Alexandria Real Estate Equities, Inc
(NYSE:ARE)

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500<sup></sup> urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation clu...

Website: http://www.are.com

Founded: 1994

Full Time Employees: 439

Sector: Real Estate

Industry: REIT-Office

Real Estate REIT

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At a glance:

Bull Thesis:

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Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2018-09-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30

revenues:
income from rentals	735,849,000	737,279,000	743,175,000	763,249,000	775,744,000	755,162,000	755,551,000	742,637,000	707,531,000	704,339,000	687,949,000	656,853,000	640,959,000	612,554,000	546,527,000	508,371,000	478,695,000	461,335,000	543,412,000	435,856,000	437,605,000
other income	16,095,000	24,761,000	14,983,000	25,696,000	15,863,000	11,572,000	13,557,000	14,579,000	6,257,000	9,561,000	12,846,000	2,999,000	2,805,000	2,511,000	1,232,000	1,248,000	1,154,000	2,385,000	1,630,000	1,100,000	2,314,000	5,276,000	2,338,000	5,107,000	10,331,000	5,216,000	10,899,000	7,180,000	2,757,000	4,751,000	2,519,000	2,325,000	466,000	3,934,000	3,159,000	3,571,000	3,569,000	2,993,000	3,785,000	2,640,000	9,381,000	2,629,000	1,567,000	2,475,000	926,000	777,000	1,634,000	1,586,000	922,000	1,071,000	1,010,000	1,162,000	8,910,000	754,000	2,648,000	2,892,000	3,250,000	3,734,000	3,410,000
total revenues	751,944,000	762,040,000	758,158,000	788,945,000	791,607,000	766,734,000	769,108,000	757,216,000	713,788,000	713,900,000	700,795,000	659,852,000	643,764,000	615,065,000	547,759,000	509,619,000	479,849,000	463,720,000	545,042,000	436,956,000	439,919,000	341,823,000	270,877,000	230,379,000	226,076,000	216,089,000	223,955,000	218,610,000	204,156,000	196,753,000	188,674,000	185,615,000	176,402,000	176,186,000	167,906,000	158,630,000	154,235,000	150,380,000	154,170,000	145,455,000	154,105,000	144,966,000	147,680,000	143,427,000	143,976,000	140,309,000	132,177,000	121,629,000	117,010,000	116,487,000	114,369,000	114,605,000	121,432,000
yoy	-5.01%	-0.61%	-1.42%	4.19%	10.90%	7.40%	9.75%	14.76%	10.88%	16.07%	27.94%	29.48%	34.16%	32.64%	0.50%	16.63%	9.08%	35.66%	101.21%	89.67%	94.59%	58.19%	20.95%	5.38%	10.74%	9.83%	18.70%	17.78%	15.73%	11.67%	12.37%	17.01%	14.37%	17.16%	8.91%	9.06%	0.08%	3.73%	4.39%	1.41%	7.04%	3.32%	11.73%	17.92%	23.05%	20.45%	15.57%	6.13%	-3.64%
qoq	-1.32%	0.51%	-3.90%	-0.34%	3.24%	-0.31%	1.57%	6.08%	-0.02%	1.87%	6.20%	2.50%	4.67%	12.29%	7.48%	6.20%	3.48%	-14.92%	24.74%	-0.67%	28.70%	26.19%	17.58%	1.90%	4.62%	-3.51%	2.44%	7.08%	3.76%	4.28%	1.65%	5.22%	0.12%	4.93%	5.85%	2.85%	2.56%	-2.46%	5.99%	-5.61%	6.30%	-1.84%	2.97%	-0.38%	2.61%	6.15%	8.67%	3.95%	0.45%	1.85%	-0.21%	-5.62%
expenses:
rental operations	239,234,000	224,433,000	226,395,000	240,432,000	233,265,000	217,254,000	218,314,000	222,726,000	217,687,000	211,834,000	206,933,000	201,189,000	196,284,000	181,328,000	165,995,000	143,955,000	137,888,000	136,767,000	140,443,000	123,911,000	129,103,000	99,759,000	77,087,000	72,002,000	67,325,000	65,837,000	68,913,000	68,846,000	62,250,000	61,223,000	56,881,000	57,423,000	52,353,000	52,507,000	49,750,000	47,742,000	46,323,000	45,224,000	46,639,000	44,614,000	44,506,000	43,410,000	45,083,000	42,608,000	40,679,000	41,081,000	36,571,000	33,704,000	30,352,000	31,651,000	29,064,000	30,783,000	29,059,000	32,684,000	29,749,000	27,588,000	28,329,000	25,522,000	22,838,000
general and administrative	29,224,000	29,128,000	30,675,000	32,730,000	43,945,000	44,629,000	47,055,000	59,289,000	45,987,000	45,882,000	48,196,000	49,958,000	43,397,000	40,931,000	37,931,000	37,880,000	33,996,000	32,690,000	36,913,000	31,775,000	31,963,000	22,660,000	19,229,000	15,854,000	15,384,000	15,188,000	15,102,000	15,143,000	14,989,000	14,387,000	13,861,000	12,609,000	13,836,000	13,224,000	12,734,000	11,666,000	12,472,000	11,648,000	12,643,000	12,485,000	12,324,000	10,361,000	10,611,000	10,297,000	10,766,000	9,500,000	8,599,000	8,044,000	8,266,000	9,481,000	8,463,000	9,610,000	8,803,000	9,418,000	8,588,000	8,452,000	8,787,000	8,343,000	7,921,000
interest	54,852,000	55,296,000	50,876,000	55,659,000	43,550,000	45,789,000	40,840,000	31,967,000	11,411,000	17,072,000	13,754,000	22,984,000	24,257,000	29,440,000	35,678,000	35,158,000	36,467,000	37,538,000	43,318,000	45,014,000	45,739,000	42,244,000	29,784,000	25,850,000	25,025,000	24,855,000	28,230,000	27,679,000	26,668,000	23,236,000	22,188,000	20,555,000	17,433,000	19,123,000	17,783,000	16,171,000	15,978,000	18,020,000	17,941,000	17,094,000	17,922,000	16,227,000	14,757,000	14,273,000	16,571,000	17,842,000	17,191,000	16,111,000	18,778,000	17,562,000	19,406,000	20,909,000	21,063,000	20,199,000	19,948,000	17,732,000	22,245,000	23,947,000	19,870,000
depreciation and amortization	340,230,000	346,123,000	342,062,000	330,108,000	293,998,000	290,720,000	287,554,000	285,246,000	269,370,000	273,555,000	265,302,000	254,929,000	242,078,000	240,659,000	210,842,000	190,052,000	180,913,000	177,750,000	176,831,000	168,027,000	175,496,000	119,600,000	97,183,000	77,133,000	70,169,000	70,866,000	72,245,000	67,953,000	62,171,000	58,920,000	57,973,000	58,388,000	57,314,000	50,421,000	47,376,000	49,102,000	46,580,000	46,065,000	48,072,000	47,176,000	52,316,000	43,405,000	41,337,000	39,652,000	40,363,000	36,707,000	34,453,000	32,009,000	30,342,000	29,735,000	29,031,000	28,031,000	29,525,000	31,446,000	27,447,000	27,002,000	25,673,000	24,080,000	22,654,000
