) (23,481 ) (25,111 ) Dividends on preferred stock (3,204 ) (5,060 ) (7,666 ) Preferred stock redemption charge (2,580 ) (4,240 ) (11,279 ) Net income attributable to unvested restricted stock awards (6,386 ) (6,029 ) (4,753 ) Numerator for basic and diluted EPS – net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 350,995 $ 363,983 $ 145,395 Denominator for basic EPS – weighted-average shares of common stock outstanding 112,204 103,010 91,546 Dilutive effect of forward equity sales agreements 320 311 517 Denominator for diluted EPS – weighted-average shares of common stock outstanding 112,524 103,321 92,063 Net income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ 3.13 $ 3.53 $ 1.59 Diluted $ 3.12 $ 3.52 $ 1.58

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax treatment of distribution and dividends declared	The income tax treatment of distributions and dividends declared on our common stock, our Series D Convertible Preferred Stock, and our Series E Redeemable Preferred Stock for the years ended December 31, 2019, 2018, and 2017 , were as follows (unaudited): Common Stock Series D Convertible Preferred Stock (1) Series E Redeemable Preferred Stock (1) Year Ended December 31, 2019 2018 2017 2019 2018 2017 2017 Ordinary income 62.4 % 69.9 % 62.1 % 64.4 % 72.7 % 85.3 % 85.3 % Return of capital 3.2 3.8 27.2 — — — — Capital gains at 25% 2.2 0.1 0.7 2.2 0.1 1.0 1.0 Capital gains at 20% 32.2 26.2 10.0 33.4 27.2 13.7 13.7 Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Dividends declared $ 4.00 $ 3.73 $ 3.45 $ 1.3125 $ 1.75 $ 1.75 $ 0.4031 (1) Refer to Note 16 - “Stockholders’ Equity” to our consolidated financial statements for information regarding the conversion of our Series D Preferred Stock and redemption of our Series E Preferred Stock.
Reconciliation of GAAP net income to taxable income as filed with the IRS	The following reconciles net income (loss) (determined in accordance to GAAP) to taxable income as filed with the IRS for the years ended December 31, 2018 and 2017 (in thousands and unaudited): Year Ended December 31, 2018 2017 Net income $ 402,793 $ 194,204 Net income attributable to noncontrolling interests (23,481 ) (25,111 ) Book/tax differences: Rental revenue recognition (65,901 ) (121,589 ) Depreciation and amortization 161,514 137,576 Share-based compensation 30,771 23,466 Interest expense (6,414 ) (5,256 ) Sales of property (39,393 ) 12,166 Impairments — 9,011 Unrealized (gains)/losses on non-real estate investments (95,757 ) — Other (5,043 ) 3,642 Taxable income before dividend deduction 359,089 228,109 Dividend deduction necessary to eliminate taxable income (1) (359,089 ) (228,109 ) Estimated income subject to federal income tax $ — $ — (1) Total common stock and preferred stock dividend distributions paid were approximately $385.8 million and $321.8 million during the years ended December 31, 2018 and 2017 , respectively.

Stockholders' equity (Tables)

Stockholders' equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of 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 year ended December 31, 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 ) 2,524 761 Reclassification of amortization income to interest expense (1,777 ) — (1,777 ) Reclassification of losses in accumulated other comprehensive income to interest expense upon swap termination 1,702 — 1,702 Net other comprehensive (loss) income (1,838 ) 2,524 686 Balance as of December 31, 2019 $ — $ (9,749 ) $ (9,749 )

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of nonvested share award activity	The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2019, 2018, and 2017 : Number of Share Awards Weighted-Average Grant Date Fair Value Per Share Outstanding at December 31, 2016 1,135,788 $ 87.21 Granted 688,295 $ 108.22 Vested (423,705 ) $ 85.16 Forfeited (5,796 ) $ 101.45 Outstanding at December 31, 2017 1,394,582 $ 95.79 Granted 741,244 $ 121.20 Vested (403,120 ) $ 103.83 Forfeited (20,330 ) $ 106.38 Outstanding at December 31, 2018 1,712,376 $ 105.22 Granted 768,625 $ 134.70 Vested (666,836 ) $ 96.77 Forfeited (14,480 ) $ 119.88 Outstanding at December 31, 2019 1,799,685 $ 119.59 Year Ended December 31, (In thousands) 2019 2018 2017 Total grant date fair value of stock awards vested $ 64,530 $ 41,854 $ 36,083 Total gross compensation recognized for stock awards $ 68,036 $ 57,341 $ 42,292 Capitalized stock compensation $ 24,396 $ 22,322 $ 16,682

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of net assets of discontinued operations and income from discontinued operations, net	The following is a summary of net assets as of December 31, 2019 and 2018 , for our real estate investments that were classified as held for sale as of each respective date (in thousands): December 31, 2019 2018 Total assets $ 59,412 $ 31,260 Total liabilities (2,860 ) (2,476 ) Total accumulated other comprehensive loss 536 768 Net assets classified as held for sale $ 57,088 $ 29,552

Quarterly financial data (Table

Quarterly financial data (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of summary of consolidated financial information on a quarterly basis	The following is a summary of consolidated financial information on a quarterly basis for 2019 and 2018 (in thousands, except per share amounts): Quarter 2019 First Second Third Fourth Total revenues $ 358,842 $ 373,856 $ 390,484 $ 408,114 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 123,598 $ 76,330 $ (49,773 ) $ 199,618 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.11 $ 0.68 $ (0.44 ) $ 1.75 Diluted (1) $ 1.11 $ 0.68 $ (0.44 ) $ 1.74 Quarter 2018 First Second Third Fourth Total revenues $ 320,139 $ 325,034 $ 341,823 $ 340,463 Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 132,387 $ 52,016 $ 208,940 $ (31,740 ) Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic (1) $ 1.33 $ 0.51 $ 2.01 $ (0.30 ) Diluted (1) $ 1.32 $ 0.51 $ 1.99 $ (0.30 ) (1) Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and due to the increase in the weighted-average shares of common stock outstanding.

Condensed consolidating finan_2

Condensed consolidating financial information (Tables)	12 Months Ended
	Dec. 31, 2019
Condensed consolidating financial information
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet as of December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 14,844,038 $ — $ 14,844,038 Investments in unconsolidated real estate JVs — — 346,890 — 346,890 Cash and cash equivalents 4,202 — 185,479 — 189,681 Restricted cash 230 — 52,778 — 53,008 Tenant receivables — — 10,691 — 10,691 Deferred rent — — 641,844 — 641,844 Deferred leasing costs — — 270,043 — 270,043 Investments — 1,014 1,139,580 — 1,140,594 Investments in and advances to affiliates 15,498,357 13,950,850 284,207 (29,733,414 ) — Other assets 70,022 — 823,692 — 893,714 Total assets $ 15,572,811 $ 13,951,864 $ 18,599,242 $ (29,733,414 ) $ 18,390,503 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 349,352 $ — $ 349,352 Unsecured senior notes payable 6,044,127 — — — 6,044,127 Unsecured senior line of credit 384,000 — — — 384,000 Accounts payable, accrued expenses, and other liabilities 152,580 — 1,167,688 — 1,320,268 Dividends payable 126,278 — — — 126,278 Total liabilities 6,706,985 — 1,517,040 — 8,224,025 Redeemable noncontrolling interests — — 12,300 — 12,300 Alexandria Real Estate Equities, Inc.’s stockholders’ equity 8,865,826 13,951,864 15,781,550 (29,733,414 ) 8,865,826 Noncontrolling interests — — 1,288,352 — 1,288,352 Total equity 8,865,826 13,951,864 17,069,902 (29,733,414 ) 10,154,178 Total liabilities, noncontrolling interests, and equity $ 15,572,811 $ 13,951,864 $ 18,599,242 $ (29,733,414 ) $ 18,390,503 Condensed Consolidating Balance Sheet as of December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Assets Investments in real estate $ — $ — $ 11,913,693 $ — $ 11,913,693 Investments in unconsolidated real estate JVs — — 237,507 — 237,507 Cash and cash equivalents 119,112 — 115,069 — 234,181 Restricted cash 193 — 37,756 — 37,949 Tenant receivables — — 9,798 — 9,798 Deferred rent — — 530,237 — 530,237 Deferred leasing costs — — 239,070 — 239,070 Investments — 1,262 891,002 — 892,264 Investments in and advances to affiliates 12,235,577 10,949,631 222,983 (23,408,191 ) — Other assets 56,353 — 313,904 — 370,257 Total assets $ 12,411,235 $ 10,950,893 $ 14,511,019 $ (23,408,191 ) $ 14,464,956 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 630,547 $ — $ 630,547 Unsecured senior notes payable 4,292,293 — — — 4,292,293 Unsecured senior line of credit 208,000 — — — 208,000 Unsecured senior bank term 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 Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,516,864 $ — $ 1,516,864 Other income 22,731 — 14,684 (22,983 ) 14,432 Total revenues 22,731 — 1,531,548 (22,983 ) 1,531,296 Expenses: Rental operations — — 445,492 — 445,492 General and administrative 106,523 — 25,283 (22,983 ) 108,823 Interest 164,249 — 9,426 — 173,675 Depreciation and amortization 6,949 — 537,663 — 544,612 Impairment of real estate — — 12,334 — 12,334 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Total expenses 317,930 — 1,037,559 (22,983 ) 1,332,506 Equity in earnings of unconsolidated real estate JVs — — 10,136 — 10,136 Equity in earnings of affiliates 658,364 490,393 9,644 (1,158,401 ) — Investment income — 34 194,613 — 194,647 Gain on sales of real estate — — 474 — 474 Net income 363,165 490,427 708,856 (1,158,401 ) 404,047 Net income attributable to noncontrolling interests — — (40,882 ) — (40,882 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 363,165 490,427 667,974 (1,158,401 ) 363,165 Dividends on preferred stock (3,204 ) — — — (3,204 ) Preferred stock redemption charge (2,580 ) — — — (2,580 ) Net income attributable to unvested restricted stock awards (6,386 ) — — — (6,386 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 350,995 $ 490,427 $ 667,974 $ (1,158,401 ) $ 350,995 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,314,781 $ — $ 1,314,781 Other income 19,275 — 14,941 (21,538 ) 12,678 Total revenues 19,275 — 1,329,722 (21,538 ) 1,327,459 Expenses: Rental operations — — 381,120 — 381,120 General and administrative 88,707 — 23,236 (21,538 ) 90,405 Interest 136,036 — 21,459 — 157,495 Depreciation and amortization 6,339 — 471,322 — 477,661 Impairment of real estate — — 6,311 — 6,311 Loss on early extinguishment of debt 823 — 299 — 1,122 Total expenses 231,905 — 903,747 (21,538 ) 1,114,114 Equity in earnings of unconsolidated real estate JVs — — 43,981 — 43,981 Equity in earnings of affiliates 591,942 455,574 9,057 (1,056,573 ) — Investment income — 528 136,235 — 136,763 Gain on sales of real estate — — 8,704 — 8,704 Net income 379,312 456,102 623,952 (1,056,573 ) 402,793 Net income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 379,312 456,102 600,471 (1,056,573 ) 379,312 Dividends on preferred stock (5,060 ) — — — (5,060 ) Preferred stock redemption charge (4,240 ) — — — — (4,240 ) Net income attributable to unvested restricted stock awards (6,029 ) — — — (6,029 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 363,983 $ 456,102 $ 600,471 $ (1,056,573 ) $ 363,983 Condensed Consolidating Statement of Operations for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Revenues: Income from rentals $ — $ — $ 1,122,325 $ — $ 1,122,325 Other income (loss) 15,238 (2,575 ) 11,278 (18,169 ) 5,772 Total revenues 15,238 (2,575 ) 1,133,603 (18,169 ) 1,128,097 Expenses: Rental operations — — 325,609 — 325,609 General and administrative 73,897 — 19,281 (18,169 ) 75,009 Interest 101,876 — 26,769 — 128,645 Depreciation and amortization 7,625 — 409,158 — 416,783 Impairment of real estate — — 203 — 203 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Total expenses 184,068 — 783,801 (18,169 ) 949,700 Equity in losses of unconsolidated real estate JVs — — 15,426 — 15,426 Equity in earnings of affiliates 337,923 328,230 6,384 (672,537 ) — Gain on sale of real estate – rental properties — — 270 — 270 Gain on sales of real estate – land parcels — — 111 — 111 Net income 169,093 325,655 371,993 (672,537 ) 194,204 Net income attributable to noncontrolling interests — — (25,111 ) — (25,111 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders 169,093 325,655 346,882 (672,537 ) 169,093 Dividends on preferred stock (7,666 ) — — — (7,666 ) Preferred stock redemption charge (11,279 ) — — — (11,279 ) Net income attributable to unvested restricted stock awards (4,753 ) — — — (4,753 ) Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ 145,395 $ 325,655 $ 346,882 $ (672,537 ) $ 145,395
Condensed Consolidating Statement Comprehensive Income	Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 363,165 $ 490,427 $ 708,856 $ (1,158,401 ) $ 404,047 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 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 — — 2,524 — 2,524 Unrealized gains on foreign currency translation, net — — 2,524 — 2,524 Total other comprehensive (loss) income (1,838 ) — 2,524 — 686 Comprehensive income 361,327 490,427 711,380 (1,158,401 ) 404,733 Less: comprehensive income attributable to noncontrolling interests — — (40,882 ) — (40,882 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 361,327 $ 490,427 $ 670,498 $ (1,158,401 ) $ 363,851 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) 402,793 $ 402,793 Other comprehensive loss Unrealized losses on interest rate hedge agreements: Unrealized interest rate hedge gains arising during the period 1,622 — — — 1,622 Reclassification adjustment for amortization to interest expense included in net income (4,941 ) — — — (4,941 ) Unrealized losses on interest rate hedge agreements, net (3,319 ) — — — (3,319 ) Unrealized losses on foreign currency translation: Unrealized foreign currency translation losses arising during the period — — (7,369 ) — (7,369 ) Unrealized losses on foreign currency translation, net — — (7,369 ) — (7,369 ) Total other comprehensive loss (3,319 ) — (7,369 ) — (10,688 ) Comprehensive income 375,993 456,102 616,583 (1,056,573 ) 392,105 Less: comprehensive income attributable to noncontrolling interests — — (23,481 ) — (23,481 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 375,993 $ 456,102 $ 593,102 $ (1,056,573 ) $ 368,624 Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non- Guarantor Subsidiaries Eliminations Consolidated Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Other comprehensive income (loss) Unrealized (losses) gains on available-for-sale equity securities: Unrealized holding (losses) gains arising during the period — (5 ) 24,365 — 24,360 Reclassification adjustment for losses included in net income — 2 6,116 — 6,118 Unrealized (losses) gains on available-for-sale equity securities, net — (3 ) 30,481 — 30,478 Unrealized gains (losses) on interest rate hedge agreements: Unrealized interest rate hedge gains (losses) arising during the period 3,025 — (188 ) — 2,837 Reclassification adjustment for amortization to interest expense included in net income 1,914 — 1 — 1,915 Unrealized gains (losses) on interest rate hedge agreements, net 4,939 — (187 ) — 4,752 Unrealized gains on foreign currency translation: Unrealized foreign currency translation gains arising during the period — — 7,774 — 7,774 Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation — — 1,599 — 1,599 Unrealized gains on foreign currency translation, net — — 9,373 — 9,373 Total other comprehensive income (loss) 4,939 (3 ) 39,667 — 44,603 Comprehensive income 174,032 325,652 411,660 (672,537 ) 238,807 Less: comprehensive income attributable to noncontrolling interests — — (25,045 ) — (25,045 ) Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders $ 174,032 $ 325,652 $ 386,615 $ (672,537 ) $ 213,762
Condensed Consolidating Statement Cash Flows	Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 363,165 $ 490,427 $ 708,856 $ (1,158,401 ) $ 404,047 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,949 — 537,663 — 544,612 Loss on early extinguishment of debt 40,209 — 7,361 — 47,570 Impairment of real estate — — 12,334 — 12,334 Gain on sales of real estate – rental properties — — (474 ) — (474 ) Equity in earnings of unconsolidated real estate JVs — — (10,136 ) — (10,136 ) Distributions of earnings from unconsolidated real estate JVs — — 2,796 — 2,796 Amortization of loan fees 8,780 — 325 — 9,105 Amortization of debt premiums (573 ) — (3,204 ) — (3,777 ) Amortization of acquired below-market leases — — (29,813 ) — (29,813 ) Deferred rent — — (104,235 ) — (104,235 ) Stock compensation expense 43,640 — — — 43,640 Equity in earnings of affiliates (658,364 ) (490,393 ) (9,644 ) 1,158,401 — Investment income — (34 ) (194,613 ) — (194,647 ) Changes in operating assets and liabilities: Tenant receivables — — (897 ) — (897 ) Deferred leasing costs — — (54,455 ) — (54,455 ) Other assets (7,171 ) — (13,654 ) — (20,825 ) Accounts payable, accrued expenses, and other liabilities 22,076 — 16,936 — 39,012 Net cash (used in) provided by operating activities (181,289 ) — 865,146 — 683,857 Investing Activities Proceeds from sales of real estate — — 6,619 — 6,619 Additions to real estate — — (1,224,541 ) — (1,224,541 ) Purchases of real estate — — (2,259,778 ) — (2,259,778 ) Deposits for investing activities — — (18,107 ) — (18,107 ) Investments in subsidiaries (2,604,416 ) (2,510,826 ) (51,580 ) 5,166,822 — Investments in unconsolidated real estate JVs — — (102,081 ) — (102,081 ) Return of capital from unconsolidated real estate JVs — — 14 — 14 Additions to non-real estate investments — — (190,778 ) — (190,778 ) Sales of non-real estate investments — 282 147,050 — 147,332 Net cash used in investing activities $ (2,604,416 ) $ (2,510,544 ) $ (3,693,182 ) $ 5,166,822 $ (3,641,320 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2019 (In thousands) Alexandria Real Alexandria Real Combined Eliminations Consolidated Financing Activities Repayments of borrowings from secured notes payable $ — $ — $ (306,199 ) $ — $ (306,199 ) 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 5,056,000 — — — 5,056,000 Repayments of borrowings from unsecured senior line of credit (4,880,000 ) — — — (4,880,000 ) Proceeds from issuance of commercial paper program 2,233,000 — — — 2,233,000 Repayments of borrowings from commercial paper program (2,233,000 ) — — — (2,233,000 ) Repayments of borrowings from unsecured senior bank term loan (350,000 ) — — — (350,000 ) Premium paid for early extinguishment of debt (34,677 ) — (6,674 ) — (41,351 ) Transfer to/from parent company 404,556 2,510,544 2,251,722 (5,166,822 ) — Payments of loan fees (26,774 ) — (408 ) — (27,182 ) Taxes paid related to net settlement of equity awards (25,477 ) — — — (25,477 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (9,240 ) — — — (9,240 ) Proceeds from the issuance of common stock 1,216,445 — — — 1,216,445 Dividends on common stock (447,029 ) — — — (447,029 ) Dividends on preferred stock (4,141 ) — — — (4,141 ) Contributions from and sales of noncontrolling interests — — 1,022,712 — 1,022,712 Distributions to and purchase of noncontrolling interests — — (48,225 ) — (48,225 ) Net cash provided by financing activities 2,670,832 2,510,544 2,912,928 (5,166,822 ) 2,927,482 Effect of foreign exchange rate changes on cash and cash equivalents — — 540 — 540 Net (decrease) increase in cash, cash equivalents, and restricted cash (114,873 ) — 85,432 — (29,441 ) 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 $ 4,432 $ — $ 238,257 $ — $ 242,689 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 133,033 $ — $ 13,132 $ — $ 146,165 Change in accrued construction $ — $ — $ (24 ) $ — $ (24 ) Accrued construction for current-period additions to real estate $ — $ — $ 220,773 $ — $ 220,773 Assumption of secured notes payable in connection with purchase of properties $ — $ — $ (28,200 ) $ — $ (28,200 ) Right-of-use asset $ — $ — $ 269,189 $ — $ 269,189 Lease liability $ — $ — $ (275,175 ) $ — $ (275,175 ) Contribution of real estate from noncontrolling interests $ — $ — $ 115,167 $ — $ 115,167 Issuance of common stock for conversion of 7.00% Series D preferred stock $ 57,461 $ — $ — $ — $ 57,461 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 379,312 $ 456,102 $ 623,952 $ (1,056,573 ) $ 402,793 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 6,339 — 471,322 — 477,661 Loss on early extinguishment of debt 823 — 299 — 1,122 Impairment of real estate — — 6,311 — 6,311 Gain on sales of real estate – rental properties — — (8,704 ) — (8,704 ) Equity in earnings from unconsolidated real estate JVs — — (43,981 ) — (43,981 ) Distributions of earnings from unconsolidated real estate JVs — — 430 — 430 Amortization of loan fees 8,777 — 1,494 — 10,271 Amortization of debt discounts (premiums) 797 — (3,203 ) — (2,406 ) Amortization of acquired below-market leases — — (21,938 ) — (21,938 ) Deferred rent — — (93,883 ) — (93,883 ) Stock compensation expense 35,019 — — — 35,019 Equity in earnings of affiliates (591,942 ) (455,574 ) (9,057 ) 1,056,573 — Investment income — (528 ) (136,235 ) — (136,763 ) Changes in operating assets and liabilities: Tenant receivables — — 435 — 435 Deferred leasing costs — — (57,088 ) — (57,088 ) Other assets (14,701 ) — (6,148 ) — (20,849 ) Accounts payable, accrued expenses, and other liabilities 20,663 — 1,246 — 21,909 Net cash (used in) provided by operating activities (154,913 ) — 725,252 — 570,339 Investing Activities Proceeds from sales of real estate — — 20,190 — 20,190 Additions to real estate — — (927,168 ) — (927,168 ) Purchases of real estate — — (1,037,180 ) — (1,037,180 ) Deposits for investing activities — — (2,000 ) — (2,000 ) Investments in subsidiaries (1,693,774 ) (1,463,063 ) (30,076 ) 3,186,913 — Acquisitions of interest in unconsolidated real estate JVs — — (35,922 ) — (35,922 ) Investments in unconsolidated real estate JVs — — (116,008 ) — (116,008 ) Return of capital from unconsolidated real estate JVs — — 68,592 — 68,592 Additions to non-real estate investments — — (235,943 ) — (235,943 ) Sales of non-real estate investments — 956 102,723 — 103,679 Net cash used in investing activities $ (1,693,774 ) $ (1,462,107 ) $ (2,192,792 ) $ 3,186,913 $ (2,161,760 ) Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2018 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 17,784 $ — $ 17,784 Repayments of borrowings from secured notes payable — — (156,888 ) — (156,888 ) Proceeds from issuance of unsecured senior notes payable 899,321 — — — 899,321 Borrowings from unsecured senior line of credit 4,741,000 — — — 4,741,000 Repayments of borrowings from unsecured senior line of credit (4,583,000 ) — — — (4,583,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 105,961 1,462,098 1,618,854 (3,186,913 ) — Payments of loan fees (19,292 ) — — — (19,292 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (13,976 ) — — — (13,976 ) Proceeds from the issuance of common stock 1,293,301 — — — 1,293,301 Dividends on common stock (380,632 ) — — — (380,632 ) Dividends on preferred stock (5,207 ) — — — (5,207 ) Contributions from and sales of noncontrolling interests — — 28,275 — 28,275 Distributions to and purchase of noncontrolling interests — — (32,253 ) — (32,253 ) Net cash provided by financing activities 1,837,476 1,462,098 1,475,772 (3,186,913 ) 1,588,433 Effect of foreign exchange rate changes on cash and cash equivalents — — (2,068 ) — (2,068 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (11,211 ) (9 ) 6,164 — (5,056 ) Cash, cash equivalents, and restricted cash as of the beginning of period 130,516 9 146,661 — 277,186 Cash, cash equivalents, and restricted cash as of the end of period $ 119,305 $ — $ 152,825 $ — $ 272,130 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 104,935 $ — $ 22,158 $ — $ 127,093 Change in accrued construction $ — $ — $ 81,177 $ — $ 81,177 Accrued construction for current-period additions to real estate $ — $ — $ 244,147 $ — $ 244,147 Payable for purchase of real estate $ — $ — $ (65,000 ) $ — $ (65,000 ) Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Operating Activities Net income $ 169,093 $ 325,655 $ 371,993 $ (672,537 ) $ 194,204 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization 7,625 — 409,158 — 416,783 Loss on early extinguishment of debt 670 — 2,781 — 3,451 Impairment of real estate — — 203 — 203 Gains on sales of real estate – rental properties — — (270 ) — (270 ) Gains on sales of real estate – land parcels — — (111 ) — (111 ) Equity in earnings from unconsolidated real estate JVs — — (15,426 ) — (15,426 ) Distributions of earnings from unconsolidated real estate JVs — — 1,618 — 1,618 Amortization of loan fees 7,627 — 3,522 — 11,149 Amortization of debt discounts (premiums) 608 — (3,120 ) — (2,512 ) Amortization of acquired below-market leases — — (19,055 ) — (19,055 ) Deferred rent — — (107,643 ) — (107,643 ) Stock compensation expense 25,610 — — — 25,610 Equity in earnings of affiliates (337,923 ) (328,230 ) (6,384 ) 672,537 — Investment income — 2,575 (3,904 ) — (1,329 ) Changes in operating assets and liabilities: Tenant receivables — — (502 ) — (502 ) Deferred leasing costs — — (62,639 ) — (62,639 ) Other assets (9,343 ) — (8,879 ) — (18,222 ) Accounts payable, accrued expenses, and other liabilities (10,524 ) — 36,097 — 25,573 Net cash (used in) provided by operating activities (146,557 ) — 597,439 — 450,882 Investing Activities Proceeds from sales of real estate — — 15,432 — 15,432 Additions to real estate — — (893,685 ) — (893,685 ) Purchases of real estate — — (675,584 ) — (675,584 ) Deposits for investing activities — — (2,300 ) — (2,300 ) Investments in subsidiaries (1,458,973 ) (1,257,845 ) (25,872 ) 2,742,690 — Acquisition of interest in unconsolidated real estate JVs — — (60,291 ) — (60,291 ) Investments in unconsolidated real estate joint ventures — — (17,876 ) — (17,876 ) Return of capital from unconsolidated real estate JVs — — 38,576 — 38,576 Additions to non-real estate investments — — (171,881 ) — (171,881 ) Sales of non-real estate investments — 208 30,275 — 30,483 Net cash used in investing activities $ (1,458,973 ) $ (1,257,637 ) $ (1,763,206 ) $ 2,742,690 $ (1,737,126 ) C ondensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2017 (In thousands) Alexandria Real Estate Equities, Inc. (Issuer) Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) Combined Non-Guarantor Subsidiaries Eliminations Consolidated Financing Activities Borrowings from secured notes payable $ — $ — $ 153,405 $ — $ 153,405 Repayments of borrowings from secured notes payable — — (396,240 ) — (396,240 ) Proceeds from issuance of unsecured senior notes payable 1,023,262 — — — 1,023,262 Borrowings from unsecured senior line of credit 3,858,000 — — — 3,858,000 Repayments of borrowings from unsecured senior line of credit (3,836,000 ) — — — (3,836,000 ) Repayment of borrowings from unsecured senior bank term loan (200,000 ) — — — (200,000 ) Transfer to/from parent company 64,156 1,257,646 1,420,888 (2,742,690 ) — Payments of loan fees (9,440 ) — (579 ) — (10,019 ) Repurchases of 7.00% Series D cumulative convertible preferred stock (17,934 ) — — — (17,934 ) Redemption of 6.45% Series E cumulative redeemable preferred stock (130,350 ) — — — (130,350 ) Proceeds from the issuance of common stock 1,275,397 — — — 1,275,397 Dividends on common stock (312,131 ) — — — (312,131 ) Dividends on preferred stock (9,619 ) — — — (9,619 ) Contributions from and sales of noncontrolling interests — — 44,931 — 44,931 Distributions to and purchases of noncontrolling interests — — (22,361 ) — (22,361 ) Net cash provided by financing activities 1,705,341 1,257,646 1,200,044 (2,742,690 ) 1,420,341 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,723 — 1,723 Net increase in cash, cash equivalents, and restricted cash 99,811 9 36,000 — 135,820 Cash, cash equivalents, and restricted cash as of the beginning of period 30,705 — 110,661 — 141,366 Cash, cash equivalents, and restricted cash as of the end of period $ 130,516 $ 9 $ 146,661 $ — $ 277,186 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $ 85,705 $ — $ 26,408 $ — $ 112,113 Change in accrued construction $ — $ — $ (11,034 ) $ — $ (11,034 ) Accrued construction for current-period additions to real estate $ — $ — $ 179,154 $ — $ 179,154 Contribution of real estate from noncontrolling interests $ — $ — $ 8,597 $ — $ 8,597 Contribution of real estate to an unconsolidated real estate JV $ — $ — $ 6,998 $ — $ 6,998

Summary of significant accoun_4

Summary of significant accounting policies (Details) $ in Thousands	Jan. 01, 2019USD ($)	Dec. 31, 2019USD ($)property	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Accounting policies
Maximum expected period of sale of property (in years)										1 year
Cost method investment ownership percentage		10.00%								10.00%
Percentage of total revenues										95.90%
Write-off of lease origination costs that were capitalized in connection with leases executed prior to 1/1/19	$ 3,500
Ground and Operating Lease Obligation Due	590,300	$ 699,900								$ 699,900
Operating lease liability	218,700	271,808				$ 0				$ 271,808	$ 0
Reclassification of deferred rent liabilities	$ 27,000
Minimum percentage of taxable income to be distributed										90.00%
Percent of taxable income, generally distributed as dividend										100.00%
Long-term Debt		6,777,479								$ 6,777,479
Income from rentals
Operating leases income										1,465,692
Direct financing lease income										2,421
Revenues subject to the new lease accounting standard										1,468,113
Revenues		$ 408,114	$ 390,484	$ 373,856	$ 358,842	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 1,531,296	1,327,459	$ 1,128,097
Maximum | Land improvements
Accounting policies
Estimated useful life										20 years
Maximum | Buildings and building improvements
Accounting policies
Estimated useful life										40 years
Canada
Accounting policies
Number of Real Estate Properties | property		3								3
China
Accounting policies
Number of Real Estate Properties | property		1								1
Income from rentals
Income from rentals
Revenues										$ 1,516,864	1,314,781	1,122,325
Other income
Income from rentals
Revenues										$ 14,432	12,678	5,772
Revenues subject to other accounting guidance
Accounting policies
Percentage of total revenues										4.10%
Income from rentals
Revenues										$ 63,200
Rental revenues
Income from rentals
Revenues											1,010,718	863,181
Tenant recoveries
Income from rentals
Revenues											$ 304,063	$ 259,144
Accounting Standards Update 2014-09 - Revenue from Contract with Customers | Income from rentals
Income from rentals
Revenues subject to the revenue recognition ASU										48,751
$2.2 billion unsecured senior line of credit
Accounting policies
Long-term Debt		$ 384,000								$ 384,000

Recent accounting pronouncement

Recent accounting pronouncements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
New Accounting Pronouncement
Net investment in direct financing leases	$ 39,916,000		$ 39,149,000
Provision for Lease Losses	2,200,000
Credit loss related to trade receivables	259,000
Subsequent Event
New Accounting Pronouncement
Net investment in direct financing leases		$ 37,700,000
Accounting Standards Update 2014-09 - Revenue from Contract with Customers
New Accounting Pronouncement
Receivables From Revenue Transactions Within Scope Of Revenue Recognition	$ 16,100,000

Schedule of investment in real

Schedule of investment in real estates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investments in real estate	$ 14,844,038	$ 11,913,693
North America
Real Estate Properties [Line Items]
Land (related to rental properties)	2,225,785	1,625,349
Buildings and building improvements	11,775,132	9,986,635
Other improvements	1,277,862	976,627
Rental properties	15,278,779	12,588,611
Development and redevelopment projects	2,057,084	1,460,814
Future development projects	182,746	98,802
Gross investments in real estate	17,518,609	14,148,227
Less: accumulated depreciation	(2,704,657)	(2,263,797)
Investments in real estate	14,813,952	11,884,430
Asia
Real Estate Properties [Line Items]
Investments in real estate	$ 30,086	$ 29,263

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				47
Purchase Price | $				$ 2,259,778	$ 1,037,180	$ 675,584
10260 Campus Point Drive and 4161 Campus Point Court
Business Acquisition [Line Items]
Purchase Price | $			$ 80,000
10260 Campus Point Drive and 4161 Campus Point Court | First Installment Payment
Business Acquisition [Line Items]
Purchase Price | $			$ 15,000
10260 Campus Point Drive and 4161 Campus Point Court | Second Installment Payment
Business Acquisition [Line Items]
Purchase Price | $		$ 65,000
4224/4242 Campus Point Court and 10210 Campus Point Drive
Business Acquisition [Line Items]
Payment to acquire real estate, noncontrolling interest share | $	$ 114,800
Future development
Business Acquisition [Line Items]
Area of Real Estate Property				2,350,338
Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				501,069
Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				879,433
Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				1,949,100
Acquired in-place leases | $				$ 197,800
Below-market leases | $				$ 90,200
Weighted average remaining amortization period, acquired in-place and below-market leases				9 years 10 months 24 days
Operating property | Acquired-in-Place Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases				9 years
Operating property | Acquired Below-Market Leases
Business Acquisition [Line Items]
Weighted average remaining amortization period, acquired in-place and below-market leases				11 years 10 months 24 days
Greater Boston
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				12
Purchase Price | $				$ 858,600
Greater Boston | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				668,000
Greater Boston | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				153,157
Greater Boston | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				154,855
Greater Boston | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				615,439
San Francisco
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				8
Purchase Price | $				$ 735,450
San Francisco | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				0
San Francisco | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				347,912
San Francisco | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				478,000
San Francisco | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				247,770
New York City
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				0
Purchase Price | $				$ 25,000
New York City | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				135,938
New York City | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
New York City | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
New York City | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				0
San Diego
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				16
Purchase Price | $				$ 474,214
San Diego | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				869,000
San Diego | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
San Diego | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				93,220
San Diego | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				912,419
Seattle
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				1
Purchase Price | $				$ 28,500
Seattle | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				188,400
Seattle | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
Seattle | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				18,680
Seattle | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				0
Maryland
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				3
Purchase Price | $				$ 76,130
Maryland | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				435,000
Maryland | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
Maryland | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
Maryland | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				138,938
Other markets
Business Acquisition [Line Items]
Number of Real Estate Properties Acquired				7
Purchase Price | $				$ 77,000
Other markets | Future development
Business Acquisition [Line Items]
Area of Real Estate Property				54,000
Other markets | Active redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				0
Other markets | Operating with future development and redevelopment
Business Acquisition [Line Items]
Area of Real Estate Property				134,678
Other markets | Operating property
Business Acquisition [Line Items]
Area of Real Estate Property				34,534
North America
Business Acquisition [Line Items]
Area of Real Estate Property				27,000,000
North America | Operating and Development/Redevelopment Properties
Business Acquisition [Line Items]
Purchase Price | $				$ 2,274,894

Acquired leases (Details)

Acquired leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquired Below-Market Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 30,300	$ 22,300	$ 19,300
Weighted average amortization period	5 years 1 month 6 days
Values of acquired leases
Value of intangible assets, gross	$ 326,255	236,026
Accumulated amortization	(131,482)	(101,218)
Value of intangible assets, net	194,773	134,808
Estimated annual amortization
2020	44,269
2021	20,698
2022	19,503
2023	18,635
2024	16,940
Thereafter	74,728
Acquired-in-Place Leases
Real Estate Properties [Line Items]
Amortization of intangible assets	$ 49,100	34,300	$ 19,600
Weighted average amortization period	5 years 10 months 24 days
Values of acquired leases
Value of intangible assets, gross	$ 426,280	229,095
Accumulated amortization	(144,630)	(96,189)
Value of intangible assets, net	281,650	$ 132,906
Estimated annual amortization
2020	54,757
2021	49,878
2022	37,006
2023	31,885
2024	24,001
Thereafter	$ 84,123

Real estate asset sales (Detail

Real estate asset sales (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)ft²	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2019ft²
Real Estate Properties [Line Items]
Gain on sales of real estate – rental properties		$ 474,000	$ 8,704,000	$ 270,000
Assets held for sale - area of real estate | ft²	526,006	526,006
Impairment of real estate		$ 12,334,000	$ 6,311,000	$ 203,000
6138/6150 Nancy Ridge Drive
Real Estate Properties [Line Items]
Area of Real Estate Property | ft²					56,698
Proceeds from Sale of Real Estate	$ 6,600,000
Proceeds from Sale of Real Estate (Per RSF)	117
Gain on sales of real estate – rental properties	$ 474,000