impairment of real estate	323,870,000	129,606,000	32,154,000	186,564,000	5,741,000	30,763,000		271,890,000	20,649,000	168,575,000		38,783,000			42,620,000	4,926,000	5,129,000	25,177,000	7,680,000	13,218,000	2,003,000			8,114,000	156,143,000	28,980,000	8,740,000			14,510,000
loss on early extinguishment of debt	107,000												3,317,000				67,253,000	7,898,000	52,770,000			1,122,000	670,000	3,230,000					189,000			525,000				1,432,000	560,000
total expenses	987,517,000	784,586,000	682,162,000	845,493,000	620,499,000	629,155,000	593,763,000	871,118,000	565,104,000	716,918,000	534,185,000	567,843,000	509,333,000	492,358,000	493,066,000	411,971,000	461,646,000	417,820,000	457,955,000	381,945,000	384,304,000	285,385,000	223,953,000	202,183,000	334,046,000	205,726,000	193,230,000	179,621,000	166,267,000	172,276,000	202,578,000	149,500,000	140,936,000	135,275,000	127,643,000	126,113,000	121,913,000	120,957,000	129,570,000	121,369,000	127,068,000	113,403,000	111,788,000	106,830,000	108,379,000	105,130,000	96,814,000	89,868,000	87,738,000	88,429,000	85,964,000	89,333,000	88,450,000
equity in earnings of unconsolidated real estate joint ventures	201,000	-9,021,000		6,635,000	139,000	130,000	155,000	363,000	242,000	181,000	194,000	40,000	213,000	220,000	3,091,000	2,609,000		3,593,000	3,778,000	3,893,000		40,718,000
investment income	28,161,000		-49,992,000	3,716,500	15,242,000		43,284,000					-32,305,000	-39,481,000	-240,319,000	67,084,000	304,263,000	1,014,000	255,137,000	3,348,000	184,657,000	-21,821,000	122,203,000
gain on sales of real estate	9,366,000		13,165,000	101,806,000	27,114,000		392,000	62,227,000		214,810,000		323,699,000	214,219,000		-435,000		2,779,000	396,500	1,586,000
net income	-197,845,000	-62,189,000	38,662,000	-16,095,000	213,603,000	94,049,000	219,176,000	-42,658,000	68,254,000	133,705,000	121,693,000	383,443,000	309,382,000	-117,392,000	124,433,000	404,520,000	25,533,000	457,133,000	95,799,000	243,561,000	30,678,000	219,359,000	47,555,000	28,559,000	-108,116,000	9,966,000	42,977,000	39,699,000	38,430,000	25,008,000	-6,030,000	35,943,000	36,116,000	40,749,000	44,222,000	32,453,000	33,337,000	30,237,000	28,807,000	18,305,000	25,641,000	32,775,000	35,462,000	32,995,000	34,311,000	32,625,000	92,000,000	30,461,000		28,785,000	29,905,000	26,378,000	44,116,000	41,249,000	28,600,000	28,421,000	37,688,000	22,900,000	24,048,000
yoy	-192.62%	-166.12%	-82.36%	-62.27%	212.95%	-29.66%	80.11%	-111.12%	-77.94%	-213.90%	-2.20%	-5.21%	1111.69%	-125.68%	29.89%	66.09%	-16.77%	108.39%	101.45%	752.83%	-128.38%	2101.07%	10.65%	-28.06%	-381.33%	-60.15%	-812.72%	10.45%	6.41%	-38.63%	-113.64%	10.75%	8.34%	34.77%	53.51%	77.29%	30.01%	-7.74%	-18.77%	-44.52%	-25.27%	0.46%	-61.45%	8.32%		13.34%	207.64%	15.48%		-30.22%	4.56%	-7.19%	17.06%	80.13%	18.93%
qoq	218.14%	-260.85%	-340.21%	-107.54%	127.12%	-57.09%	-613.80%	-162.50%	-48.95%	9.87%	-68.26%	23.94%	-363.55%	-194.34%	-69.24%	1484.30%	-94.41%	377.18%	-60.67%	693.93%	-86.01%	361.27%	66.51%	-126.42%	-1184.85%	-76.81%	8.26%	3.30%	53.67%	-514.73%	-116.78%	-0.48%	-11.37%	-7.85%	36.26%	-2.65%	10.25%	4.96%	57.37%	-28.61%	-21.77%	-7.58%	7.48%	-3.84%	5.17%	-64.54%	202.03%			-3.75%	13.37%	-40.21%	6.95%	44.23%	0.63%	-24.59%	64.58%	-4.77%
net income margin %	-26.31%	-8.16%	5.10%	-2.04%	26.98%	12.27%	28.50%	-5.63%	9.56%	18.73%	17.36%	58.11%	48.06%	-19.09%	22.72%	79.38%	5.32%	98.58%	17.58%	55.74%	6.97%	64.17%	17.56%	12.40%	-47.82%	4.61%	19.19%	18.16%	18.82%	12.71%	-3.20%	19.36%	20.47%	23.13%	26.34%	20.46%	21.61%	20.11%	18.69%	12.58%	16.64%	22.61%	24.01%	23.00%	23.83%	23.25%	69.60%	25.04%	0%	24.71%	26.15%	23.02%	36.33%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
net income attributable to noncontrolling interests	-34,909,000	-44,813,000	-47,601,000	-46,150,000	-45,656,000	-47,347,000	-48,631,000	-45,771,000	-43,985,000	-43,768,000	-43,831,000	-38,747,000	-37,168,000	-32,177,000	-21,286,000	-19,436,000	-17,412,000	-15,649,000	-14,743,000	-13,907,000	-11,913,000	-5,723,000	-5,844,000	-4,084,000	-3,500,000	-4,030,000	-972,000	-170,000	-263,000	-492,000	-1,362,000	-1,340,000	-1,307,000	1,195,000	1,110,000	960,000	980,000	982,000	1,012,000	828,000	851,000	711,000	1,142,000	966,000	938,000	929,000	944,000	920,000	930,000	935,000	924,000	886,000	4,362,000	875,000
net income attributable to alexandria real estate equities, inc.’s stockholders	-232,754,000	-107,002,000	-8,939,000	-62,245,000	167,947,000	46,702,000	170,545,000	-88,429,000	24,269,000	89,937,000	77,862,000	344,696,000	272,214,000	-149,569,000	103,147,000	385,084,000	8,121,000	441,484,000	81,056,000	229,654,000	18,765,000	213,636,000	41,711,000	24,475,000	-111,616,000	5,936,000
net income attributable to unvested restricted stock awards	-2,183,000	-2,609,000	-2,660,000	-2,677,000	-3,273,000	-3,785,000	-3,659,000	-3,498,000	-2,414,000	-2,677,000	-2,606,000	-3,257,000	-2,934,000	-2,081,000	-1,883,000	-4,521,000	-2,014,000	-4,864,000	-1,730,000	-3,054,000	-1,925,000	-3,395,000	-987,000	-921,000	-1,085,000	-801,000	-628,000	-623,000	-630,000	-483,000	-489,000	-506,000	-405,000	374,000	394,000	442,000	403,000	342,000	324,000	360,000	271,000	235,000	270,000	278,000	298,000	242,000	493,000	217,000	149,000	219,000	232,000	199,000	367,000	517,000