Consolidated and unconsolidat_3

Consolidated and unconsolidated real estate joint ventures (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)ft²	Mar. 31, 2019USD ($)ft²	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests			$ 1,134,939,000	$ 27,418,000	$ 52,625,000
225 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)			30.00%
75/125 Binney Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)			40.00%
Noncontrolling interest share (in percentage)		60.00%
Area of Real Estate Property | ft²		388,270
Proceeds from Sale of Real Estate		$ 438,000,000
Proceeds from Sale of Real Estate (Per RSF)		1,880
409/499 Illinois Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)			60.00%
1500 Owens Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)			50.10%
500 Forbes Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)			10.00%
Noncontrolling interest share (in percentage)	90.00%
Area of Real Estate Property | ft²	155,685
Proceeds from Sale of Real Estate	$ 139,500,000
Proceeds from Sale of Real Estate (Per RSF)	$ 996
Campus Pointe by Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)			55.00%
5200 Illumina Way
Schedule of Equity Method Investments
Equity interest percentage (in percent)			51.00%
Noncontrolling interest share (in percentage)	49.00%
Number of Real Estate Properties	6
Area of Real Estate Property | ft²	792,687
Proceeds from Sale of Real Estate	$ 585,200,000
9625 Towne Centre Drive
Schedule of Equity Method Investments
Equity interest percentage (in percent)			50.10%
SD Tech by Alexandria
Schedule of Equity Method Investments
Equity interest percentage (in percent)			50.00%
Equity Method Investee | Menlo Gateway
Schedule of Equity Method Investments
Equity interest percentage (in percent)			49.00%
Equity Method Investee | 1401/1413 Research Boulevard
Schedule of Equity Method Investments
Equity interest percentage (in percent)			65.00%
Equity Method Investee | 704 Quince Orchard Road
Schedule of Equity Method Investments
Equity interest percentage (in percent)			56.80%
Equity Method Investee | 1655 and 1715 Third Street
Schedule of Equity Method Investments
Equity interest percentage (in percent)			10.00%
Additional Paid-In Capital
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests			$ 381,162,000	257,000	7,747,000
Additional Paid-In Capital | 75/125 Binney Street
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests		$ 202,200,000
Additional Paid-In Capital | 500 Forbes Boulevard
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	48,400,000
Additional Paid-In Capital | 5200 Illumina Way
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests	269,100,000
Noncontrolling Interests
Schedule of Equity Method Investments
Contributions from and sales of noncontrolling interests			$ 753,777,000	$ 27,161,000	$ 44,878,000
Noncontrolling Interests | 5200 Illumina Way
Schedule of Equity Method Investments
Proceeds from Sale of Real Estate	286,700,000
Contributions from and sales of noncontrolling interests	131,900,000
Operating property
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			1,949,100
Operating property | Noncontrolling Interests | 5200 Illumina Way
Schedule of Equity Method Investments
Proceeds from Sale of Real Estate	264,600,000
Proceeds from Sale of Real Estate (Per RSF)	681
Future development
Schedule of Equity Method Investments
Area of Real Estate Property | ft²			2,350,338
Future development | Noncontrolling Interests | 5200 Illumina Way
Schedule of Equity Method Investments
Proceeds from Sale of Real Estate	22,100,000
Proceeds from Sale of Real Estate (Per RSF)	$ 100

Consolidated VIE's balance shee

Consolidated VIE's balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investments in real estate	$ 14,844,038	$ 11,913,693
Cash and cash equivalents	189,681	234,181
Other assets	893,714	370,257
Total assets	18,390,503	14,464,956
Secured notes payable	349,352	630,547
Total liabilities	8,224,025	6,570,242
Redeemable noncontrolling interests	12,300	10,786
Alexandria Real Estate Equities, Inc.'s share of equity	8,865,826	7,341,965
Noncontrolling interests' share of equity	1,288,352	541,963
Total liabilities and equity	18,390,503	14,464,956
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in real estate	2,678,476	1,108,385
Cash and cash equivalents	81,021	42,178
Other assets	280,343	74,901
Total assets	3,039,840	1,225,464
Secured notes payable	0	0
Other liabilities	149,471	59,336
Total liabilities	149,471	59,336
Redeemable noncontrolling interests	2,388	874
Alexandria Real Estate Equities, Inc.'s share of equity	1,600,729	624,349
Noncontrolling interests' share of equity	1,287,252	540,905
Total liabilities and equity	$ 3,039,840	$ 1,225,464

Unconsolidated real estate join

Unconsolidated real estate joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 346,890	$ 237,507
Unconsolidated Real Estate Joint Venture Debt
Weighted Average Interest Rate at End of Period	3.91%
Long-term Debt	$ 6,777,479
Equity Method Investee
Unconsolidated Real Estate Joint Venture Debt
Long-term Debt	543,027
Long-term debt, remaining commitments	173,582
Menlo Gateway | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 288,408	186,504
Equity interest percentage (in percent)	49.00%
Menlo Gateway | Equity Method Investee | Secured debt maturing on 5/1/35
Unconsolidated Real Estate Joint Venture Debt
Maturity date	May 1, 2035
Stated interest rate (as a percent)	4.53%
Weighted Average Interest Rate at End of Period	4.59%
Long-term Debt	$ 56,321
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	$ 99,529
Menlo Gateway | Equity Method Investee | Secured debt maturing on 8/1/35
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Aug. 10, 2035
Stated interest rate (as a percent)	4.15%
Weighted Average Interest Rate at End of Period	4.18%
Long-term Debt	$ 142,101
Long-term Debt, Percentage Bearing Fixed Interest, Remaining Commitments	0
1401/1413 Research Boulevard | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 7,696	8,197
Equity interest percentage (in percent)	65.00%
1401/1413 Research Boulevard | Equity Method Investee | Secured debt maturing on 5/17/20
Unconsolidated Real Estate Joint Venture Debt
Maturity date	May 17, 2020
Weighted Average Interest Rate at End of Period	5.18%
Long-term Debt	$ 26,158
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 2,619
1401/1413 Research Boulevard | Equity Method Investee | Secured debt maturing on 5/17/20 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)	2.50%
704 Quince Orchard Road | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 4,748	4,547
Equity interest percentage (in percent)	56.80%
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Mar. 16, 2023
Weighted Average Interest Rate at End of Period	3.94%
Long-term Debt	$ 9,172
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 5,709
704 Quince Orchard Road | Equity Method Investee | Secured debt maturing on 3/16/23 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)	1.95%
1655 and 1715 Third Street | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 37,016	34,917
Equity interest percentage (in percent)	10.00%
1655 and 1715 Third Street | Equity Method Investee | Secured debt maturing on 6/29/21
Unconsolidated Real Estate Joint Venture Debt
Maturity date	Jun. 29, 2021
Weighted Average Interest Rate at End of Period	5.41%
Long-term Debt	$ 309,275
Long-term Debt, Percentage Bearing Variable Interest, Remaining Commitments	$ 65,725
1655 and 1715 Third Street | Equity Method Investee | Secured debt maturing on 6/29/21 | LIBOR
Unconsolidated Real Estate Joint Venture Debt
Applicable margin (as a percent)	3.70%
Other unconsolidated real estate joint ventures | Equity Method Investee
Schedule of Equity Method Investments
Investment in unconsolidated real estate joint ventures	$ 9,022	$ 3,342

Leases Lessor (Details)

Leases Lessor (Details) $ in Thousands, ft² in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)ft²	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
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 [Abstract]
2020	$ 1,074,698								$ 1,074,698
2021	1,090,837								1,090,837
2022	1,076,898								1,076,898
2023	1,024,652								1,024,652
2024	948,223								948,223
2025	6,238,082								6,238,082
Total	11,453,390								$ 11,453,390
Direct Financing Lease
Remaining Lease Term									72 years 10 months 24 days
Lessee Option to Purchase Underlying Asset									30 years
Direct Financing Lease, Net Investment in Leases
Gross investment in direct financing lease	260,457				$ 262,111				$ 260,457	$ 262,111
Less: unearned income	(220,541)				(222,962)				(220,541)	(222,962)
Net investment in direct financing lease	39,916				39,149				39,916	39,149
Direct Financing Leases, Future Minimum Payments Receivable
2020	1,705								1,705
2021	1,756								1,756
2022	1,809								1,809
2023	1,863								1,863
2024	1,919								1,919
Thereafter	251,405								251,405
Income from rentals
Operating leases income									1,465,692
Direct financing lease income									2,421
Revenues subject to the new lease accounting standard									1,468,113
Revenues	408,114	$ 390,484	$ 373,856	$ 358,842	340,463	$ 341,823	$ 325,034	$ 320,139	1,531,296	1,327,459	$ 1,128,097
Deferred Costs, Leasing, Net
Deferred leasing costs	631,416				557,791				631,416	557,791
Accumulated amortization	(361,373)				(318,721)				(361,373)	(318,721)
Deferred leasing costs, net	$ 270,043				$ 239,070				$ 270,043	239,070
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
North America
Lessor, Lease, Description [Line Items]
Number of Real Estate Properties	291								291
Area of Real Estate Property | ft²	27								27
Land parcels subject to lease agreement that contains a purchase option
Operating Lease
Remaining Lease Term									72 years 10 months 24 days
Income from rentals
Income from rentals
Revenues									$ 1,516,864	$ 1,314,781	$ 1,122,325
Income from rentals | Accounting Standards Update 2014-09 - Revenue from Contract with Customers
Income from rentals
Revenues subject to the revenue recognition ASU									$ 48,751

Leases Lessee (Details)

Leases Lessee (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Ground and Operating Lease Obligation Due	$ 699,900			$ 590,300
Operating lease liability	271,808	$ 0		218,700
Operating lease right-of-use asset	$ 264,709	0
Operating lease discount rate	5.24%
Number of Properties Subject to Ground Leases | property	31
Net book value for the exclusion of one ground lease related to one operating property	$ 7,700
Operating Lease Obligation Remaining Lease Term	15 years
Operating lease costs - cash rents	$ 17,700	14,800	$ 14,600
Operating Lease Liabilities, Payment Due
2020	15,132
2021	15,931
2022	16,467
2023	16,628
2024	16,857
Thereafter	618,924
Total future payments under our operating leases in which we are the lessee	699,939
Effect of discounting	(428,131)
Operating lease liability	271,808	0		$ 218,700
Lessee operating costs
Gross operating lease costs	19,740	16,102	14,307
Capitalized lease costs	(1,452)	(340)	(340)
Expenses for operating leases in which we are lessee	$ 18,288	$ 15,762	$ 13,967
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

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 189,681	$ 234,181
Restricted cash	53,008	37,949
Cash, cash equivalents, and restricted cash	242,689	272,130	$ 277,186	$ 141,366
Funds held in trust under the terms of certain secured notes payable
Cash and Cash Equivalents [Line Items]
Restricted cash	24,331	22,681
Funds held in escrow related to construction projects and investing activities
Cash and Cash Equivalents [Line Items]
Restricted cash	23,252	10,558
Other restricted cash
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 5,425	$ 4,710

Summary of Investments (Details

Summary of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investment commitments	$ 229,500
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 6 months
Limited Partnership Liquidation, Expected Initial Term (In Years)	10 years
Summary of Investment [Abstract]
Investment at fair value, cost	$ 738,951	$ 652,109
Cumulative unrealized gains (losses) on investments	401,643	240,155
Total investments	1,140,594	892,264
Entities with observable price change since January 1, 2018
Schedule of Investments [Line Items]
Investments in privately held entities that do not report NAV, impairment loss	17,100
Investments in publicly traded companies
Summary of Investment [Abstract]
Investment at fair value, cost	148,109	121,121
Cumulative unrealized gains (losses) on investments	170,528	62,884
Investment at fair value, book value	$ 318,637	184,005
Investments in privately held entities that report NAV
Schedule of Investments [Line Items]
Weighted-average remaining liquidation term (in years)	8 years 7 months 6 days
Summary of Investment [Abstract]
Investment at fair value, cost	$ 271,276	204,646
Cumulative unrealized gains (losses) on investments	162,626	113,159
Investment at fair value, book value	433,902	317,805
Investments in privately held entities that do not report NAV
Summary of Investment [Abstract]
Investment in privately held entities that do not report fair value, book value	388,100	390,500
Investments in privately held entities that do not report NAV | Entities with observable price change since January 1, 2018
Schedule of Investments [Line Items]
Investment in privately held entities that do not report NAV, upward price adjustment	69,500
Investment in privately held entities that do not report NAV, downward price adjustment	(1,000)
Annual adjustments recognized on investments in privately held entities that do not report NAV	4,400
Investments in privately held entities that do not report NAV, annual upward price adjustment	5,200
Investments in privately held entities that do not report NAV, annual downward price adjustment	(832)
Summary of Investment [Abstract]
Investment at fair value, cost	42,045	39,421
Cumulative unrealized gains (losses) on investments	68,489	64,112
Investment in privately held entities that do not report fair value, book value	110,534	103,533
Investments in privately held entities that do not report NAV | Entities without observable price changes since January 1, 2018
Summary of Investment [Abstract]
Investment at fair value, cost	277,521	286,921
Cumulative unrealized gains (losses) on investments	0	0
Investment in privately held entities that do not report fair value, book value	$ 277,521	$ 286,921

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income
Investment income, unrealized gains (losses)	$ 161,489	$ 99,634
Investment income, realized gains (losses)	33,158	37,129
Investment income	194,647	136,763	$ 0
Investments in publicly traded companies
Net Investment Income
Investment income, unrealized gains (losses)	130,802	27,944
Investment income, realized gains (losses)	0	0
Investment income	130,802	27,944
Investments in privately held entities that report NAV
Net Investment Income
Investment income, unrealized gains (losses)	49,440	22,389
Investment income, realized gains (losses)	0	0
Investment income	49,440	22,389
Investments in privately held entities that do not report NAV
Net Investment Income
Investment income, unrealized gains (losses)	4,378	64,112
Investment income, realized gains (losses)	(17,124)	(5,483)
Investment income	(12,746)	58,629
Total investments at fair value, held at period end
Net Investment Income
Investment income, unrealized gains (losses)	184,620	114,445
Investment income, realized gains (losses)	(17,124)	(5,483)
Investment income	167,496	108,962
Investment disposed and recognized during the period
Net Investment Income
Investment income, unrealized gains (losses)	0	0
Investment income, realized gains (losses)	27,151	27,801
Investment income	27,151	27,801
Investment disposed and previously recognized
Net Investment Income
Investment income, unrealized gains (losses)	(23,131)	(14,811)
Investment income, realized gains (losses)	23,131	14,811
Investment income	0	0
Total investment disposition during the period
Net Investment Income
Investment income, unrealized gains (losses)	(23,131)	(14,811)
Investment income, realized gains (losses)	50,282	42,612
Investment income	$ 27,151	$ 27,801

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Acquired in-place leases	$ 281,650	$ 132,906
Acquired below-market leases in which we are the lessee	0	17,434
Deferred compensation plan	22,225	19,238
Deferred financing costs – $2.2 billion unsecured senior line of credit	13,064	16,060
Deposits	31,028	12,974
Furniture, fixtures, and equipment	23,031	14,787
Interest rate hedge assets	0	2,606
Net investment in direct financing leases	39,916	39,149
Notes receivable	435	528
Operating lease right-of-use asset	264,709	0
Other Assets	32,040	19,861
Prepaid expenses	11,324	13,690
Property, plant, and equipment	174,292	81,024
Total	$ 893,714	$ 370,257

Assets and Liabilities on Recur

Assets and Liabilities on Recurring Basis (Details) $ in Thousands	3 Months Ended	12 Months Ended	24 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Transfers In Fair Value Hierarchy		0
Repayments of Debt			$ 942,000
Interest rate hedge agreements, notional amount	$ 350,000
Weighted average interest pay rate (as a percent)	2.57%
Assets:
Interest rate hedge assets		$ 0	2,606
Liabilities:
Interest rate hedge liabilities		0	768
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:
Investment in publicly traded companies		318,637	184,005
Investments in publicly traded companies | Fair value measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in publicly traded companies		318,637	184,005
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Investment in publicly traded companies		0	0
Investments in publicly traded companies | Fair value measured on recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Investment in publicly traded companies		0	0
Investments in publicly traded companies | Fair Value | Fair value measured on recurring basis
Assets:
Investment in publicly traded companies		318,637	184,005
Investments in privately held entities that report NAV
Assets:
Investment in publicly traded companies		433,902	317,805
Investments in privately held entities that report NAV | Fair Value
Assets:
Investment in publicly traded companies			317,800
Investments in privately held entities that do not report NAV
Assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy
Investment in privately held entities that do not report fair value, book value		$ 388,100	$ 390,500
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 Debt	$ 350,000

Book and Fair Values (Details)

Book and Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	$ 349,352	$ 630,547
Unsecured senior notes payable	6,044,127	4,292,293
Unsecured senior line of credit	384,000	208,000
Unsecured senior bank term loans	0	347,415
Book Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	349,352	630,547
Unsecured senior notes payable	6,044,127	4,292,293
Unsecured senior line of credit	384,000	208,000
Unsecured senior bank term loans	0	347,415
Fair Value
Summary of marketable securities, secured notes payable, unsecured senior line of credit, unsecured term loans, and unsecured senior convertible notes
Secured notes payable	363,344	638,860
Unsecured senior notes payable	6,571,668	4,288,335
Unsecured senior line of credit	$ 383,928	208,106
Unsecured senior bank term loans		$ 350,240

Summary of secured and unsecure

Summary of secured and unsecured senior debts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Fixed rate debt	$ 6,393,479
Variable-rate debt	384,000
Total Consolidated	$ 6,777,479
Percentage of Total	100.00%
Weighted Average Interest Rate at End of Period	3.91%
Weighted Average Remaining Terms (in years)	10 years 4 months 24 days
Percentage of fixed rate to total debt	94.00%
Percentage of variable-rate to total debt	6.00%
Secured notes payable
Debt Instrument [Line Items]
Fixed rate debt	$ 349,352
Variable-rate debt	0
Total Consolidated	$ 349,352
Percentage of Total	5.20%
Weighted Average Interest Rate at End of Period	3.57%
Weighted Average Remaining Terms (in years)	4 years
Unsecured senior notes
Debt Instrument [Line Items]
Fixed rate debt	$ 6,044,127
Variable-rate debt	0
Total Consolidated	$ 6,044,127
Percentage of Total	89.10%
Weighted Average Interest Rate at End of Period	3.99%
Weighted Average Remaining Terms (in years)	11 years 2 months 12 days
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Fixed rate debt	$ 0
Variable-rate debt	384,000
Total Consolidated	$ 384,000
Percentage of Total	5.70%
Weighted Average Interest Rate at End of Period	2.89%
Weighted Average Remaining Terms (in years)	4 years 1 month 6 days
Commercial paper program
Debt Instrument [Line Items]
Fixed rate debt	$ 0
Variable-rate debt	0
Total Consolidated	$ 0
Percentage of Total	0.00%