net income attributable to alexandria real estate equities, inc.’s common stockholders	-234,937,000	-109,611,000	-11,599,000	-64,922,000	164,674,000	42,917,000	166,886,000	-91,927,000	21,855,000	87,260,000	75,256,000	341,439,000	269,280,000	-151,650,000	101,264,000	380,563,000	6,107,000	436,620,000	79,326,000	226,600,000	16,840,000	208,940,000	25,661,000	5,452,000	-127,648,000	-3,818,000												22,442,000	21,000,000	10,646,000	17,616,000	18,368,000	26,960,000	24,662,000	25,986,000	24,365,000	83,474,000	22,235,000	-20,393,000	20,542,000	21,660,000	18,203,000	32,298,000	32,768,000
net income per share																							0.29	0.07
basic	-1.38	-0.64	-0.07	-0.38	0.96	0.25	0.97	-0.54	0.13	0.51	0.44	2.11	1.67	-0.96	0.67	2.61	0.04	3.41	0.64	1.82	0.14	2.01
diluted	-1.38	-0.64	-0.07	-0.38	0.96	0.25	0.97	-0.54	0.13	0.51	0.44	2.11	1.67	-0.96	0.67	2.61	0.04	3.4	0.63	1.82	0.14	1.99
investment loss		-30,622,000				-43,660,000		-51,012,750	-80,672,000	-78,268,000	-45,111,000
equity in (losses) earnings of unconsolidated real estate joint ventures			-507,000																		-3,116,000				-146,000	-397,000
equity in earnings (losses) of unconsolidated real estate joint ventures																	3,537,000						361,000	273,000
dividends on preferred stock																						-1,301,000	-3,784,000	-5,007,000	-5,474,000	-5,907,000	-6,246,000	-6,247,000	-6,246,000	-6,247,000	-6,284,000	-6,471,000	-6,472,000	6,471,000	6,471,000	6,472,000	6,471,000	6,471,000	6,471,000	6,471,000	6,903,000	7,483,000	7,090,000	7,089,000	7,089,000	7,089,000	7,089,000	7,089,000	7,090,000	7,089,000	7,089,000	7,090,000	7,089,000	7,089,000	7,090,000	7,118,000	2,928,000	2,714,000	2,714,000
preferred stock redemption charge																							-11,279,000	-13,095,000	-9,473,000	-3,046,000																5,978,000
rental																						255,496,000	207,193,000	166,591,000	161,638,000	158,276,000	158,100,000	155,311,000	151,805,000	143,608,000	140,873,000	137,718,000	134,992,000	130,570,000	124,943,000	116,302,000	114,743,000	111,776,000	114,205,000	108,367,000	110,683,000	107,785,000	110,053,000	106,160,000	109,820,000	106,624,000	99,901,000	90,395,000	89,512,000	88,858,000	88,129,000	87,436,000	87,825,000	104,941,000	85,829,000	83,176,000	82,156,000	78,636,000	73,369,000
tenant recoveries																						81,051,000	61,346,000	58,681,000	54,107,000	52,597,000	54,956,000	56,119,000	49,594,000	48,394,000	45,282,000	45,572,000	40,944,000	41,682,000	39,804,000	38,757,000	35,923,000	35,611,000	36,180,000	34,448,000	34,041,000	34,552,000	36,060,000	34,792,000	33,230,000	32,908,000	30,642,000	29,648,000	26,576,000	26,558,000	25,230,000	26,007,000	24,697,000	27,062,000	26,803,000	23,986,000	24,553,000	21,762,000	19,123,000
gain on sales of real estate – rental properties																							270,000
gain on sales of real estate – land parcels																								90,000
dividends declared per share of common stock																						0.93	0.83	0.8	0.8	0.8	0.57	0.77	0.77	0.74	0.535	0.72
net income per share																							0.29	0.07
income from continuing operations																								28,469,000	-108,116,000	9,966,000	42,977,000	39,699,000	38,430,000	25,051,000	-13,350,000	36,115,000	35,466,000	40,911,000	40,263,000	32,517,000	32,322,000	29,423,000	26,825,000	24,086,000	25,435,000	30,940,000	35,892,000	33,855,000	34,349,000	32,684,000	32,991,000	30,461,000		28,058,000	28,405,000	25,272,000	44,236,000	39,010,000	28,619,000	28,332,000	21,989,000	21,331,000	21,717,000
income from discontinued operations																														-43,000	1,722,000	-180,000	-147,000	-162,000	-93,000	-64,000	243,000	814,000	1,982,000		206,000						-433,000			727,000	1,500,000	1,106,000		2,239,000		89,000	15,699,000	1,569,000	2,331,000
continuing operations																								0.07	-1,720	-50	490	460	440	250	-260	390	0.39	0.46	0.52	0.35	0.38	0.35	0.3	0.26	0.29	0.3	0.45	0.41	0.44	0.44	1.71	0.45	-0.45	0.45	0.43	0.44	0.83	0.94	0.68	0.67	0.6	0.64	0.65
discontinued operations																															30							0.01									-0.01			0.02	0.03	0.03		0.07			0.5	0.05	0.08
eps attributable to alexandria real estate equities, inc.’s common stockholders – basic and diluted:
eps – basic and diluted																									-1,720	-50	490	460	440	250	-230	390
equity in earnings of unconsolidated joint ventures																											456,250	710,000	541,000	574,000
net income attributable to alexandria’s common stockholders																											35,131,000	32,659,000	31,291,000	17,786,000	-16,154,000	27,626,000	27,932,000	32,709,000	18,126,000	24,579,000	25,483,000
eps attributable to alexandria’s common stockholders – basic and diluted:
gain on sales of land parcels																															201,250	8,000
gain on sale of land parcel																																	797,000				772,000		466,000			1,864,000	11,500	46,000
earnings per share attributable to alexandria’s common stockholders – basic and diluted:
earnings per share – basic and diluted																																	0.39	0.46	0.52	0.35	0.38	0.36	0.188	0.17	0.29
income from discontinued operations:
income from discontinued operations before impairment of real estate																																			-93,000	-64,000			3,583,000	4,018,000
gains on sales of land parcels																																			193,000
earnings per share attributable to alexandria real estate equities, inc.’s common stockholders – basic and diluted:
income from continuing operations before loss on early extinguishment of debt																																							19,211,500	24,086,000	27,037,000	31,563,000	35,892,000	36,597,000	35,597,000	35,179,000
revenues
expenses
earnings per share attributable to alexandria real estate equities, inc.’s common stockholders – basic
earnings per share – basic																																										0.3	0.44	0.4	0.44	0.44	1.7	0.45	-0.45	0.47	0.46	0.47	0.83	1.01			1.1
earnings per share attributable to alexandria real estate equities, inc.’s common stockholders – diluted
earnings per share – diluted																																										0.3	0.44	0.4	0.44	0.44	1.7	0.45	-0.45	0.47	0.46	0.47	0.82	1.01			1.09
income from discontinued operations before gain on sales of real estate
gain on early extinguishment of debt																																																					11,254,000
non-cash impairment on investments																																																							1,985	1,985	1,985,000
weighted-average shares of common stock outstanding
basic																																																						32,478,671,000	31,694,711	31,615,359	31,546,591	29,258,184	29,045,354
diluted																																																						32,498,107,000	31,959,890	31,887,477	31,801,945	29,507,316	29,362,514
minority interest																																																							929,000	948,000	951,000	909,000	902,000
net income available to common stockholders																																																							21,510,000	21,303,000	34,760,000	20,186,000	21,334,000
earnings per share - basic																																																							0.68	0.67		0.69	0.73
earnings per share - diluted																																																							0.67	0.67		0.68	0.73
operating activities
adjustments to reconcile net income to net cash from operating activities:
amortization of loan fees and costs																																																							5,228	3,489	1,775	4,419	2,782
amortization of debt premiums/discount
amortization of above and below market leases
deferred rent
stock compensation expense																																																							10,114	6,591	3,536	8,188	5,414
equity in loss related to investments																																																							106	79	77	161	43
gain on sales of investments
gain/loss on properties “held for sale” and sales of property
changes in operating assets and liabilities:
tenant security deposits and other restricted cash
tenant receivables																																																								311
other assets
accounts payable, accrued expenses and tenant security deposits																																																							45,374	12,654		46,148	17,608
net cash from operating activities																																																							168,415	81,426	25,218	138,547	81,393
investing activities
additions to properties
proceeds from sales of property																																																							79,113	79,113	68,047
additions to investments
proceeds from investments																																																							11,194	8,221	3,794	15,606	10,696
net cash from investing activities
financing activities
proceeds from secured notes payable																																																							6,719	3,412		202,700	2,700
principal reductions of secured notes payable
principal borrowings from unsecured line of credit																																																							656,000	469,000	320,000
repayments of borrowings from unsecured line of credit
proceeds from unsecured convertible notes																																																										450,800	450,800
redemption of series b preferred stock
proceeds from issuance of common stock																																																										186,981
proceeds from issuance of series d convertible preferred stock																																																							242,186	242,186	213,086
proceeds from exercise of stock options																																																							2,498	1,960	411	1,937	1,620
dividends paid on common stock
dividends paid on preferred stock
distributions to minority interest
contributions by minority interest																																																							1,107	649	649	2,285	952
redemption of minority interest
net cash from financing activities																																																							169,378	91,837	22,312	522,826	132,087
net increase in cash and cash equivalents																																																							7,361			7,832	4,069
cash and cash equivalents at beginning of period																																																							8,030	8,030	8,030	2,948	2,948
cash and cash equivalents at end of period																																																							15,391	7,072	7,654	10,780	7,017
amortization of premiums/discount on secured notes payable
gain on sales of properties
purchase of rental properties
proceeds from sale of rental properties																																																										60,776	20,724
additions to rental properties
additions to properties undergoing development and development land
principal borrowings from unsecured line of credit and term loan																																																										814,000	363,000
repayments of unsecured line of credit
gain on sale of investments
gain on sale of properties

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2018-09-30	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

assets
investments in real estate	31,743,917,000	32,160,600,000	32,121,712,000	32,951,777,000	32,673,839,000	32,323,138,000	31,633,511,000	31,712,731,000	31,178,054,000	30,889,395,000	28,771,745,000	27,952,931,000	27,100,009,000	23,071,514,000	21,692,385,000	20,253,418,000	18,092,372,000	17,600,648,000	16,281,125,000	15,832,182,000	11,587,312,000	7,939,179,000	7,774,608,000	7,741,466,000	7,629,922,000	7,654,209,000	7,442,875,000	7,388,059,000	7,226,016,000	7,197,630,000	7,030,117,000	6,930,262,000	6,776,914,000	6,613,761,000	6,453,379,000	6,375,182,000	6,424,578,000	6,300,027,000	6,208,354,000	6,892,429,000	6,750,975,000	6,635,872,000	6,534,433,000	6,145,499,000	5,444,814,000	5,273,649,000	5,155,737,000	5,055,223,000
investments in unconsolidated real estate joint ventures	39,601,000	40,234,000	50,086,000	40,170,000	40,535,000	40,636,000	37,780,000	37,695,000	37,801,000	38,355,000	38,285,000	37,587,000	38,456,000	321,737,000	323,622,000	325,928,000	332,349,000	330,792,000	326,858,000	325,665,000	197,970,000	133,580,000	132,433,000	127,165,000
cash and cash equivalents	579,474,000	520,545,000	476,430,000	562,606,000	561,021,000	722,176,000	618,190,000	532,390,000	924,370,000	1,263,452,000	533,824,000	420,258,000	775,060,000	325,872,000	323,876,000	492,184,000	568,532,000	446,255,000	206,860,000	445,255,000	204,181,000	157,928,000	256,000,000	146,197,000	125,098,000	76,383,000	68,617,000	90,641,000	86,011,000	67,023,000	61,701,000	74,970,000	57,696,000	53,839,000	302,205,000	87,001,000	140,971,000	94,904,000	80,937,000	77,361,000	78,539,000	73,056,000	60,925,000	78,196,000	91,232,000	110,811,000	73,254,000	70,980,000	70,628,000	68,280,000	70,313,000	125,281,000	71,161,000	15,391,000	7,072,000	7,654,000	8,030,000	10,780,000	7,017,000
restricted cash	4,705,000	7,403,000	7,324,000	17,031,000	4,832,000	9,519,000	42,581,000	35,321,000	35,920,000	34,932,000	332,344,000	97,404,000	95,106,000	42,182,000	33,697,000	42,219,000	29,173,000	38,788,000	34,680,000	43,116,000	29,699,000	16,406,000	13,131,000	14,885,000	28,872,000	36,993,000	44,191,000	56,704,000	26,884,000	24,245,000	24,519,000	30,454,000	27,709,000	30,654,000	30,914,000	30,008,000	39,947,000	44,863,000	41,897,000	39,803,000	23,332,000	27,929,000	23,432,000	30,513,000	28,354,000	35,295,000	37,660,000	35,832,000
tenant receivables	6,409,000	6,267,000	6,875,000	6,980,000	6,822,000	7,469,000	8,211,000	6,897,000	6,951,000	8,197,000	7,759,000	7,069,000	7,570,000	7,749,000	6,710,000	7,556,000	7,333,000	7,641,000	7,208,000	14,976,000	11,041,000	9,635,000	9,196,000	9,979,000	10,485,000	10,124,000	9,279,000	10,627,000	10,548,000	10,830,000	10,654,000	10,619,000	9,918,000	8,671,000	7,577,000	9,261,000	8,449,000	10,124,000	6,143,000	8,836,000	7,480,000	6,599,000	4,487,000	7,018,000	5,492,000	4,929,000	3,059,000	2,710,000	3,902,000	3,789,000	4,665,000	5,992,000	6,453,000	6,849,000	6,448,000	8,853,000	6,759,000	7,001,000	6,360,000
deferred rent	1,257,378,000	1,232,719,000	1,210,584,000	1,216,176,000	1,190,336,000	1,138,936,000	1,050,319,000	1,012,666,000	984,366,000	974,865,000	918,995,000	905,699,000	881,743,000	816,219,000	781,600,000	751,967,000	722,751,000	719,552,000	688,749,000	663,926,000	511,680,000	318,286,000	303,379,000	293,144,000	280,570,000	267,954,000	257,427,000	243,459,000	234,124,000	225,506,000	214,793,000	202,087,000	190,425,000	182,909,000	177,507,000	170,100,000	170,396,000	160,914,000	155,295,000	150,515,000		132,954,000	125,867,000	123,091,000	116,849,000	108,303,000	102,422,000	99,248,000	96,700,000	92,022,000	87,697,000	85,970,000	85,733,000	87,097,000	87,222,000	84,152,000	81,496,000	77,228,000	73,493,000
deferred leasing costs	505,241,000	491,074,000	489,287,000	516,872,000	519,629,000	520,616,000	509,398,000	512,216,000	520,610,000	527,848,000	506,864,000	498,434,000	484,184,000	329,952,000	321,005,000	294,328,000	272,673,000	266,440,000	274,483,000	269,458,000	238,295,000	191,765,000	191,619,000	192,418,000
investments	1,537,638,000	1,476,696,000	1,479,688,000	1,519,327,000	1,494,348,000	1,511,588,000	1,449,518,000	1,431,766,000	1,495,994,000	1,573,018,000	1,624,921,000	1,657,461,000	1,661,101,000	2,046,878,000	1,999,283,000	1,641,811,000	1,611,114,000	1,330,945,000	1,318,465,000	1,123,482,000	957,356,000	320,989,000	360,050,000	316,163,000	353,465,000	330,570,000	360,614,000	283,062,000	236,389,000	177,577,000	174,802,000	169,322,000	140,288,000	129,163,000	122,605,000	123,543,000	115,048,000	107,808,000	104,454,000	98,152,000	95,777,000	88,777,000	88,862,000	88,694,000	83,899,000	80,941,000	77,088,000	76,918,000	72,882,000	71,080,000	66,068,000	64,788,000	61,861,000	72,509,000	75,131,000	74,134,000	84,322,000	79,290,000	77,698,000