Detail of secured and unsecured

Detail of secured and unsecured senior debt (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Sep. 12, 2019USD ($)	Jul. 15, 2019USD ($)
Debt Instrument [Line Items]
Effective rate (as a percent)			3.91%
Future principal payments due on secured and unsecured debt
2020			$ 6,418
2021			6,901
2022			7,227
2023			604,548
2024			1,217,559
Thereafter			4,953,787
Outstanding Balance			6,796,440
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(18,961)
Total Consolidated			$ 6,777,479
Secured notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.55%
Effective rate (as a percent)			3.57%
Future principal payments due on secured and unsecured debt
2020			$ 6,418
2021			6,901
2022			7,227
2023			104,548
2024			183,559
Thereafter			28,787
Outstanding Balance			337,440
Unamortized Discount (Premium) and Debt Issuance Costs, Net			11,912
Total Consolidated			$ 349,352
Secured notes payable maturing on 1/1/23
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.66%
Effective rate (as a percent)			4.90%
Maturity date			Jan. 1, 2023
Future principal payments due on secured and unsecured debt
2020			$ 1,621
2021			1,852
2022			1,942
2023			26,259
2024			0
Thereafter			0
Outstanding Balance			31,674
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(198)
Total Consolidated			$ 31,476
Secured notes payable maturing on 3/10/23
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.93%
Effective rate (as a percent)			3.19%
Maturity date			Mar. 10, 2023
Future principal payments due on secured and unsecured debt
2020			$ 1,565
2021			1,629
2022			1,693
2023			74,517
2024			0
Thereafter			0
Outstanding Balance			79,404
Unamortized Discount (Premium) and Debt Issuance Costs, Net			1,771
Total Consolidated			$ 81,175
Secured notes payable maturing on 2/6/24
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.82%
Effective rate (as a percent)			3.40%
Maturity date			Feb. 6, 2024
Future principal payments due on secured and unsecured debt
2020			$ 3,207
2021			3,394
2022			3,564
2023			3,742
2024			183,527
Thereafter			0
Outstanding Balance			197,434
Unamortized Discount (Premium) and Debt Issuance Costs, Net			10,978
Total Consolidated			$ 208,412
Secured Notes Payable Maturing on 7/1/26
Debt Instrument [Line Items]
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
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			28,200
Outstanding Balance			28,200
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(639)
Total Consolidated			$ 27,561
Secured notes payable maturing on 7/1/36
Debt Instrument [Line Items]
Stated interest rate (as a percent)			6.50%
Effective rate (as a percent)			6.50%
Maturity date			Jul. 1, 2036
Future principal payments due on secured and unsecured debt
2020			$ 25
2021			26
2022			28
2023			30
2024			32
Thereafter			587
Outstanding Balance			728
Unamortized Discount (Premium) and Debt Issuance Costs, Net			0
Total Consolidated			$ 728
Unsecured Debt
Debt Instrument [Line Items]
Effective rate (as a percent)			3.93%
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			500,000
2024			1,034,000
Thereafter			4,925,000
Outstanding Balance			6,459,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(30,873)
Total Consolidated			$ 6,428,127
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Effective rate (as a percent)			2.89%
Maturity date			Jan. 28, 2024
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			384,000
Thereafter			0
Outstanding Balance			384,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			0
Total Consolidated			$ 384,000
$2.2 billion unsecured senior line of credit | LIBOR
Debt Instrument [Line Items]
Applicable margin (as a percent)			0.825%
3.90% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.90%
Effective rate (as a percent)			4.04%
Maturity date			Jun. 15, 2023
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			500,000
2024			0
Thereafter			0
Outstanding Balance			500,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(2,065)
Total Consolidated			497,935
4.00% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)		4.00%
Effective rate (as a percent)		4.03%
Maturity date		Jan. 15, 2024
Future principal payments due on secured and unsecured debt
2020			0
2021			0
2022			0
2023			0
2024			650,000
Thereafter			0
Outstanding Balance			650,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(548)
Total Consolidated			$ 649,452
3.45% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.45%
Effective rate (as a percent)			3.62%
Maturity date			Apr. 30, 2025
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			600,000
Outstanding Balance			600,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(4,667)
Total Consolidated			$ 595,333
4.30% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.30%
Effective rate (as a percent)			4.50%
Maturity date			Jan. 15, 2026
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			300,000
Outstanding Balance			300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(2,942)
Total Consolidated			297,058
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)		3.80%
Effective rate (as a percent)		3.96%
Maturity date		Apr. 15, 2026
Future principal payments due on secured and unsecured debt
2020			0
2021			0
2022			0
2023			0
2024			0
Thereafter			350,000
Outstanding Balance		$ 350,000	350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(3,081)
Total Consolidated			$ 346,919
3.95% unsecured senior notes payable due in 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.95%
Effective rate (as a percent)			4.13%
Maturity date			Jan. 15, 2027
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			350,000
Outstanding Balance			350,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(3,552)
Total Consolidated			$ 346,448
3.95% unsecured senior notes payable due in 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.95%
Effective rate (as a percent)			4.07%
Maturity date			Jan. 15, 2028
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			425,000
Outstanding Balance			425,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(3,403)
Total Consolidated			$ 421,597
4.50% unsecured senior notes payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.50%
Effective rate (as a percent)			4.60%
Maturity date			Jul. 30, 2029
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			300,000
Outstanding Balance			300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(2,126)
Total Consolidated			$ 297,874
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.75%
Effective rate (as a percent)	2.87%
Maturity date	Dec. 15, 2029		Dec. 15, 2029
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			400,000
Outstanding Balance	$ 400,000		400,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(4,089)
Total Consolidated			$ 395,911
4.70% unsecured senior note payable
Debt Instrument [Line Items]
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
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			450,000
Outstanding Balance			450,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(3,903)
Total Consolidated			$ 446,097
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%
Effective rate (as a percent)	3.48%
Maturity date	Aug. 15, 2031		Aug. 15, 2031
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			750,000
Outstanding Balance	$ 750,000		750,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(7,527)
Total Consolidated			742,473
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)		4.85%
Effective rate (as a percent)		4.93%
Maturity date		Apr. 15, 2049
Future principal payments due on secured and unsecured debt
2020			0
2021			0
2022			0
2023			0
2024			0
Thereafter			300,000
Outstanding Balance		$ 300,000	300,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			(3,446)
Total Consolidated			$ 296,554
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%
Effective rate (as a percent)	3.91%
Maturity date	Feb. 1, 2050		Feb. 1, 2050
Future principal payments due on secured and unsecured debt
2020			$ 0
2021			0
2022			0
2023			0
2024			0
Thereafter			700,000
Outstanding Balance	$ 700,000		700,000	$ 200,000	$ 500,000
Unamortized Discount (Premium) and Debt Issuance Costs, Net			10,476
Total Consolidated			710,476
Commercial paper program
Future principal payments due on secured and unsecured debt
2020			0
2021			0
2022			0
2023			0
2024			0
Thereafter			0
Outstanding Balance			0
Unamortized Discount (Premium) and Debt Issuance Costs, Net			0
Total Consolidated			0
Commercial paper program issuance balance			$ 750,000
Maximum | Commercial paper program
Debt Instrument [Line Items]
Effective rate (as a percent)			2.29%
Future principal payments due on secured and unsecured debt
Number of maturity days from date of issuance			397
Minimum | Commercial paper program
Debt Instrument [Line Items]
Effective rate (as a percent)			1.83%

Unsecured senior line of credit

Unsecured senior line of credit and commercial paper program (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Effective rate (as a percent)	3.91%
Outstanding Balance	$ 6,796,440
$2.2 billion unsecured senior line of credit
Debt Instrument [Line Items]
Annual facility fee (as a percent)	0.15%
Effective rate (as a percent)	2.89%
Outstanding Balance	$ 384,000
Commercial paper program
Debt Instrument [Line Items]
Commercial paper program issuance balance	750,000
Outstanding Balance	$ 0
Maximum | Commercial paper program
Debt Instrument [Line Items]
Number of maturity days from date of issuance	397
Effective rate (as a percent)	2.29%
Minimum | Commercial paper program
Debt Instrument [Line Items]
Effective rate (as a percent)	1.83%

Unsecured senior notes payable

Unsecured senior notes payable (Details) - USD ($) $ in Thousands	Aug. 16, 2019	Jul. 17, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Sep. 12, 2019	Jul. 15, 2019
Debt Instrument [Line Items]
Unsecured senior notes payable					$ 6,100,000
Ownership interest in subsidiary (as a percent)					100.00%
Effective rate (as a percent)					3.91%
Weighted Average Remaining Terms (in years)					10 years 4 months 24 days
Outstanding Balance					$ 6,796,440
Proceeds from issuance of unsecured senior notes payable					2,721,169	$ 899,321	$ 1,023,262
Repayments of Secured Debt					306,199	156,888	396,240
Repayments of Debt								$ 942,000
Loss on early extinguishment of debt					47,570	$ 1,122	$ 3,451
3.80% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)				3.80%
Effective rate (as a percent)				3.96%
Maturity date				Apr. 15, 2026
Outstanding Balance				$ 350,000	350,000
Proceeds from issuance of unsecured senior notes payable				$ 346,600
4.00% unsecured senior note payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)				4.00%
Effective rate (as a percent)				4.03%
Maturity date				Jan. 15, 2024
Outstanding Balance					650,000
Re-opening of 4.00% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Outstanding Balance				$ 200,000
Proceeds from issuance of unsecured senior notes payable				$ 203,000
4.85% Unsecured Senior Note Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)				4.85%
Effective rate (as a percent)				4.93%
Maturity date				Apr. 15, 2049
Outstanding Balance				$ 300,000	$ 300,000
Proceeds from issuance of unsecured senior notes payable				$ 296,500
3.375% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.375%
Effective rate (as a percent)			3.48%
Maturity date			Aug. 15, 2031		Aug. 15, 2031
Outstanding Balance			$ 750,000		$ 750,000
Proceeds from issuance of unsecured senior notes payable			$ 742,500
4.00% Unsecured Senior Notes Payables Due 2050
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.00%
Effective rate (as a percent)			3.91%
Maturity date			Feb. 1, 2050		Feb. 1, 2050
Outstanding Balance			$ 700,000		$ 700,000				$ 200,000	$ 500,000
Proceeds from issuance of unsecured senior notes payable			$ 711,100
2.75% Unsecured Senior Notes Payable Due 2029
Debt Instrument [Line Items]
Stated interest rate (as a percent)			2.75%
Effective rate (as a percent)			2.87%
Maturity date			Dec. 15, 2029		Dec. 15, 2029
Outstanding Balance			$ 400,000		$ 400,000
Proceeds from issuance of unsecured senior notes payable			$ 395,800
2019 Unsecured Senior Notes Issuances
Debt Instrument [Line Items]
Weighted average stated interest rate					3.71%
Weighted Average Effective Interest Rate					3.77%
Weighted Average Remaining Terms (in years)					16 years 10 months 24 days
Outstanding Balance					$ 2,700,000
Proceeds from issuance of unsecured senior notes payable					2,695,500
Secured notes payable maturing on 4/1/20
Debt Instrument [Line Items]
Stated interest rate (as a percent)				7.75%
Effective rate (as a percent)				8.15%
Maturity date				Apr. 1, 2020
Repayments of Secured Debt				$ 106,700
Loss on early extinguishment of debt				$ (7,100)
Secured notes payable maturing on 1/28/20
Debt Instrument [Line Items]
Stated interest rate (as a percent)				3.29%
Effective rate (as a percent)				3.29%
Maturity date				Jan. 28, 2020
Repayments of Secured Debt				$ 193,100
Loss on early extinguishment of debt				$ (269)
2.75% Unsecured Senior Notes Due in 2020
Debt Instrument [Line Items]
Stated interest rate (as a percent)			2.75%
Effective rate (as a percent)			2.96%
Maturity date			Jan. 15, 2020
Repayments of Debt			$ 400,000
4.60% Unsecured Senior Notes Due in 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.60%
Effective rate (as a percent)			4.75%
Maturity date			Apr. 1, 2022
Repayments of Debt			$ 550,000
2.75% and 4.60% Unsecured Senior Notes Payable
Debt Instrument [Line Items]
Cash tender offer settlement date		Jul. 17, 2019
Unsecured senior notes payable redemption date	Aug. 16, 2019
Loss on early extinguishment of debt					$ (40,200)
Unsecured Senior Bank Term Loan
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.62%
Effective rate (as a percent)			3.62%
Maturity date			Jan. 2, 2025
Repayments of Debt			$ 350,000
2019 Secured and Unsecured Debt Repayments
Debt Instrument [Line Items]
Weighted average stated interest rate					3.97%
Weighted Average Effective Interest Rate					4.11%
Weighted Average Remaining Terms (in years)					2 years 4 months 24 days
Repayments of Debt					$ 1,600,000

Repayment of secured notes paya

Repayment of secured notes payable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Repayments of Secured Debt		$ 306,199	$ 156,888	$ 396,240
Loss on early extinguishment of debt		$ 47,570	$ 1,122	$ 3,451
Secured notes payable maturing on 4/1/20
Debt Instrument [Line Items]
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 [Line Items]
Repayments of Secured Debt	$ 193,100
Stated interest rate (as a percent)	3.29%
Loss on early extinguishment of debt	$ (269)
LIBOR | Secured notes payable maturing on 1/28/20
Debt Instrument [Line Items]
Applicable margin (as a percent)	1.50%

Interest Expense Incurred (Deta

Interest Expense Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Costs Incurred [Abstract]
Gross interest	$ 262,238	$ 223,715	$ 186,867
Capitalized interest	(88,563)	(66,220)	(58,222)
Interest Expense	$ 173,675	$ 157,495	$ 128,645

Interest rate swap agreements_2

Interest rate swap agreements (Details) $ in Thousands	3 Months Ended		12 Months Ended			24 Months Ended
	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)
Derivative [Line Items]
Repayments of Debt						$ 942,000
Repayments of Secured Debt			$ 306,199	$ 156,888	$ 396,240
Outstanding Balance			$ 6,796,440
Percentage of variable-rate to total debt			6.00%
Interest rate hedge agreements, notional amount	$ 350,000
Weighted average interest pay rate (as a percent)	2.57%
Loss recognized related to the early termination of interest rate hedge agreements	$ 1,700
Unsecured Senior Bank Term Loan
Derivative [Line Items]
Repayments of Debt	$ 350,000
Secured notes payable maturing on 1/28/20
Derivative [Line Items]
Repayments of Secured Debt		$ 193,100
Commercial paper program
Derivative [Line Items]
Commercial paper program issuance balance			$ 750,000
Outstanding Balance			$ 0
Maximum | Commercial paper program
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	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 198,994		$ 215,539
Accrued Construction	275,818		275,882
Acquired below-market leases	194,773		134,808
Conditional asset retirement obligation	14,037		10,343
Deferred rent liabilities	2,897		29,547
Interest rate hedge liabilities	0		768
Operating lease liability	271,808	$ 218,700	0
Unearned rent and tenant security deposits	275,863		250,923
Other liabilities	86,078		63,897
Accounts Payable and Accrued Liabilities	$ 1,320,268		$ 981,707

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of basic and diluted EPS
Net income (loss)									$ 404,047	$ 402,793	$ 194,204
Net income attributable to noncontrolling interest									(40,882)	(23,481)	(25,111)
Dividends on preferred stock									(3,204)	(5,060)	(7,666)
Preferred stock redemption charge									(2,580)	(4,240)	(11,279)
Net income attributable to unvested restricted stock awards									(6,386)	(6,029)	(4,753)
Numerator for basic and diluted EPS – net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 199,618	$ (49,773)	$ 76,330	$ 123,598	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 350,995	$ 363,983	$ 145,395
Denominator for basic EPS – weighted-average shares of common stock shares outstanding									112,204,000	103,010,000	91,546,000
Dilutive effect of forward equity sales agreements									320,000	311,000	517,000
Denominator for diluted EPS – weighted-average shares of common stock shares outstanding									112,524,000	103,321,000	92,063,000
Earnings per share attributable to Alexandria's common stockholders – basic and diluted:
Earnings per share - basic (USD per share)	$ 1.75	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 3.13	$ 3.53	$ 1.59
Earnings per share - diluted (USD per share)	$ 1.74	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 1.99	$ 0.51	$ 1.32	$ 3.12	$ 3.52	$ 1.58
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding	0				2,573,432				0	2,573,432	3,000,000
Preferred Stock, dividend rate (as a percent)									7.00%	7.00%
7.00% Series D Preferred Stock repurchased (in shares)									275,000
Reconciliation of basic and diluted EPS
Preferred stock redemption charge									$ (2,600)	$ (4,200)	$ (5,800)

Income Tax (Details)

Income Tax (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Minimum percentage of taxable income to be distributed	90.00%
Percent of taxable income, generally distributed as dividend	100.00%
Unrecognized Tax Benefits	$ 0

Income Tax Treatment of Distrib

Income Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Treatment of Distributions and Dividends [Line Items]
Common stock dividends declared (per share)	$ 4	$ 3.73	$ 3.45
Common Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	62.40%	69.90%	62.10%
Return of capital	3.20%	3.80%	27.20%
Capital gains at 25%	2.20%	0.10%	0.70%
Capital gains at 20%	32.20%	26.20%	10.00%
Total	100.00%	100.00%	100.00%
Common stock dividends declared (per share)	$ 4	$ 3.73	$ 3.45
Series D Convertible Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income	64.40%	72.70%	85.30%
Return of capital	0.00%	0.00%	0.00%
Capital gains at 25%	2.20%	0.10%	1.00%
Capital gains at 20%	33.40%	27.20%	13.70%
Total	100.00%	100.00%	100.00%
Common stock dividends declared (per share)	$ 1.3125	$ 1.75	$ 1.75
Series E Cumulative Redeemable Preferred Stock
Income Tax Treatment of Distributions and Dividends [Line Items]
Ordinary income			85.30%
Return of capital			0.00%
Capital gains at 25%			1.00%
Capital gains at 20%			13.70%
Total			100.00%
Common stock dividends declared (per share)			$ 0.4031