other assets	1,700,785,000	1,688,091,000	1,758,442,000	1,657,189,000	1,356,503,000	1,424,968,000	1,421,894,000	1,501,611,000	1,475,191,000	1,602,403,000	1,633,877,000	1,667,210,000	1,801,027,000	1,596,615,000	1,536,672,000	1,424,935,000	1,191,581,000	1,169,610,000	930,680,000	983,875,000	368,032,000	206,133,000	104,414,000	130,115,000	121,403,000	138,768,000	131,179,000	133,093,000	114,266,000	117,668,000	105,442,000	145,707,000	134,156,000	159,567,000	120,740,000	135,952,000	90,679,000	94,356,000	93,304,000	86,418,000	82,914,000	200,949,000	184,359,000	157,366,000	135,221,000	134,697,000	115,939,000	127,623,000	126,696,000	126,999,000	116,097,000	106,822,000	115,636,000	118,794,000	119,704,000	118,447,000	119,359,000	124,034,000	126,377,000
total assets	37,375,148,000	37,623,629,000	37,600,428,000	38,488,128,000	37,847,865,000	37,699,046,000	36,771,402,000	36,783,293,000	36,659,257,000	36,912,465,000	34,368,614,000	33,244,053,000	32,844,256,000	28,558,718,000	27,018,850,000	25,234,346,000	22,827,878,000	21,910,671,000	20,069,108,000	19,701,935,000	14,105,566,000	9,293,901,000	9,144,830,000	8,971,532,000	8,911,120,000	8,737,344,000	8,524,891,000	8,405,221,000	8,136,036,000	8,020,314,000	7,815,649,000	7,756,039,000	7,529,764,000	7,358,369,000	7,379,289,000	7,090,919,000	7,150,116,000	6,965,017,000	6,841,739,000	6,718,091,000	6,574,129,000	6,455,556,000	6,343,284,000	5,983,343,000	5,905,861,000	5,748,625,000	5,565,159,000	5,468,534,000	5,457,227,000	5,393,337,000	5,286,653,000	5,235,181,000	5,131,096,000	4,933,140,000	4,803,608,000	4,685,045,000	4,642,094,000	4,307,003,000	3,846,886,000
liabilities, noncontrolling interests, and equity
secured notes payable		153,500,000	150,807,000	145,000,000	134,942,000	130,050,000	119,662,000	109,110,000	91,939,000	73,645,000	40,594,000	24,986,000	208,910,000	198,758,000	227,984,000	229,406,000	230,925,000	342,363,000	344,784,000	347,136,000	632,792,000	789,450,000	722,794,000	816,578,000	818,217,000	773,619,000	771,435,000	760,476,000	652,209,000	636,825,000	615,551,000	597,511,000	708,831,000	708,653,000	711,029,000	730,714,000	716,144,000	719,350,000	719,977,000	721,715,000	724,305,000	760,882,000	774,691,000	787,945,000	790,869,000	841,317,000	859,831,000	884,839,000	937,017,000	837,177,000	941,600,000	1,041,854,000	1,081,963,000	1,078,551,000	1,102,333,000	1,115,852,000	1,212,904,000	1,162,832,000	1,036,269,000
unsecured senior notes payable	12,044,999,000	12,042,607,000	12,640,144,000	12,092,012,000	12,089,561,000	12,087,113,000	11,096,028,000	11,093,725,000	11,091,424,000	11,089,124,000	10,098,588,000	10,096,462,000	10,094,337,000	8,314,851,000	8,313,025,000	8,311,512,000	7,232,370,000	7,230,819,000	6,738,486,000	6,736,999,000	4,290,906,000	2,377,482,000	2,376,713,000	2,031,284,000	2,046,578,000	1,747,613,000	1,747,531,000	1,747,450,000	1,747,370,000	1,747,290,000	1,048,310,000	1,048,270,000	1,048,230,000	1,048,190,000	1,048,395,000	549,816,000	549,805,000	549,794,000	549,783,000	549,536,000
unsecured senior line of credit and commercial paper	1,548,542,000	1,097,993,000	299,883,000	454,589,000	199,552,000		99,952,000			374,536,000	386,666,000	149,958,000		749,978,000	299,990,000		99,991,000	249,989,000
accounts payable, accrued expenses, and other liabilities	2,432,726,000	2,360,840,000	2,281,414,000	2,865,886,000	2,529,535,000	2,503,831,000	2,610,943,000	2,653,126,000	2,494,087,000	2,479,047,000	2,393,764,000	2,317,940,000	2,172,692,000	2,149,450,000	1,825,387,000	1,750,687,000	1,669,832,000	1,609,340,000	1,343,181,000	1,352,554,000
dividends payable	230,603,000	229,686,000	228,622,000	227,191,000	227,408,000	222,134,000	221,824,000	214,450,000	214,555,000	209,346,000	193,623,000	192,571,000	187,701,000	173,560,000	170,647,000	160,779,000	150,982,000	143,040,000	133,681,000	129,981,000	101,084,000	66,705,000	67,188,000	64,275,000	62,005,000	61,340,000	61,194,000	58,824,000	58,814,000	57,549,000	57,377,000	55,860,000	54,420,000	54,413,000	52,141,000	43,955,000	41,401,000	39,468,000	38,357,000	36,962,000	36,579,000	35,287,000	34,068,000	31,172,000	31,114,000	25,554,000	23,683,000	21,709,000	21,686,000	21,665,000	20,005,000	37,701,000	32,105,000	31,939,000	32,877,000	27,772,000	27,575,000	26,604,000	25,005,000
total liabilities	16,256,870,000	15,884,626,000	15,600,870,000	15,784,678,000	15,180,998,000	14,943,128,000	14,148,409,000	14,070,411,000	13,892,005,000	14,225,698,000	13,113,235,000	12,781,917,000	12,663,640,000	11,586,597,000	10,837,033,000	10,452,384,000	9,384,100,000	9,575,551,000	9,000,132,000	8,787,670,000	6,692,182,000	5,000,980,000	4,777,353,000	4,784,241,000	4,617,156,000	4,962,166,000	4,685,772,000	4,608,369,000	4,226,478,000	4,063,199,000	3,826,766,000	3,751,534,000	3,550,823,000	3,377,395,000	3,379,814,000	3,595,638,000	3,647,058,000	3,448,397,000	3,385,154,000	3,279,089,000	3,141,236,000	3,024,697,000	2,887,427,000	2,983,651,000	2,919,533,000	2,839,850,000	3,008,129,000	3,069,353,000	3,051,148,000	3,013,481,000	3,158,902,000	3,198,536,000	3,385,879,000	3,117,312,000	2,977,862,000	2,918,474,000	3,062,768,000	2,756,576,000	2,476,267,000
commitments and contingencies
redeemable noncontrolling interests	58,662,000	9,612,000	9,612,000	16,510,000	16,440,000	16,620,000	16,480,000	51,658,000	52,628,000	44,862,000	9,612,000	9,612,000	9,612,000	11,681,000	11,567,000	11,454,000	11,342,000	11,232,000	12,122,000	12,013,000	10,771,000	9,012,000	9,218,000	14,218,000	14,218,000	14,218,000	14,248,000	14,282,000	14,315,000	14,348,000	14,381,000	14,413,000	14,444,000	14,475,000	14,505,000	14,534,000	14,564,000	15,610,000	15,817,000	15,819,000	16,034,000	15,931,000	15,899,000	15,915,000	15,920,000	15,945,000	17,014,000	17,490,000	41,441,000	41,232,000	41,012,000	32,887,000
alexandria real estate equities, inc.’s stockholders’ equity:
common stock	1,703,000	1,701,000	1,701,000	1,722,000	1,720,000	1,720,000		1,710,000	1,709,000	1,709,000	1,626,000	1,615,000	1,614,000	1,532,000	1,507,000	1,457,000		1,333,000	1,246,000	1,243,000	1,058,000	768,000	766,000	729,000		718,000	717,000	716,000		714,000	713,000	712,000		711,000	710,000	633,000		632,000	622,000	616,000		614,000	614,000	551,000		549,000	496,000	439,000		437,000	390,000	390,000		318,000	318,000	317,000		312,000	292,000
additional paid-in capital	16,669,802,000	17,200,949,000	17,509,148,000	18,238,438,000	18,284,611,000	18,434,690,000	18,485,352,000	18,651,185,000	18,812,318,000	18,902,821,000	17,639,434,000	17,149,571,000	16,934,094,000	14,727,735,000	14,194,023,000	12,994,748,000	11,730,970,000	10,711,119,000	9,443,274,000	9,336,949,000	6,801,150,000	3,649,263,000	3,693,807,000	3,529,660,000	3,558,008,000	3,356,043,000	3,371,016,000	3,383,456,000	3,461,189,000	3,523,195,000	3,542,334,000	3,560,453,000	3,572,281,000	3,578,343,000	3,596,477,000	3,075,860,000	3,086,052,000	3,094,987,000	3,053,269,000	3,022,242,000	3,028,558,000	3,025,444,000	3,024,603,000	2,568,976,000	2,566,238,000	2,504,365,000	2,158,591,000	1,987,512,000	1,977,062,000	1,961,421,000	1,718,737,000	1,662,694,000	1,377,448,000	1,377,280,000	1,375,633,000	1,374,451,000	1,365,773,000	1,334,417,000	1,146,101,000
accumulated other comprehensive loss	-32,203,000	-27,415,000	-46,202,000	-22,529,000	-27,710,000	-23,815,000	-15,896,000	-24,984,000	-16,589,000	-20,536,000	-24,725,000	-11,851,000	-5,727,000	-6,029,000	-4,508,000	-5,799,000	-6,625,000	-10,638,000	-13,080,000	-15,606,000									-628,000	-28,711,000	-16,245,000	-18,429,000	-36,204,000	-40,026,000	-39,565,000
alexandria real estate equities, inc.’s stockholders’ equity	16,639,302,000	17,175,235,000	17,464,647,000	18,217,631,000	18,258,621,000	18,412,595,000	18,471,175,000	18,627,911,000	18,797,438,000	18,883,994,000	17,616,335,000	17,139,335,000	16,929,981,000	14,723,238,000	14,191,022,000	12,990,406,000	11,725,712,000	10,701,814,000	9,431,440,000	9,322,586,000	6,872,783,000	3,910,078,000	4,021,709,000	3,865,720,000									3,916,789,000			3,433,603,000	3,441,851,000	3,455,890,000	3,396,521,000	3,379,770,000	3,374,301,000	3,373,494,000	3,398,583,000
noncontrolling interests	4,420,314,000	4,554,156,000	4,525,299,000	4,469,309,000	4,391,806,000	4,326,703,000	4,135,338,000	4,033,313,000	3,917,186,000	3,757,911,000	3,629,432,000	3,313,189,000	3,241,023,000	2,237,202,000	1,979,228,000	1,780,102,000	1,706,724,000	1,622,074,000	1,625,414,000	1,579,666,000	529,830,000	373,831,000	336,550,000	307,353,000	304,659,000	1,798,000	1,995,000	2,022,000	66,804,000	67,569,000	67,700,000	67,356,000	47,708,000	47,471,000	47,348,000	47,144,000	46,643,000	45,120,000	44,247,000	43,413,000	42,558,000	41,434,000	41,375,000	41,445,000	41,583,000	41,626,000	41,668,000	41,092,000	41,230,000	41,290,000	40,987,000	40,904,000
total equity	21,059,616,000	21,729,391,000	21,989,946,000	22,686,940,000	22,650,427,000	22,739,298,000	22,606,513,000	22,661,224,000	22,714,624,000	22,641,905,000	21,245,767,000	20,452,524,000	20,171,004,000	16,960,440,000	16,170,250,000	14,770,508,000	13,432,436,000	12,323,888,000	11,056,854,000	10,902,252,000	7,402,613,000	4,283,909,000	4,358,259,000	4,173,073,000	4,279,746,000	3,760,960,000	3,824,871,000	3,782,570,000	3,895,243,000	3,942,767,000	3,974,502,000	3,990,092,000	3,964,497,000	3,966,499,000	3,984,970,000	3,480,747,000	3,488,494,000	3,501,010,000	3,440,768,000	3,423,183,000	3,416,859,000	3,414,928,000	3,439,958,000	2,983,777,000	2,970,408,000	2,892,830,000	2,540,016,000	2,381,691,000	2,364,638,000	2,338,624,000	2,086,739,000	2,003,758,000
total liabilities, noncontrolling interests, and equity	37,375,148,000	37,623,629,000	37,600,428,000	38,488,128,000	37,847,865,000	37,699,046,000	36,771,402,000	36,783,293,000	36,659,257,000	36,912,465,000	34,368,614,000	33,244,053,000	32,844,256,000	28,558,718,000	27,018,850,000	25,234,346,000	22,827,878,000	21,910,671,000	20,069,108,000	19,701,935,000	14,105,566,000	9,293,901,000	9,144,830,000	8,971,532,000	8,911,120,000	8,737,344,000	8,524,891,000	8,405,221,000	8,136,036,000	8,020,314,000	7,815,649,000	7,756,039,000	7,529,764,000	7,358,369,000	7,379,289,000	7,090,919,000	7,150,116,000	6,965,017,000	6,841,739,000	6,718,091,000	6,574,129,000	6,455,556,000	6,343,284,000	5,983,343,000	5,905,861,000
common stock, 0.01 par value per share...							1,719,000										1,367,000								725,000				715,000				712,000				632,000				616,000				550,000				438,000				319,000				316,000
unsecured senior lines of credit																			440,000,000
unsecured senior line of credit																				221,000,000	413,000,000	416,000,000	72,000,000	299,000,000	151,000,000	843,000,000	624,000,000	421,000,000	304,000,000	142,000,000	571,000,000	506,000,000	204,000,000	14,000,000		554,000,000	566,000,000	413,000,000	379,000,000	167,000,000