Reconciliation of net income to

Reconciliation of net income to taxable income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net income (loss)	$ 404,047	$ 402,793	$ 194,204
Net income attributable to noncontrolling interest	$ (40,882)	(23,481)	(25,111)
Rental revenue recognition		(65,901)	(121,589)
Depreciation and amortization		161,514	137,576
Stock-based compensation		30,771	23,466
Interest expense		(6,414)	(5,256)
Sales of property		(39,393)	12,166
Impairments		0	9,011
Unrealized (gains)/losses on non-real estate investments		(95,757)	0
Other		(5,043)	3,642
Taxable income, before dividend deduction		359,089	228,109
Dividend deduction necessary to eliminate taxable income		(359,089)	(228,109)
Estimated income subject to federal income tax		0	0
Common stock and preferred stock distributions paid		$ 385,800	$ 321,800

Commitments and contingencies_2

Commitments and contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)TenantLease	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Concentration Risk [Line Items]
Discretionary profit sharing contributions subject to statutory limitations	$ 4.9	$ 4.1	$ 3.2
Concentration of credit risk
Number of leases held | Lease	820
Number of client tenants | Tenant	622
Commitments
Remaining aggregate costs under contracts, under terms of leases	$ 1,100
Letters of credit and performance obligations	11.1
Investment commitments	$ 229.5
Limited Partnership Maximum Expiration Terms	12 years
Weighted-average remaining liquidation term (in years)	5 years 6 months
Minimum
Commitments
Expected period of payment obligation	1 year
Maximum
Commitments
Expected period of payment obligation	3 years
Single Tenant | Lessee Concentration
Concentration of credit risk
Number of Single Tenant Properties | Tenant	135
Single Tenant Properties as Percentage of Total Properties	46.00%
Three Largest Tenants | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Number of largest tenants	3
Concentration risk, percentage	10.20%
First Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	4.10%
Second Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	3.10%
Third Largest Tenant | Lessee Concentration | Annualized Base Rent
Concentration of credit risk
Concentration risk, percentage	3.00%
Investments in privately held entities that report NAV
Commitments
Weighted-average remaining liquidation term (in years)	8 years 7 months 6 days

Stockholders' equity (Details)

Stockholders' equity (Details) $ / shares in Units, ft² in Millions	1 Months Ended	12 Months Ended
	Oct. 29, 2019shares	Dec. 31, 2019USD ($)ft²$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / shares
Preferred stock
Preferred stock redemption charge | $		$ (2,580,000)	$ (4,240,000)	$ (11,279,000)
Conversion of 7.00% Series D preferred stock (in shares)		578,000
Dividends declared on preferred stock | $		$ 3,204,000	$ 5,060,000	$ 7,666,000
Shares of common stock authorized		200,000,000	200,000,000
Shares of common stock issued and outstanding		120,800,315	111,011,816
Shares of preferred stock issued and outstanding		0
Shares of preferred stock authorized		100,000,000
Number of "excess stock" authorized (in shares)		200,000,000
Number of excess stock authorized issued and outstanding (in shares)		0
75/125 Binney Street, 500 Forbes Blvd., 5200 Illumina Way
Additional Paid in Capital [Abstract]
Area of Real Estate Property | ft²		1.3
Proceeds received for real estate joint venture | $		$ 864,200,000
Series D Convertible Preferred Stock
Preferred stock
Preferred Stock, Shares Outstanding		0	2,573,432	3,000,000
7.00% Series D Preferred Stock repurchased (in shares)		275,000
Number of shares converted/redeemed	2,300,000		402,000	501,115
Aggregate price on repurchase of Series D preferred stock | $		$ 9,200,000	$ 14,000,000	$ 17,900,000
Aggregate price on repurchase of Series D preferred stock, per share | $ / shares		$ 33.60	$ 34.77	$ 35.79
Preferred stock redemption charge | $		$ (2,600,000)	$ (4,200,000)	$ (5,800,000)
Write off of Stock Issuance Costs | $		215,000	314,000	391,000
Original issuance costs write-off | $		$ 100,000
Redemption price per share | $ / shares		$ 25
Payment of quarterly dividends in arrears at an annual rate (in dollars per share) | $ / shares		$ 1.75
Percentage of the closing sale price per share of the entity's common stock that the then-applicable conversion price must exceed in order for the shares to be automatically converted		150.00%
Minimum number of trading days within 30 consecutive trading days during which the closing sale price per share of entity's common stock equals or exceeds the then-applicable conversion price for the shares to be automatically converted		20 days
Number of consecutive trading day period within which the closing sale price per share of entity's common stock equals or exceeds the then-applicable conversion price for at least 20 trading days for the shares to be automatically converted		30 days
Conversion rate at a option of holders (in shares)		0.2477
Conversion rate which is equivalent to an initial conversion price per share of common stock (in dollars per share) | $ / shares		$ 100.93
Conversion rate dividend adjustment per quarter (in dollars per share) | $ / shares		$ 0.78
Conversion rate (in shares)		0.2513
Closing sales price per share that the then-applicable conversion price must exceed in order for the shares to be automatically converted | $ / shares		$ 149.46
Dividends declared on preferred stock | $		$ 3,200,000	$ 5,100,000	$ 5,200,000
Preferred stock dividends declared (per share) | $ / shares		$ 1.3125	$ 1.75	$ 1.75
Shares of preferred stock issued and outstanding		0	2,573,432
Shares of preferred stock authorized		10,000,000	10,000,000
Series E Cumulative Redeemable Preferred Stock
Preferred stock
Number of shares converted/redeemed				5,200,000
Preferred stock redemption amount | $					$ 130,000,000
Preferred stock redemption charge | $				$ (5,500,000)
Original issuance costs write-off | $				$ 130,350,000
Preferred stock redemption date				Apr. 14, 2017
Redemption price per share | $ / shares					$ 25
Preferred stock dividends declared (per share) | $ / shares		$ 0	$ 0	$ 0

ATM common stock offering progr

ATM common stock offering program and forward equity sales agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 06, 2020	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares of common stock authorized		200,000,000	200,000,000	200,000,000
Proceeds from the issuance of common stock			$ 1,216,445	$ 1,293,301	$ 1,275,397
ATM Common Stock Offering Program, Established August 2018
Class of Stock [Line Items]
Issuance of common stock (in shares)			602,484
Weighted average price per share		$ 145.58	$ 145.58
Proceeds from the issuance of common stock			$ 86,100
Common Stock Value Available for Future Issuance		$ 22,500	$ 22,500
Forward Equity Sales Agreements Entered in June 2019 and Under ATM Program Established in August 2018
Class of Stock [Line Items]
Shares of common stock authorized		8,100,000	8,100,000
Weighted average price per share		$ 139.32	$ 139.32
Proceeds from the issuance of common stock			$ 1,100,000
Forward Equity Sales Agreements Entered in June 2019 and Under ATM Program Established in August 2018 | ATM Common Stock Offering Program, Established August 2018
Class of Stock [Line Items]
Issuance of common stock (in shares)			8,700,000
Proceeds from the issuance of common stock			$ 1,200,000
Forward Equity Sales Agreements Entered in June 2019
Class of Stock [Line Items]
Write off of Stock Issuance Costs		$ 700
Subsequent Event | Forward Equity Sales Agreements Entered in January 2020
Class of Stock [Line Items]
Shares of common stock authorized	6,900,000
Weighted average price per share	$ 155
Proceeds from the issuance of common stock	$ 1,000,000

Accumulated other comprehensive

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Balance as of December 31, 2018	$ (10,435)
Unrealized interest rate hedge (losses) gains arising during the period	(1,763)	$ 1,622	$ 2,837
Unrealized foreign currency translation gains (losses) arising during the period	2,524	(7,369)	7,774
Other comprehensive income (loss) before reclassifications	761
Reclassification adjustment for amortization (income) expense to interest expense included in net income	(1,777)	(4,941)	1,915
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation	0	0	1,599
Amounts reclassified from other comprehensive income	(1,777)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702	0	$ 0
Reclassification of losses in accumulated other comprehensive income (loss) to interest expense upon swap termination	1,702
Net other comprehensive (loss) income	686
Balance as of December 31, 2019	(9,749)	(10,435)
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 (loss) income	(1,838)
Balance as of December 31, 2019	0	1,838
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 (loss) income	2,524
Balance as of December 31, 2019	$ (9,749)	$ (12,273)

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Noncash Expense [Abstract]
Total grant date fair value of stock awards vested	$ 64,530	$ 41,854	$ 36,083
Total gross compensation recognized for stock awards	68,036	57,341	42,292
Capitalized stock compensation	$ 24,396	$ 22,322	$ 16,682
Shares reserved for granting of future options and share awards	1,858,673
Fair value assumptions, expected term	3 years	3 years
Fair value assumptions, weighted average volatility rate (percent)	18.00%	16.00%
Fair value assumptions, expected dividend rate (percent)	3.20%	3.10%
Fair value assumptions, risk free interest rate (percent)	2.60%	2.15%
Unrecognized compensation related to nonvested share awards	$ 168,500
Unrecognized compensation recognition period (in years)	4 years
Weighted average period recognition period for unrecognized compensation	19 months
Stock Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	1,712,376	1,394,582	1,135,788
Number of shares granted	768,625	741,244	688,295
Number of shares vested	(666,836)	(403,120)	(423,705)
Number of shares forfeited	(14,480)	(20,330)	(5,796)
Outstanding, ending balance (in shares)	1,799,685	1,712,376	1,394,582
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighed average grant date fair value per share, outstanding beginning balance	$ 105.22	$ 95.79	$ 87.21
Weighed average grant date fair value per share, granted	134.70	121.20	108.22
Weighed average grant date fair value per share, vested	96.77	103.83	85.16
Weighed average grant date fair value per share, forfeited	119.88	106.38	101.45
Weighed average grant date fair value per share, outstanding ending balance	$ 119.59	$ 105.22	$ 95.79

Noncontrolling interests (Detai

Noncontrolling interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Noncontrolling interests
Payments to Noncontrolling Interests	$ 48,225	$ 32,253	$ 22,361
Noncontrolling Interests
Noncontrolling interests
Number of real estate properties subject to ownership from noncontrolling interest	36
Payments to Noncontrolling Interests	$ 48,200	$ 30,700

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - area of real estate | ft²	526,006
Impairment of real estate	$ 12,334	$ 6,311	$ 203
Net assets from asset held for sale
Total assets	59,412	31,260
Total liabilities	(2,860)	(2,476)
Total accumulated other comprehensive loss (gain)	536	768
Net assets classified as held for sale	$ 57,088	$ 29,552
Other markets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale - area of real estate | ft²	123,862

Quarterly financial data (Detai

Quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 408,114	$ 390,484	$ 373,856	$ 358,842	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 1,531,296	$ 1,327,459	$ 1,128,097
Net Income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$ 199,618	$ (49,773)	$ 76,330	$ 123,598	$ (31,740)	$ 208,940	$ 52,016	$ 132,387	$ 350,995	$ 363,983	$ 145,395
Earnings per share attributable to Alexandria's common stockholders - basic and diluted
Earnings per share - basic (USD per share)	$ 1.75	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 2.01	$ 0.51	$ 1.33	$ 3.13	$ 3.53	$ 1.59
Earnings per share - diluted (USD per share)	$ 1.74	$ (0.44)	$ 0.68	$ 1.11	$ (0.30)	$ 1.99	$ 0.51	$ 1.32	$ 3.12	$ 3.52	$ 1.58

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Jan. 06, 2020$ / sharesshares
Subsequent Event [Line Items]
Purchase Price | $		$ 2,259,778	$ 1,037,180	$ 675,584
Shares of common stock authorized | shares		200,000,000	200,000,000
Subsequent Event
Subsequent Event [Line Items]
Purchase Price | $	$ 341,200
Area of Real Estate Property	800,346
Forward Equity Sales Agreements Entered in January 2020 | Subsequent Event
Subsequent Event [Line Items]
Shares of common stock authorized | shares					6,900,000
Weighted average price per share | $ / shares					$ 155
BXP Gateway | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property	1,700,000
Equity interest percentage (in percent)	51.00%
BXP Gateway - 601, 611, 651 Gateway Boulevard | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property	260,000
BXP Gateway - 681, 701, 751 Gateway Boulevard | Subsequent Event
Subsequent Event [Line Items]
Area of Real Estate Property	377,000

Balance Sheet (Details)

Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Investments in real estate	$ 14,844,038	$ 11,913,693
Investment in unconsolidated real estate joint ventures	346,890	237,507
Cash and cash equivalents	189,681	234,181
Restricted cash	53,008	37,949
Tenant receivables	10,691	9,798
Deferred rent	641,844	530,237
Deferred leasing costs	270,043	239,070
Investments	1,140,594	892,264
Investments in and advances to affiliates	0	0
Other assets	893,714	370,257
Total assets	18,390,503	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	349,352	630,547
Unsecured senior notes payable	6,044,127	4,292,293
Unsecured senior line of credit	384,000	208,000
Unsecured senior bank term loans	0	347,415
Accounts payable, accrued expenses, and other liabilities	1,320,268	981,707
Dividends payable	126,278	110,280
Total liabilities	8,224,025	6,570,242
Redeemable noncontrolling interests	12,300	10,786
Alexandria Real Estate Equities, Inc.'s stockholders' equity	8,865,826	7,341,965
Noncontrolling interests	1,288,352	541,963
Total equity	10,154,178	7,883,928	$ 6,471,660	$ 5,370,971
Total liabilities, noncontrolling interests, and equity	18,390,503	14,464,956
Eliminations
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	(29,733,414)	(23,408,191)
Other assets	0	0
Total assets	(29,733,414)	(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 loans		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	(29,733,414)	(23,408,191)
Noncontrolling interests	0	0
Total equity	(29,733,414)	(23,408,191)
Total liabilities, noncontrolling interests, and equity	(29,733,414)	(23,408,191)
Alexandria Real Estate Equities, Inc. (Issuer)
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	0	0
Cash and cash equivalents	4,202	119,112
Restricted cash	230	193
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	0	0
Investments in and advances to affiliates	15,498,357	12,235,577
Other assets	70,022	56,353
Total assets	15,572,811	12,411,235
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	0	0
Unsecured senior notes payable	6,044,127	4,292,293
Unsecured senior line of credit	384,000	208,000
Unsecured senior bank term loans		347,415
Accounts payable, accrued expenses, and other liabilities	152,580	111,282
Dividends payable	126,278	110,280
Total liabilities	6,706,985	5,069,270
Redeemable noncontrolling interests	0	0
Alexandria Real Estate Equities, Inc.'s stockholders' equity	8,865,826	7,341,965
Noncontrolling interests	0	0
Total equity	8,865,826	7,341,965
Total liabilities, noncontrolling interests, and equity	15,572,811	12,411,235
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Assets
Investments in real estate	0	0
Investment in unconsolidated real estate joint ventures	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Tenant receivables	0	0
Deferred rent	0	0
Deferred leasing costs	0	0
Investments	1,014	1,262
Investments in and advances to affiliates	13,950,850	10,949,631
Other assets	0	0
Total assets	13,951,864	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 loans		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	13,951,864	10,950,893
Noncontrolling interests	0	0
Total equity	13,951,864	10,950,893
Total liabilities, noncontrolling interests, and equity	13,951,864	10,950,893
Combined Non- Guarantor Subsidiaries
Assets
Investments in real estate	14,844,038	11,913,693
Investment in unconsolidated real estate joint ventures	346,890	237,507
Cash and cash equivalents	185,479	115,069
Restricted cash	52,778	37,756
Tenant receivables	10,691	9,798
Deferred rent	641,844	530,237
Deferred leasing costs	270,043	239,070
Investments	1,139,580	891,002
Investments in and advances to affiliates	284,207	222,983
Other assets	823,692	313,904
Total assets	18,599,242	14,511,019
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	349,352	630,547
Unsecured senior notes payable	0	0
Unsecured senior line of credit	0	0
Unsecured senior bank term loans		0
Accounts payable, accrued expenses, and other liabilities	1,167,688	870,425
Dividends payable	0	0
Total liabilities	1,517,040	1,500,972
Redeemable noncontrolling interests	12,300	10,786
Alexandria Real Estate Equities, Inc.'s stockholders' equity	15,781,550	12,457,298
Noncontrolling interests	1,288,352	541,963
Total equity	17,069,902	12,999,261
Total liabilities, noncontrolling interests, and equity	$ 18,599,242	$ 14,511,019

Income Statement (Details)

Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Income Statements
Revenues	$ 408,114	$ 390,484	$ 373,856	$ 358,842	$ 340,463	$ 341,823	$ 325,034	$ 320,139	$ 1,531,296	$ 1,327,459	$ 1,128,097
Expenses:
Rental operations									445,492	381,120	325,609
General and administrative									108,823	90,405	75,009
Interest									173,675	157,495	128,645
Depreciation and amortization									544,612	477,661	416,783
Impairment of real estate									12,334	6,311	203
Loss on early extinguishment of debt									47,570	1,122	3,451
Total expenses									1,332,506	1,114,114	949,700
Equity in earnings (losses) of unconsolidated real estate joint ventures									10,136	43,981	15,426
Equity in earnings of affiliates									0	0	0
Investment income									194,647	136,763	0
Gain on sales of real estate – rental properties									474	8,704	270
Gain on sales of real estate - land parcels									0	0	111
Net income (loss)									404,047	402,793	194,204
Net income attributable to noncontrolling interest									(40,882)	(23,481)	(25,111)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									363,165	379,312	169,093
Dividends on preferred stock									(3,204)	(5,060)	(7,666)
Preferred stock redemption charge									(2,580)	(4,240)	(11,279)
Net income attributable to unvested restricted stock awards									(6,386)	(6,029)	(4,753)
Net Income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders									350,995	363,983	145,395
Eliminations
Condensed Income Statements
Revenues									(22,983)	(21,538)	(18,169)
Expenses:
Rental operations									0	0	0
General and administrative									(22,983)	(21,538)	(18,169)
Interest									0	0	0
Depreciation and amortization									0	0	0
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									0	0	0
Total expenses									(22,983)	(21,538)	(18,169)
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									(1,158,401)	(1,056,573)	(672,537)
Investment income									0	0
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels											0
Net income (loss)									(1,158,401)	(1,056,573)	(672,537)
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									(1,158,401)	(1,056,573)	(672,537)
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders									(1,158,401)	(1,056,573)	(672,537)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									22,731	19,275	15,238
Expenses:
Rental operations									0	0	0
General and administrative									106,523	88,707	73,897
Interest									164,249	136,036	101,876
Depreciation and amortization									6,949	6,339	7,625
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									40,209	823	670
Total expenses									317,930	231,905	184,068
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									658,364	591,942	337,923
Investment income									0	0
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels											0
Net income (loss)									363,165	379,312	169,093
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									363,165	379,312	169,093
Dividends on preferred stock									(3,204)	(5,060)	(7,666)
Preferred stock redemption charge									(2,580)	(4,240)	(11,279)
Net income attributable to unvested restricted stock awards									(6,386)	(6,029)	(4,753)
Net Income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders									350,995	363,983	145,395
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	0	(2,575)
Expenses:
Rental operations									0	0	0
General and administrative									0	0	0
Interest									0	0	0
Depreciation and amortization									0	0	0
Impairment of real estate									0	0	0
Loss on early extinguishment of debt									0	0	0
Total expenses									0	0	0
Equity in earnings (losses) of unconsolidated real estate joint ventures									0	0	0
Equity in earnings of affiliates									490,393	455,574	328,230
Investment income									34	528
Gain on sales of real estate – rental properties									0	0	0
Gain on sales of real estate - land parcels											0
Net income (loss)									490,427	456,102	325,655
Net income attributable to noncontrolling interest									0	0	0
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									490,427	456,102	325,655
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders									490,427	456,102	325,655
Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									1,531,548	1,329,722	1,133,603
Expenses:
Rental operations									445,492	381,120	325,609
General and administrative									25,283	23,236	19,281
Interest									9,426	21,459	26,769
Depreciation and amortization									537,663	471,322	409,158
Impairment of real estate									12,334	6,311	203
Loss on early extinguishment of debt									7,361	299	2,781
Total expenses									1,037,559	903,747	783,801
Equity in earnings (losses) of unconsolidated real estate joint ventures									10,136	43,981	15,426
Equity in earnings of affiliates									9,644	9,057	6,384
Investment income									194,613	136,235
Gain on sales of real estate – rental properties									474	8,704	270
Gain on sales of real estate - land parcels											111
Net income (loss)									708,856	623,952	371,993
Net income attributable to noncontrolling interest									(40,882)	(23,481)	(25,111)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders									667,974	600,471	346,882
Dividends on preferred stock									0	0	0
Preferred stock redemption charge									0	0	0
Net income attributable to unvested restricted stock awards									0	0	0
Net Income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders									667,974	600,471	346,882
Income from rentals
Condensed Income Statements
Revenues									1,516,864	1,314,781	1,122,325
Income from rentals | Eliminations
Condensed Income Statements
Revenues									0	0	0
Income from rentals | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									0	0	0
Income from rentals | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	0	0
Income from rentals | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									1,516,864	1,314,781	1,122,325
Other income
Condensed Income Statements
Revenues									14,432	12,678	5,772
Other income | Eliminations
Condensed Income Statements
Revenues									(22,983)	(21,538)	(18,169)
Other income | Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Income Statements
Revenues									22,731	19,275	15,238
Other income | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Income Statements
Revenues									0	0	(2,575)
Other income | Combined Non- Guarantor Subsidiaries
Condensed Income Statements
Revenues									$ 14,684	$ 14,941	$ 11,278

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Statement of Comprehensive Income
Net income (loss)	$ 404,047	$ 402,793	$ 194,204
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period	0	0	(24,360)
Reclassification adjustment for losses (gains) included in net income	0	0	6,118
Unrealized gains (losses) on available-for-sale equity securities, net	0	0	30,478
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	(1,763)	1,622	2,837
Reclassification adjustment for amortization (income) expense to interest expense included in net income	(1,777)	(4,941)	1,915
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702	0	0
Unrealized gains (losses) on interest rate swap agreements, net	(1,838)	(3,319)	4,752
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	2,524	(7,369)	7,774
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation	0	0	1,599
Unrealized gains (losses) on foreign currency translation, net	2,524	(7,369)	9,373
Total other comprehensive income (loss)	686	(10,688)	44,603
Comprehensive income (loss)	404,733	392,105	238,807
Less: comprehensive income attributable to noncontrolling interests	(40,882)	(23,481)	(25,045)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	363,851	368,624	213,762
Eliminations
Condensed Statement of Comprehensive Income
Net income (loss)	(1,158,401)	(1,056,573)	(672,537)
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period			0
Reclassification adjustment for losses (gains) included in net income			0
Unrealized gains (losses) on available-for-sale equity securities, net			0
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	0	0	0
Reclassification adjustment for amortization (income) expense to interest expense included in net income	0	0	0
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0
Unrealized gains (losses) on interest rate swap agreements, net	0	0	0
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation			0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	0	0	0
Comprehensive income (loss)	(1,158,401)	(1,056,573)	(672,537)
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	(1,158,401)	(1,056,573)	(672,537)
Alexandria Real Estate Equities, Inc. (Issuer)
Condensed Statement of Comprehensive Income
Net income (loss)	363,165	379,312	169,093
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period			0
Reclassification adjustment for losses (gains) included in net income			0
Unrealized gains (losses) on available-for-sale equity securities, net			0
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	(1,763)	1,622	3,025
Reclassification adjustment for amortization (income) expense to interest expense included in net income	(1,777)	(4,941)	1,914
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	1,702
Unrealized gains (losses) on interest rate swap agreements, net	(1,838)	(3,319)	4,939
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation			0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	(1,838)	(3,319)	4,939
Comprehensive income (loss)	361,327	375,993	174,032
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	361,327	375,993	174,032
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Condensed Statement of Comprehensive Income
Net income (loss)	490,427	456,102	325,655
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period			5
Reclassification adjustment for losses (gains) included in net income			2
Unrealized gains (losses) on available-for-sale equity securities, net			(3)
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	0	0	0
Reclassification adjustment for amortization (income) expense to interest expense included in net income	0	0	0
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0
Unrealized gains (losses) on interest rate swap agreements, net	0	0	0
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	0	0	0
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation			0
Unrealized gains (losses) on foreign currency translation, net	0	0	0
Total other comprehensive income (loss)	0	0	(3)
Comprehensive income (loss)	490,427	456,102	325,652
Less: comprehensive income attributable to noncontrolling interests	0	0	0
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	490,427	456,102	325,652
Combined Non- Guarantor Subsidiaries
Condensed Statement of Comprehensive Income
Net income (loss)	708,856	623,952	371,993
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding gains (losses) arising during the period			(24,365)
Reclassification adjustment for losses (gains) included in net income			6,116
Unrealized gains (losses) on available-for-sale equity securities, net			30,481
Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge (losses) gains arising during the period	0	0	(188)
Reclassification adjustment for amortization (income) expense to interest expense included in net income	0	0	1
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net (loss) income	0
Unrealized gains (losses) on interest rate swap agreements, net	0	0	(187)
Unrealized gains (losses) on foreign currency translations:
Unrealized foreign currency translation gains (losses) arising during the period	2,524	(7,369)	7,774
Reclassification adjustment for cumulative foreign currency translation losses included in net income (loss) upon sale or liquidation			1,599
Unrealized gains (losses) on foreign currency translation, net	2,524	(7,369)	9,373
Total other comprehensive income (loss)	2,524	(7,369)	39,667
Comprehensive income (loss)	711,380	616,583	411,660
Less: comprehensive income attributable to noncontrolling interests	(40,882)	(23,481)	(25,045)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.'s stockholders	$ 670,498	$ 593,102	$ 386,615

Cash Flows (Details)

Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income (loss)	$ 404,047	$ 402,793	$ 194,204
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	544,612	477,661	416,783
Loss on early extinguishment of debt	47,570	1,122	3,451
Impairment of real estate	12,334	6,311	203
Gain on sales of real estate – rental properties	(474)	(8,704)	(270)
Gain on sales of real estate - land parcels	0	0	(111)
Equity in earnings of unconsolidated real estate joint ventures	(10,136)	(43,981)	(15,426)
Distributions of earnings from unconsolidated real estate joint ventures	2,796	430	1,618
Amortization of loan fees	9,105	10,271	11,149
Amortization of debt discount (premiums)	(3,777)	(2,406)	(2,512)
Amortization of acquired below-market leases	(29,813)	(21,938)	(19,055)
Deferred rent	(104,235)	(93,883)	(107,643)
Stock compensation expense	43,640	35,019	25,610
Equity in earnings of affiliates	0	0	0
Investment income	(194,647)	(136,763)	(1,329)
Changes in operating assets and liabilities:
Tenant receivables	(897)	435	(502)
Deferred leasing costs	(54,455)	(57,088)	(62,639)
Other assets	(20,825)	(20,849)	(18,222)
Accounts payable, accrued expenses, and tenant security deposits	39,012	21,909	25,573
Net cash provided by operating activities	683,857	570,339	450,882
Investing Activities
Proceeds from sales of real estate	6,619	20,190	15,432
Additions to real estate	(1,224,541)	(927,168)	(893,685)
Purchase of real estate	(2,259,778)	(1,037,180)	(675,584)
Deposits for investing activities	(18,107)	(2,000)	(2,300)
Investments in subsidiaries	0	0	0
Acquisition of interest in unconsolidated real estate joint venture	0	(35,922)	(60,291)
Investments in unconsolidated real estate joint venture	(102,081)	(116,008)	(17,876)
Return of capital from unconsolidated real estate joint ventures	14	68,592	38,576
Additions to investments	(190,778)	(235,943)	(171,881)
Sales of investments	147,332	103,679	30,483
Net cash used in investing activities	(3,641,320)	(2,161,760)	(1,737,126)
Financing Activities
Borrowings from secured notes payable	0	17,784	153,405
Repayments of borrowings from secured notes payable	(306,199)	(156,888)	(396,240)
Proceeds from issuance of unsecured senior notes payable	2,721,169	899,321	1,023,262
Repayments of unsecured senior notes payable	(950,000)	0	0
Borrowings from unsecured senior line of credit	5,056,000	4,741,000	3,858,000
Repayments of borrowings from unsecured senior line of credit	(4,880,000)	(4,583,000)	(3,836,000)
Proceeds from issuance of commercial paper program	2,233,000	0	0
Repayments of borrowings from commercial paper program	(2,233,000)	0	0
Repayment of unsecured senior bank term loan	(350,000)	(200,000)	(200,000)
Premium paid for early extinguishment of debt	(41,351)	0
Transfers to/from parent company	0	0	0
Payment of loan fees	(27,182)	(19,292)	(10,019)
Taxes paid related to net settlement of equity awards	(25,477)	0	0
Repurchase of 7.00% Series D convertible preferred stock	(9,240)	(13,976)	(17,934)
Redemption of 6.45% Series E redeemable preferred stock	0	0	(130,350)
Proceeds from the issuance of common stock	1,216,445	1,293,301	1,275,397
Dividends paid on common stock	(447,029)	(380,632)	(312,131)
Dividends paid on preferred stock	(4,141)	(5,207)	(9,619)
Contributions from and sales of noncontrolling interests	1,022,712	28,275	44,931
Distributions to and purchases of noncontrolling interests	(48,225)	(32,253)	(22,361)
Net cash provided by financing activities	2,927,482	1,588,433	1,420,341
Effect of foreign exchange rate changes on cash and cash equivalents	540	(2,068)	1,723
Net increase (decrease) in cash, cash equivalents, and restricted cash	(29,441)	(5,056)	135,820
Cash, cash equivalents, and restricted cash as of the beginning of period	272,130	277,186	141,366
Cash, cash equivalents, and restricted cash as of the end of period	242,689	272,130	277,186
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	146,165	127,093	112,113
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	(24)	81,177	(11,034)
Accrued construction for current-period additions to real estate	220,773	244,147	179,154
Assumption of secured notes payable in connection with purchase of properties	(28,200)	0	0
Right-of-use asset	269,189	0	0
Lease liability	(275,175)	0	0
Contribution of real estate from noncontrolling interests	115,167	0	8,597
Issuance of common stock for conversion of 7.00% Series D preferred stock	57,461	0	0
Payable for purchase of real estate	0	(65,000)	0
Contribution of real estate to an unconsolidated real estate joint venture	0	0	6,998
Eliminations
Operating Activities
Net income (loss)	(1,158,401)	(1,056,573)	(672,537)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0	0
Loss on early extinguishment of debt	0	0	0
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels			0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	0	0	0
Amortization of debt discount (premiums)	0	0	0
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	0	0	0
Equity in earnings of affiliates	1,158,401	1,056,573	672,537
Investment income	0	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	0
Other assets	0	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0	0
Net cash provided by operating activities	0	0	0
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	5,166,822	3,186,913	2,742,690
Acquisition of interest in unconsolidated real estate joint venture		0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0	0
Additions to investments	0	0	0
Sales of investments	0	0	0
Net cash used in investing activities	5,166,822	3,186,913	2,742,690
Financing Activities
Borrowings from secured notes payable		0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	0	0	0
Repayments of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Proceeds from issuance of commercial paper program	0
Repayments of borrowings from commercial paper program	0
Repayment of unsecured senior bank term loan	0	0	0
Premium paid for early extinguishment of debt	0
Transfers to/from parent company	(5,166,822)	(3,186,913)	(2,742,690)
Payment of loan fees	0	0	0
Taxes paid related to net settlement of equity awards	0
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock			0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	(5,166,822)	(3,186,913)	(2,742,690)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	0	0
Cash, cash equivalents, and restricted cash as of the beginning of period	0	0	0
Cash, cash equivalents, and restricted cash as of the end of period	0	0	0
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	0	0	0
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	0	0	0
Accrued construction for current-period additions to real estate	0	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Right-of-use asset	0
Lease liability	0
Contribution of real estate from noncontrolling interests	0		0
Issuance of common stock for conversion of 7.00% Series D preferred stock	0
Payable for purchase of real estate		0
Contribution of real estate to an unconsolidated real estate joint venture			0
Alexandria Real Estate Equities, Inc. (Issuer)
Operating Activities
Net income (loss)	363,165	379,312	169,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,949	6,339	7,625
Loss on early extinguishment of debt	40,209	823	670
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels			0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	8,780	8,777	7,627
Amortization of debt discount (premiums)	(573)	797	608
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	43,640	35,019	25,610
Equity in earnings of affiliates	(658,364)	(591,942)	(337,923)
Investment income	0	0	0
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	0
Other assets	(7,171)	(14,701)	(9,343)
Accounts payable, accrued expenses, and tenant security deposits	22,076	20,663	(10,524)
Net cash provided by operating activities	(181,289)	(154,913)	(146,557)
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	(2,604,416)	(1,693,774)	(1,458,973)
Acquisition of interest in unconsolidated real estate joint venture		0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0	0
Additions to investments	0	0	0
Sales of investments	0	0	0
Net cash used in investing activities	(2,604,416)	(1,693,774)	(1,458,973)
Financing Activities
Borrowings from secured notes payable		0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	2,721,169	899,321	1,023,262
Repayments of unsecured senior notes payable	(950,000)
Borrowings from unsecured senior line of credit	5,056,000	4,741,000	3,858,000
Repayments of borrowings from unsecured senior line of credit	(4,880,000)	(4,583,000)	(3,836,000)
Proceeds from issuance of commercial paper program	2,233,000
Repayments of borrowings from commercial paper program	(2,233,000)
Repayment of unsecured senior bank term loan	(350,000)	(200,000)	(200,000)
Premium paid for early extinguishment of debt	(34,677)
Transfers to/from parent company	404,556	105,961	64,156
Payment of loan fees	(26,774)	(19,292)	(9,440)
Taxes paid related to net settlement of equity awards	(25,477)
Repurchase of 7.00% Series D convertible preferred stock	(9,240)	(13,976)	(17,934)
Redemption of 6.45% Series E redeemable preferred stock			(130,350)
Proceeds from the issuance of common stock	1,216,445	1,293,301	1,275,397
Dividends paid on common stock	(447,029)	(380,632)	(312,131)
Dividends paid on preferred stock	(4,141)	(5,207)	(9,619)
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	2,670,832	1,837,476	1,705,341
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	(114,873)	(11,211)	99,811
Cash, cash equivalents, and restricted cash as of the beginning of period	119,305	130,516	30,705
Cash, cash equivalents, and restricted cash as of the end of period	4,432	119,305	130,516
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	133,033	104,935	85,705
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	0	0	0
Accrued construction for current-period additions to real estate	0	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Right-of-use asset	0
Lease liability	0
Contribution of real estate from noncontrolling interests	0		0
Issuance of common stock for conversion of 7.00% Series D preferred stock	57,461
Payable for purchase of real estate		0
Contribution of real estate to an unconsolidated real estate joint venture			0
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)
Operating Activities
Net income (loss)	490,427	456,102	325,655
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0	0
Loss on early extinguishment of debt	0	0	0
Impairment of real estate	0	0	0
Gain on sales of real estate – rental properties	0	0	0
Gain on sales of real estate - land parcels			0
Equity in earnings of unconsolidated real estate joint ventures	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures	0	0	0
Amortization of loan fees	0	0	0
Amortization of debt discount (premiums)	0	0	0
Amortization of acquired below-market leases	0	0	0
Deferred rent	0	0	0
Stock compensation expense	0	0	0
Equity in earnings of affiliates	(490,393)	(455,574)	(328,230)
Investment income	(34)	(528)	2,575
Changes in operating assets and liabilities:
Tenant receivables	0	0	0
Deferred leasing costs	0	0	0
Other assets	0	0	0
Accounts payable, accrued expenses, and tenant security deposits	0	0	0
Net cash provided by operating activities	0	0	0
Investing Activities
Proceeds from sales of real estate	0	0	0
Additions to real estate	0	0	0
Purchase of real estate	0	0	0
Deposits for investing activities	0	0	0
Investments in subsidiaries	(2,510,826)	(1,463,063)	(1,257,845)
Acquisition of interest in unconsolidated real estate joint venture		0	0
Investments in unconsolidated real estate joint venture	0	0	0
Return of capital from unconsolidated real estate joint ventures	0	0	0
Additions to investments	0	0	0
Sales of investments	282	956	208
Net cash used in investing activities	(2,510,544)	(1,462,107)	(1,257,637)
Financing Activities
Borrowings from secured notes payable		0	0
Repayments of borrowings from secured notes payable	0	0	0
Proceeds from issuance of unsecured senior notes payable	0	0	0
Repayments of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Proceeds from issuance of commercial paper program	0
Repayments of borrowings from commercial paper program	0
Repayment of unsecured senior bank term loan	0	0	0
Premium paid for early extinguishment of debt	0
Transfers to/from parent company	2,510,544	1,462,098	1,257,646
Payment of loan fees	0	0	0
Taxes paid related to net settlement of equity awards	0
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock			0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Contributions from and sales of noncontrolling interests	0	0	0
Distributions to and purchases of noncontrolling interests	0	0	0
Net cash provided by financing activities	2,510,544	1,462,098	1,257,646
Effect of foreign exchange rate changes on cash and cash equivalents	0	0	0
Net increase (decrease) in cash, cash equivalents, and restricted cash	0	(9)	9
Cash, cash equivalents, and restricted cash as of the beginning of period	0	9	0
Cash, cash equivalents, and restricted cash as of the end of period	0	0	9
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	0	0	0
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	0	0	0
Accrued construction for current-period additions to real estate	0	0	0
Assumption of secured notes payable in connection with purchase of properties	0
Right-of-use asset	0
Lease liability	0
Contribution of real estate from noncontrolling interests	0		0
Issuance of common stock for conversion of 7.00% Series D preferred stock	0
Payable for purchase of real estate		0
Contribution of real estate to an unconsolidated real estate joint venture			0
Combined Non- Guarantor Subsidiaries
Operating Activities
Net income (loss)	708,856	623,952	371,993
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	537,663	471,322	409,158
Loss on early extinguishment of debt	7,361	299	2,781
Impairment of real estate	12,334	6,311	203
Gain on sales of real estate – rental properties	(474)	(8,704)	(270)
Gain on sales of real estate - land parcels			(111)
Equity in earnings of unconsolidated real estate joint ventures	(10,136)	(43,981)	(15,426)
Distributions of earnings from unconsolidated real estate joint ventures	2,796	430	1,618
Amortization of loan fees	325	1,494	3,522
Amortization of debt discount (premiums)	(3,204)	(3,203)	(3,120)
Amortization of acquired below-market leases	(29,813)	(21,938)	(19,055)
Deferred rent	(104,235)	(93,883)	(107,643)
Stock compensation expense	0	0	0
Equity in earnings of affiliates	(9,644)	(9,057)	(6,384)
Investment income	(194,613)	(136,235)	(3,904)
Changes in operating assets and liabilities:
Tenant receivables	(897)	435	(502)
Deferred leasing costs	(54,455)	(57,088)	(62,639)
Other assets	(13,654)	(6,148)	(8,879)
Accounts payable, accrued expenses, and tenant security deposits	16,936	1,246	36,097
Net cash provided by operating activities	865,146	725,252	597,439
Investing Activities
Proceeds from sales of real estate	6,619	20,190	15,432
Additions to real estate	(1,224,541)	(927,168)	(893,685)
Purchase of real estate	(2,259,778)	(1,037,180)	(675,584)
Deposits for investing activities	(18,107)	(2,000)	(2,300)
Investments in subsidiaries	(51,580)	(30,076)	(25,872)
Acquisition of interest in unconsolidated real estate joint venture		(35,922)	(60,291)
Investments in unconsolidated real estate joint venture	(102,081)	(116,008)	(17,876)
Return of capital from unconsolidated real estate joint ventures	14	68,592	38,576
Additions to investments	(190,778)	(235,943)	(171,881)
Sales of investments	147,050	102,723	30,275
Net cash used in investing activities	(3,693,182)	(2,192,792)	(1,763,206)
Financing Activities
Borrowings from secured notes payable		17,784	153,405
Repayments of borrowings from secured notes payable	(306,199)	(156,888)	(396,240)
Proceeds from issuance of unsecured senior notes payable	0	0	0
Repayments of unsecured senior notes payable	0
Borrowings from unsecured senior line of credit	0	0	0
Repayments of borrowings from unsecured senior line of credit	0	0	0
Proceeds from issuance of commercial paper program	0
Repayments of borrowings from commercial paper program	0
Repayment of unsecured senior bank term loan	0	0	0
Premium paid for early extinguishment of debt	(6,674)
Transfers to/from parent company	2,251,722	1,618,854	1,420,888
Payment of loan fees	(408)	0	(579)
Taxes paid related to net settlement of equity awards	0
Repurchase of 7.00% Series D convertible preferred stock	0	0	0
Redemption of 6.45% Series E redeemable preferred stock			0
Proceeds from the issuance of common stock	0	0	0
Dividends paid on common stock	0	0	0
Dividends paid on preferred stock	0	0	0
Contributions from and sales of noncontrolling interests	1,022,712	28,275	44,931
Distributions to and purchases of noncontrolling interests	(48,225)	(32,253)	(22,361)
Net cash provided by financing activities	2,912,928	1,475,772	1,200,044
Effect of foreign exchange rate changes on cash and cash equivalents	540	(2,068)	1,723
Net increase (decrease) in cash, cash equivalents, and restricted cash	85,432	6,164	36,000
Cash, cash equivalents, and restricted cash as of the beginning of period	152,825	146,661	110,661
Cash, cash equivalents, and restricted cash as of the end of period	238,257	152,825	146,661
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	13,132	22,158	26,408
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Change in accrued construction	(24)	81,177	(11,034)
Accrued construction for current-period additions to real estate	220,773	244,147	179,154
Assumption of secured notes payable in connection with purchase of properties	(28,200)
Right-of-use asset	269,189
Lease liability	(275,175)
Contribution of real estate from noncontrolling interests	115,167		8,597
Issuance of common stock for conversion of 7.00% Series D preferred stock	$ 0
Payable for purchase of real estate		$ (65,000)
Contribution of real estate to an unconsolidated real estate joint venture			$ 6,998

Schedule III - Consolidated F_2

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 349,352
Initial Costs
Land		3,173,913
Buildings & Improvements		5,681,985
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,697,058
Total Costs
Land		3,173,913
Buildings & Improvements		14,379,043
Total		17,552,956	[1]	$ 14,181,780	$ 12,178,255	$ 10,632,518
Accumulated Depreciation		(2,708,918)	[2]	$ (2,268,087)	$ (1,880,236)	$ (1,554,546)
Net Cost Basis		$ 14,844,038
Buildings and building improvements | Maximum
Total Costs
Property, Plant and Equipment, Useful Life		40 years
Land improvements | Maximum
Total Costs
Property, Plant and Equipment, Useful Life		20 years
North America
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		$ 349,352
Initial Costs
Land		3,173,913
Buildings & Improvements		5,681,985
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,662,711
Total Costs
Land		3,173,913
Buildings & Improvements		14,344,696
Total	[1]	17,518,609
Accumulated Depreciation	[2]	(2,704,657)
Net Cost Basis		14,813,952
Alexandria Center at Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		279,668
Buildings & Improvements		205,491
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,440,945
Total Costs
Land		279,668
Buildings & Improvements		1,646,436
Total	[1]	1,926,104
Accumulated Depreciation	[2]	(241,801)
Net Cost Basis		1,684,303
Alexandria Technology Square®
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		619,658
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		234,311
Total Costs
Land		0
Buildings & Improvements		853,969
Total	[1]	853,969
Accumulated Depreciation	[2]	(251,017)
Net Cost Basis		602,952
The Arsenal on the Charles
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		181,797
Buildings & Improvements		354,611
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,464
Total Costs
Land		181,797
Buildings & Improvements		356,075
Total	[1]	537,872
Accumulated Depreciation	[2]	0
Net Cost Basis		537,872
Alexandria Center at One Kendall Square
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		208,411
Initial Costs
Land		349,952
Buildings & Improvements		483,816
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		282,309
Total Costs
Land		349,952
Buildings & Improvements		766,125
Total	[1]	1,116,077
Accumulated Depreciation	[2]	(80,606)
Net Cost Basis		1,035,471
480/500 Arsenal Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,773
Buildings & Improvements		12,773
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		88,226
Total Costs
Land		9,773
Buildings & Improvements		100,999
Total	[1]	110,772
Accumulated Depreciation	[2]	(40,689)
Net Cost Basis		70,083
640 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		81,175
Initial Costs
Land		0
Buildings & Improvements		174,878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		741
Total Costs
Land		0
Buildings & Improvements		175,619
Total	[1]	175,619
Accumulated Depreciation	[2]	(36,598)
Net Cost Basis		139,021
780/790 Memorial Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		54,490
Total Costs
Land		0
Buildings & Improvements		54,490
Total	[1]	54,490
Accumulated Depreciation	[2]	(24,387)
Net Cost Basis		30,103
167 Sidney Street/99 Erie Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		12,613
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,733
Total Costs
Land		0
Buildings & Improvements		26,346
Total	[1]	26,346
Accumulated Depreciation	[2]	(7,383)
Net Cost Basis		18,963
79/96 Thirteenth Street Charlestown Navy Yard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,247
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		8,706
Total Costs
Land		0
Buildings & Improvements		14,953
Total	[1]	14,953
Accumulated Depreciation	[2]	(5,661)
Net Cost Basis		9,292
5 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		41,958
Buildings & Improvements		41,546
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		582
Total Costs
Land		41,958
Buildings & Improvements		42,128
Total	[1]	84,086
Accumulated Depreciation	[2]	(250)
Net Cost Basis		83,836
10 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		67,743
Buildings & Improvements		13,357
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,202
Total Costs
Land		67,743
Buildings & Improvements		17,559
Total	[1]	85,302
Accumulated Depreciation	[2]	(255)
Net Cost Basis		85,047
15 Necco Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		172,114
Total Costs
Land		0
Buildings & Improvements		172,114
Total	[1]	172,114
Accumulated Depreciation	[2]	0
Net Cost Basis		172,114
99 A Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,671
Buildings & Improvements		878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,306
Total Costs
Land		31,671
Buildings & Improvements		10,184
Total	[1]	41,855
Accumulated Depreciation	[2]	(938)
Net Cost Basis		40,917
Alexandria Park at 128
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,439
Buildings & Improvements		41,596
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		79,501
Total Costs
Land		10,439
Buildings & Improvements		121,097
Total	[1]	131,536
Accumulated Depreciation	[2]	(44,353)
Net Cost Basis		87,183
225, 266, and 275 Second Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		17,086
Buildings & Improvements		69,994
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		60,552
Total Costs
Land		17,086
Buildings & Improvements		130,546
Total	[1]	147,632
Accumulated Depreciation	[2]	(19,074)
Net Cost Basis		128,558
100 Tech Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		11,977
Buildings & Improvements		85,620
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		235
Total Costs
Land		11,977
Buildings & Improvements		85,855
Total	[1]	97,832
Accumulated Depreciation	[2]	(4,765)
Net Cost Basis		93,067
19 Presidential Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		12,833
Buildings & Improvements		27,333
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		23,133
Total Costs
Land		12,833
Buildings & Improvements		50,466
Total	[1]	63,299
Accumulated Depreciation	[2]	(17,114)
Net Cost Basis		46,185
100 Beaver Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466
Buildings & Improvements		9,046
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		22,201
Total Costs
Land		1,466
Buildings & Improvements		31,247
Total	[1]	32,713
Accumulated Depreciation	[2]	(7,129)
Net Cost Basis		25,584
285 Bear Hill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		422
Buildings & Improvements		3,538
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,905
Total Costs
Land		422
Buildings & Improvements		10,443
Total	[1]	10,865
Accumulated Depreciation	[2]	(2,417)
Net Cost Basis		8,448
111 and 130 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,146
Buildings & Improvements		15,725
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,165
Total Costs
Land		3,146
Buildings & Improvements		18,890
Total	[1]	22,036
Accumulated Depreciation	[2]	(6,284)
Net Cost Basis		15,752
20 Walkup Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,261
Buildings & Improvements		7,099
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,029
Total Costs
Land		2,261
Buildings & Improvements		16,128
Total	[1]	18,389
Accumulated Depreciation	[2]	(3,833)
Net Cost Basis		14,556
30 Bearfoot Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,220
Buildings & Improvements		22,375
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		59
Total Costs
Land		1,220
Buildings & Improvements		22,434
Total	[1]	23,654
Accumulated Depreciation	[2]	(21,533)
Net Cost Basis		2,121
Alexandria Center for Science and Technology
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		211,450
Buildings & Improvements		210,211
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		442,961
Total Costs
Land		211,450
Buildings & Improvements		653,172
Total	[1]	864,622
Accumulated Depreciation	[2]	(145,182)
Net Cost Basis		719,440
510 Townsend Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		52,105
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		174,287
Total Costs
Land		52,105
Buildings & Improvements		174,287
Total	[1]	226,392
Accumulated Depreciation	[2]	(12,754)
Net Cost Basis		213,638
945 Market Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		99,294
Buildings & Improvements		86,360
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,770
Total Costs
Land		99,294
Buildings & Improvements		92,130
Total	[1]	191,424
Accumulated Depreciation	[2]	0
Net Cost Basis		191,424
505 Brannan Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		31,710
Buildings & Improvements		2,540
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		107,671
Total Costs
Land		31,710
Buildings & Improvements		110,211
Total	[1]	141,921
Accumulated Depreciation	[2]	(6,726)
Net Cost Basis		135,195
260 Townsend Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		27,561
Initial Costs
Land		26,392
Buildings & Improvements		33,921
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		471
Total Costs
Land		26,392
Buildings & Improvements		34,392
Total	[1]	60,784
Accumulated Depreciation	[2]	(714)
Net Cost Basis		60,070
88 Bluxome Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		148,551
Buildings & Improvements		21,514
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		52,292
Total Costs
Land		148,551
Buildings & Improvements		73,806
Total	[1]	222,357
Accumulated Depreciation	[2]	(7,951)
Net Cost Basis		214,406
213, 249, 259, 269, and 279 East Grand Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		59,199
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		542,156
Total Costs
Land		59,199
Buildings & Improvements		542,156
Total	[1]	601,355
Accumulated Depreciation	[2]	(47,537)
Net Cost Basis		553,818
Alexandria Technology Center - Gateway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		71,005
Buildings & Improvements		168,894
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		101,122
Total Costs
Land		71,005
Buildings & Improvements		270,016
Total	[1]	341,021
Accumulated Depreciation	[2]	(65,979)
Net Cost Basis		275,042
201 Haskins Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,245
Buildings & Improvements		1,287
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		118,801
Total Costs
Land		32,245
Buildings & Improvements		120,088
Total	[1]	152,333
Accumulated Depreciation	[2]	(1,445)
Net Cost Basis		150,888
400 and 450 East Jamie Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		117,282
Total Costs
Land		0
Buildings & Improvements		117,282
Total	[1]	117,282
Accumulated Depreciation	[2]	(47,091)
Net Cost Basis		70,191
500 Forbes Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,596
Buildings & Improvements		69,091
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		17,503
Total Costs
Land		35,596
Buildings & Improvements		86,594
Total	[1]	122,190
Accumulated Depreciation	[2]	(27,166)
Net Cost Basis		95,024
7000 Shoreline Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038
Buildings & Improvements		39,704
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,454
Total Costs
Land		7,038
Buildings & Improvements		59,158
Total	[1]	66,196
Accumulated Depreciation	[2]	(19,317)
Net Cost Basis		46,879
341 and 343 Oyster Point Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,038
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		43,433
Total Costs
Land		7,038
Buildings & Improvements		43,433
Total	[1]	50,471
Accumulated Depreciation	[2]	(17,640)
Net Cost Basis		32,831
839 - 863 Mitten and 866 Malcolm
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,211
Buildings & Improvements		8,665
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,070
Total Costs
Land		3,211
Buildings & Improvements		32,735
Total	[1]	35,946
Accumulated Depreciation	[2]	(13,318)
Net Cost Basis		22,628
Alexandria District for Science and Technology
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		87,566
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		190,881
Total Costs
Land		87,566
Buildings & Improvements		190,881
Total	[1]	278,447
Accumulated Depreciation	[2]	0
Net Cost Basis		278,447
3825 and 3875 Fabian Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		194,424
Buildings & Improvements		54,519
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		872
Total Costs
Land		194,424
Buildings & Improvements		55,391
Total	[1]	249,815
Accumulated Depreciation	[2]	(119)
Net Cost Basis		249,696
Alexandria Stanford Life Science District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		152,437
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,536
Total Costs
Land		0
Buildings & Improvements		157,973
Total	[1]	157,973
Accumulated Depreciation	[2]	(11,248)
Net Cost Basis		146,725
Alexandria PARC
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		72,859
Buildings & Improvements		53,309
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		16,637
Total Costs
Land		72,859
Buildings & Improvements		69,946
Total	[1]	142,805
Accumulated Depreciation	[2]	(3,265)
Net Cost Basis		139,540
960 Industrial Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		79,969
Buildings & Improvements		5,558
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,589
Total Costs
Land		79,969
Buildings & Improvements		25,147
Total	[1]	105,116
Accumulated Depreciation	[2]	(4,852)
Net Cost Basis		100,264
2425 Garcia Avenue & 2450 Bayshore Parkway
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		728
Initial Costs
Land		1,512
Buildings & Improvements		21,323
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,261
Total Costs
Land		1,512
Buildings & Improvements		47,584
Total	[1]	49,096
Accumulated Depreciation	[2]	(22,637)
Net Cost Basis		26,459
Shoreway Science Center
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,049
Buildings & Improvements		48,554
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		152
Total Costs
Land		20,049
Buildings & Improvements		48,706
Total	[1]	68,755
Accumulated Depreciation	[2]	(1,262)
Net Cost Basis		67,493
1450 Page Mill Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		84,467
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		104
Total Costs
Land		0
Buildings & Improvements		84,571
Total	[1]	84,571
Accumulated Depreciation	[2]	(5,590)
Net Cost Basis		78,981
3350 West Bayshore Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800
Buildings & Improvements		6,693
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,325
Total Costs
Land		4,800
Buildings & Improvements		27,018
Total	[1]	31,818
Accumulated Depreciation	[2]	(5,726)
Net Cost Basis		26,092
2625, 2627, and 2631 Hanover Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		6,628
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,910
Total Costs
Land		0
Buildings & Improvements		18,538
Total	[1]	18,538
Accumulated Depreciation	[2]	(10,424)
Net Cost Basis		8,114
Alexandria Center for Life Science
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		848,102
Total Costs
Land		0
Buildings & Improvements		848,102
Total	[1]	848,102
Accumulated Depreciation	[2]	(170,156)
Net Cost Basis		677,946
219 East 42nd Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		141,266
Buildings & Improvements		63,312
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,149
Total Costs
Land		141,266
Buildings & Improvements		65,461
Total	[1]	206,727
Accumulated Depreciation	[2]	(13,573)
Net Cost Basis		193,154
47-50 30th Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		25,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		2,120
Total Costs
Land		25,000
Buildings & Improvements		2,120
Total	[1]	27,120
Accumulated Depreciation	[2]	0
Net Cost Basis		27,120
Alexandria Center - Long Island City
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,746
Buildings & Improvements		53,093
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		13,283
Total Costs
Land		22,746
Buildings & Improvements		66,376
Total	[1]	89,122
Accumulated Depreciation	[2]	(369)
Net Cost Basis		88,753
ARE Spectrum
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		32,361
Buildings & Improvements		80,957
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		203,705
Total Costs
Land		32,361
Buildings & Improvements		284,662
Total	[1]	317,023
Accumulated Depreciation	[2]	(55,306)
Net Cost Basis		261,717
ARE Torrey Ridge
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,124
Buildings & Improvements		152,840
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		52,470
Total Costs
Land		22,124
Buildings & Improvements		205,310
Total	[1]	227,434
Accumulated Depreciation	[2]	(32,702)
Net Cost Basis		194,732
ARE Sunrise
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,118
Buildings & Improvements		17,947
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		82,874
Total Costs
Land		6,118
Buildings & Improvements		100,821
Total	[1]	106,939
Accumulated Depreciation	[2]	(51,853)
Net Cost Basis		55,086
ARE Nautilus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,684
Buildings & Improvements		27,600
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		123,685
Total Costs
Land		6,684
Buildings & Improvements		151,285
Total	[1]	157,969
Accumulated Depreciation	[2]	(44,910)
Net Cost Basis		113,059
3545 Cray Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		31,477
Initial Costs
Land		7,056
Buildings & Improvements		53,944
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,537
Total Costs
Land		7,056
Buildings & Improvements		65,481
Total	[1]	72,537
Accumulated Depreciation	[2]	(40,636)
Net Cost Basis		31,901
11119 North Torrey Pines Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,994
Buildings & Improvements		37,099
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,147
Total Costs
Land		9,994
Buildings & Improvements		71,246
Total	[1]	81,240
Accumulated Depreciation	[2]	(20,799)
Net Cost Basis		60,441
Campus Pointe by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		88,016
Buildings & Improvements		393,713
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		441,342
Total Costs
Land		88,016
Buildings & Improvements		835,055
Total	[1]	923,071
Accumulated Depreciation	[2]	(110,603)
Net Cost Basis		812,468
5200 Illumina Way
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		38,340
Buildings & Improvements		96,606
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		195,156
Total Costs
Land		38,340
Buildings & Improvements		291,762
Total	[1]	330,102
Accumulated Depreciation	[2]	(49,000)
Net Cost Basis		281,102
University District
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		18,221
Buildings & Improvements		48,840
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		203,245
Total Costs
Land		18,221
Buildings & Improvements		252,085
Total	[1]	270,306
Accumulated Depreciation	[2]	(82,398)
Net Cost Basis		187,908
SD Tech by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		54,648
Buildings & Improvements		169,485
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		4,835
Total Costs
Land		54,648
Buildings & Improvements		174,320
Total	[1]	228,968
Accumulated Depreciation	[2]	(563)
Net Cost Basis		228,405
Summers Ridge Science Park
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		21,154
Buildings & Improvements		102,046
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,491
Total Costs
Land		21,154
Buildings & Improvements		105,537
Total	[1]	126,691
Accumulated Depreciation	[2]	(5,277)
Net Cost Basis		121,414
10121 and 10151 Barnes Canyon Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,608
Buildings & Improvements		5,100
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,110
Total Costs
Land		4,608
Buildings & Improvements		24,210
Total	[1]	28,818
Accumulated Depreciation	[2]	(4,103)
Net Cost Basis		24,715
ARE Portola
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,991
Buildings & Improvements		25,153
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		39,893
Total Costs
Land		6,991
Buildings & Improvements		65,046
Total	[1]	72,037
Accumulated Depreciation	[2]	(12,389)
Net Cost Basis		59,648
5810/5820 Nancy Ridge Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		5,476
Buildings & Improvements		28,682
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		(52)
Total Costs
Land		5,476
Buildings & Improvements		28,630
Total	[1]	34,106
Accumulated Depreciation	[2]	(10,137)
Net Cost Basis		23,969
7330 Carroll Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,650
Buildings & Improvements		19,878
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,912
Total Costs
Land		2,650
Buildings & Improvements		21,790
Total	[1]	24,440
Accumulated Depreciation	[2]	(5,860)
Net Cost Basis		18,580
5871 Oberlin Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,349
Buildings & Improvements		8,016
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,019
Total Costs
Land		1,349
Buildings & Improvements		14,035
Total	[1]	15,384
Accumulated Depreciation	[2]	(2,232)
Net Cost Basis		13,152
Vista Wateridge I & II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,286
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		735
Total Costs
Land		3,286
Buildings & Improvements		735
Total	[1]	4,021
Accumulated Depreciation	[2]	0
Net Cost Basis		4,021
3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		18,177
Buildings & Improvements		35,178
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		31,920
Total Costs
Land		18,177
Buildings & Improvements		67,098
Total	[1]	85,275
Accumulated Depreciation	[2]	(24,580)
Net Cost Basis		60,695
11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,156
Buildings & Improvements		11,571
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		42,744
Total Costs
Land		4,156
Buildings & Improvements		54,315
Total	[1]	58,471
Accumulated Depreciation	[2]	(12,252)
Net Cost Basis		46,219
13112 Evening Creek Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		7,393
Buildings & Improvements		27,950
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		232
Total Costs
Land		7,393
Buildings & Improvements		28,182
Total	[1]	35,575
Accumulated Depreciation	[2]	(13,055)
Net Cost Basis		22,520
Townsgate by Alexandria
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		16,416
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		3,620
Total Costs
Land		16,416
Buildings & Improvements		3,620
Total	[1]	20,036
Accumulated Depreciation	[2]	0
Net Cost Basis		20,036
The Eastlake Life Science Campus by Alexandria - North Campus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		24,205
Buildings & Improvements		35,296
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		391,761
Total Costs
Land		24,205
Buildings & Improvements		427,057
Total	[1]	451,262
Accumulated Depreciation	[2]	(85,863)
Net Cost Basis		365,399
The Eastlake Life Science Campus by Alexandria - South Campus
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		22,987
Buildings & Improvements		47,149
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		100,758
Total Costs
Land		22,987
Buildings & Improvements		147,907
Total	[1]	170,894
Accumulated Depreciation	[2]	(45,301)
Net Cost Basis		125,593
400 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		11,342
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		211,045
Total Costs
Land		11,342
Buildings & Improvements		211,045
Total	[1]	222,387
Accumulated Depreciation	[2]	(20,303)
Net Cost Basis		202,084
2301 5th Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,543
Buildings & Improvements		76,180
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,130
Total Costs
Land		6,543
Buildings & Improvements		77,310
Total	[1]	83,853
Accumulated Depreciation	[2]	(2,980)
Net Cost Basis		80,873
219 Terry Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,819
Buildings & Improvements		2,302
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		19,892
Total Costs
Land		1,819
Buildings & Improvements		22,194
Total	[1]	24,013
Accumulated Depreciation	[2]	(7,143)
Net Cost Basis		16,870
601 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		29,412
Buildings & Improvements		408
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,541
Total Costs
Land		29,412
Buildings & Improvements		1,949
Total	[1]	31,361
Accumulated Depreciation	[2]	0
Net Cost Basis		31,361
701 Dexter Avenue North
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		35,316
Buildings & Improvements		719
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,149
Total Costs
Land		35,316
Buildings & Improvements		6,868
Total	[1]	42,184
Accumulated Depreciation	[2]	(340)
Net Cost Basis		41,844
3000/3018 Western Avenue
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,432
Buildings & Improvements		7,497
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,181
Total Costs
Land		1,432
Buildings & Improvements		31,678
Total	[1]	33,110
Accumulated Depreciation	[2]	(16,287)
Net Cost Basis		16,823
410 West Harrison/410 Elliott Avenue West
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		3,857
Buildings & Improvements		1,989
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,266
Total Costs
Land		3,857
Buildings & Improvements		13,255
Total	[1]	17,112
Accumulated Depreciation	[2]	(5,707)
Net Cost Basis		11,405
9980, 9900, 9920, and 9950 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,219
Buildings & Improvements		112,543
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		180,483
Total Costs
Land		20,219
Buildings & Improvements		293,026
Total	[1]	313,245
Accumulated Depreciation	[2]	(76,214)
Net Cost Basis		237,031
9704, 9708, 9712, and 9714 Medical Center Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,258
Buildings & Improvements		74,173
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		766
Total Costs
Land		10,258
Buildings & Improvements		74,939
Total	[1]	85,197
Accumulated Depreciation	[2]	(3,229)
Net Cost Basis		81,968
1330 Piccard Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,800
Buildings & Improvements		11,533
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,933
Total Costs
Land		2,800
Buildings & Improvements		46,466
Total	[1]	49,266
Accumulated Depreciation	[2]	(18,830)
Net Cost Basis		30,436
1500 and 1550 East Gude Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,523
Buildings & Improvements		7,731
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		6,445
Total Costs
Land		1,523
Buildings & Improvements		14,176
Total	[1]	15,699
Accumulated Depreciation	[2]	(8,979)
Net Cost Basis		6,720
14920 and 15010 Broschart Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,904
Buildings & Improvements		15,846
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		5,471
Total Costs
Land		4,904
Buildings & Improvements		21,317
Total	[1]	26,221
Accumulated Depreciation	[2]	(5,979)
Net Cost Basis		20,242
1405 Research Boulevard
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		899
Buildings & Improvements		21,946
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		14,363
Total Costs
Land		899
Buildings & Improvements		36,309
Total	[1]	37,208
Accumulated Depreciation	[2]	(14,621)
Net Cost Basis		22,587
5 Research Place
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,466
Buildings & Improvements		5,708
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		28,981
Total Costs
Land		1,466
Buildings & Improvements		34,689
Total	[1]	36,155
Accumulated Depreciation	[2]	(14,768)
Net Cost Basis		21,387
5 Research Court
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,647
Buildings & Improvements		13,258
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		24,060
Total Costs
Land		1,647
Buildings & Improvements		37,318
Total	[1]	38,965
Accumulated Depreciation	[2]	(14,379)
Net Cost Basis		24,586
9920 Belward Campus Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,732
Buildings & Improvements		12,308
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		76
Total Costs
Land		2,732
Buildings & Improvements		12,384
Total	[1]	15,116
Accumulated Depreciation	[2]	(527)
Net Cost Basis		14,589
12301 Parklawn Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,476
Buildings & Improvements		7,267
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,184
Total Costs
Land		1,476
Buildings & Improvements		8,451
Total	[1]	9,927
Accumulated Depreciation	[2]	(2,949)
Net Cost Basis		6,978
14200 Shady Grove Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		25,000
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		903
Total Costs
Land		25,000
Buildings & Improvements		903
Total	[1]	25,903
Accumulated Depreciation	[2]	0
Net Cost Basis		25,903
Alexandria Technology Center - Gaithersburg I
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		20,980
Buildings & Improvements		121,952
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		39,799
Total Costs
Land		20,980
Buildings & Improvements		161,751
Total	[1]	182,731
Accumulated Depreciation	[2]	(36,204)
Net Cost Basis		146,527
Alexandria Technology Center - Gaithersburg II
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		6,938
Buildings & Improvements		34,685
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		33,085
Total Costs
Land		6,938
Buildings & Improvements		67,770
Total	[1]	74,708
Accumulated Depreciation	[2]	(27,742)
Net Cost Basis		46,966
401 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,129
Buildings & Improvements		6,941
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		10,125
Total Costs
Land		1,129
Buildings & Improvements		17,066
Total	[1]	18,195
Accumulated Depreciation	[2]	(7,192)
Net Cost Basis		11,003
950 Wind River Lane
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,400
Buildings & Improvements		10,620
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		1,050
Total Costs
Land		2,400
Buildings & Improvements		11,670
Total	[1]	14,070
Accumulated Depreciation	[2]	(3,348)
Net Cost Basis		10,722
620 Professional Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		784
Buildings & Improvements		4,705
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,353
Total Costs
Land		784
Buildings & Improvements		12,058
Total	[1]	12,842
Accumulated Depreciation	[2]	(5,490)
Net Cost Basis		7,352
8000/9000/10000 Virginia Manor Road
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		13,679
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,189
Total Costs
Land		0
Buildings & Improvements		20,868
Total	[1]	20,868
Accumulated Depreciation	[2]	(10,460)
Net Cost Basis		10,408
14225 Newbrook Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		4,800
Buildings & Improvements		27,639
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,562
Total Costs
Land		4,800
Buildings & Improvements		39,201
Total	[1]	44,001
Accumulated Depreciation	[2]	(17,364)
Net Cost Basis		26,637
Alexandria Technology Center - Alston
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,430
Buildings & Improvements		17,482
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		31,096
Total Costs
Land		1,430
Buildings & Improvements		48,578
Total	[1]	50,008
Accumulated Depreciation	[2]	(23,693)
Net Cost Basis		26,315
Alexandria Center for AgTech, Phase I – Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		2,000
Buildings & Improvements		6,756
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		69,863
Total Costs
Land		2,000
Buildings & Improvements		76,619
Total	[1]	78,619
Accumulated Depreciation	[2]	(1,562)
Net Cost Basis		77,057
Alexandria Center for AgTech, Phase II - Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		800
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		9,663
Total Costs
Land		800
Buildings & Improvements		9,663
Total	[1]	10,463
Accumulated Depreciation	[2]	0
Net Cost Basis		10,463
108/110/112/114 Alexander Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		376
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		43,195
Total Costs
Land		0
Buildings & Improvements		43,571
Total	[1]	43,571
Accumulated Depreciation	[2]	(19,650)
Net Cost Basis		23,921
Alexandria Innovation Center - Research Triangle
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,065
Buildings & Improvements		21,218
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		30,249
Total Costs
Land		1,065
Buildings & Improvements		51,467
Total	[1]	52,532
Accumulated Depreciation	[2]	(18,709)
Net Cost Basis		33,823
6 Davis Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		9,029
Buildings & Improvements		10,712
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,318
Total Costs
Land		9,029
Buildings & Improvements		31,030
Total	[1]	40,059
Accumulated Depreciation	[2]	(12,914)
Net Cost Basis		27,145
7 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		701
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		32,502
Total Costs
Land		701
Buildings & Improvements		32,502
Total	[1]	33,203
Accumulated Depreciation	[2]	(7,289)
Net Cost Basis		25,914
2525 East NC Highway 54
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		713
Buildings & Improvements		12,827
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		20,751
Total Costs
Land		713
Buildings & Improvements		33,578
Total	[1]	34,291
Accumulated Depreciation	[2]	(9,480)
Net Cost Basis		24,811
407 Davis Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		1,229
Buildings & Improvements		17,733
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		712
Total Costs
Land		1,229
Buildings & Improvements		18,445
Total	[1]	19,674
Accumulated Depreciation	[2]	(3,449)
Net Cost Basis		16,225
601 Keystone Park Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		785
Buildings & Improvements		11,546
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,103
Total Costs
Land		785
Buildings & Improvements		18,649
Total	[1]	19,434
Accumulated Depreciation	[2]	(6,034)
Net Cost Basis		13,400
6040 George Watts Hill Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		26,344
Total Costs
Land		0
Buildings & Improvements		26,344
Total	[1]	26,344
Accumulated Depreciation	[2]	(3,127)
Net Cost Basis		23,217
5 Triangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		161
Buildings & Improvements		3,409
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		7,933
Total Costs
Land		161
Buildings & Improvements		11,342
Total	[1]	11,503
Accumulated Depreciation	[2]	(5,248)
Net Cost Basis		6,255
6101 Quadrangle Drive
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		951
Buildings & Improvements		3,982
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		11,146
Total Costs
Land		951
Buildings & Improvements		15,128
Total	[1]	16,079
Accumulated Depreciation	[2]	(3,281)
Net Cost Basis		12,798
Canada
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		10,350
Buildings & Improvements		43,884
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		15,208
Total Costs
Land		10,350
Buildings & Improvements		59,092
Total	[1]	69,442
Accumulated Depreciation	[2]	(22,245)
Net Cost Basis		47,197
Various
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		64,176
Buildings & Improvements		115,107
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		217,354
Total Costs
Land		64,176
Buildings & Improvements		332,461
Total	[1]	396,637
Accumulated Depreciation	[2]	(58,994)
Net Cost Basis		337,643
China
Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation
Encumbrances		0
Initial Costs
Land		0
Buildings & Improvements		0
Costs Capitalized Subsequent to Acquisition
Buildings & Improvements		34,347
Total Costs
Land		0
Buildings & Improvements		34,347
Total	[1]	34,347
Accumulated Depreciation	[2]	(4,261)
Net Cost Basis		$ 30,086
[1]	The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited).
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

Schedule III - Consolidated F_3

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Rental Properties and Current, Near-Term and Future Value-Creation Projects
Balance at beginning of period	$ 14,181,780		$ 12,178,255	$ 10,632,518
Purchase of real estate	2,240,376		1,057,036	707,522
Additions to real estate	1,143,035		959,410	881,463
Sale of real estate	(12,235)		(12,921)	(43,248)
Balance at end of period	17,552,956	[1]	14,181,780	12,178,255
Accumulated Depreciation
Balance at beginning of period	2,268,087		1,880,236	1,554,546
Depreciation expense on properties	448,661		390,471	348,064
Sale of properties	(7,830)		(2,620)	(22,374)
Balance at end of period	$ 2,708,918	[2]	$ 2,268,087	$ 1,880,236
[1]	The aggregate cost of real estate for federal income tax purposes is not materially different from the cost basis under GAAP (unaudited).
[2]	The depreciable life ranges up to 40 years for buildings and improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

Uncategorized Items - a4q1910-k

Label	Element	Value
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	$ (3,525,000)
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1	$ (3,525,000)