unsecured senior bank term loans																					347,306,000	746,162,000	945,030,000	944,637,000	950,000,000	950,000,000	950,000,000	975,000,000	975,000,000	975,000,000	1,100,000,000	1,100,000,000	1,100,000,000	1,100,000,000	1,200,000,000	1,350,000,000	1,350,000,000	1,350,000,000	1,350,000,000	1,350,000,000
accounts payable, accrued expenses, and tenant security deposits																					907,094,000	605,181,000	593,628,000	628,467,000	589,356,000	586,594,000	531,612,000	645,619,000	489,085,000	504,535,000	434,528,000	443,893,000	435,342,000	452,139,000	368,249,000	367,153,000	423,708,000	376,785,000	348,037,000	323,002,000	325,393,000	330,044,000	300,030,000	283,013,000	304,257,000	294,833,000	300,035,000	284,830,000
7.00% series d cumulative convertible preferred stock																					74,386,000	161,792,000
accumulated other comprehensive income																					-3,811,000	-31,745,000	8,272,000	-8,533,000	49,191,000	35,238,000	83,980,000	29,213,000																													8,093,000	26,341,000	36,159,000
6.45% series e cumulative redeemable preferred stock																						130,000,000
series d cumulative convertible preferred stock																							188,864,000	213,864,000		237,163,000	237,163,000	237,163,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000
series e cumulative redeemable preferred stock																							130,000,000	130,000,000		130,000,000	130,000,000	130,000,000		130,000,000	130,000,000	130,000,000		130,000,000	130,000,000
investment in unconsolidated real estate joint ventures																									127,212,000
deferred leasing and financing costs																									234,093,000	222,343,000	210,709,000	199,576,000	201,798,000	199,835,000	193,621,000	192,618,000	192,658,000	179,805,000	164,362,000	159,872,000	160,048,000	152,021,000	151,355,000	143,754,000	135,550,000
alexandria’s stockholders’ equity:
7.00% series d cumulative convertible preferred stock, 0.01 par value per share...																									237,163,000				237,163,000				250,000,000				250,000,000				250,000,000				250,000,000				250,000,000				250,000,000
6.45% series e cumulative redeemable preferred stock, 0.01 par value per share...																									130,000,000				130,000,000				130,000,000				130,000,000
alexandria’s stockholders’ equity																									3,975,087,000	3,759,162,000	3,822,876,000	3,780,548,000	3,828,439,000	3,875,198,000	3,906,802,000	3,922,736,000		3,919,028,000	3,937,622,000
series d convertible preferred stock																																				250,000,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	250,000,000		250,000,000	250,000,000	220,000,000
series e preferred stock																																				130,000,000		130,000,000	130,000,000	130,000,000
8.375% series c cumulative redeemable preferred stock, 0.01 par value per share...																																									129,638,000				129,638,000				129,638,000				129,638,000				129,638,000
series c preferred stock																																										129,638,000	129,638,000	129,638,000		129,638,000	129,638,000	129,638,000		129,638,000	129,638,000	129,638,000		129,638,000	129,638,000	129,638,000		129,638,000	129,638,000
less: accumulated depreciation
unsecured senior convertible notes																																								1,236,000
preferred stock redemption liability																																								129,638,000
deferred rent receivable																																									142,097,000
unsecured line of credit																																									370,000,000	814,000,000
unsecured bank term loans																																									1,600,000,000
unsecured convertible notes																																									84,959,000	84,484,000	203,638,000	202,521,000	295,293,000	374,146,000	378,580,000	586,975,000	583,929,000	580,919,000	577,984,000	432,266,000	460,000,000	460,000,000	460,000,000	460,000,000	460,000,000	460,000,000	460,000,000
retained earnings																																												360,000	734,000
unsecured term loans																																										1,000,000,000
unsecured line of credit and unsecured term loans																																											1,575,000,000	1,679,000,000
total alexandria real estate equities, inc.’s stockholders’ equity																																												2,942,332,000
investments in real estate:
rental properties																																													4,546,769,000	4,162,394,000	3,979,016,000	3,937,876,000	3,383,308,000	3,366,960,000	3,483,679,000	3,339,992,000	3,325,047,000	3,199,755,000	3,119,482,000	3,079,288,000	3,146,915,000	3,255,989,000	2,802,568,000
land held for future development																																													431,838,000	306,577,000	309,514,000	294,631,000	255,025,000	254,549,000
construction in progress																																													1,045,536,000	1,356,905,000	1,394,778,000	1,326,865,000	1,400,795,000	1,349,656,000
investment in unconsolidated real estate entity																																													36,678,000	35,940,000	35,184,000	34,421,000
unsecured line of credit and unsecured term loan																																													1,498,000,000	1,304,000,000	1,446,000,000	1,291,000,000	1,226,000,000	1,248,000,000	1,307,000,000	1,355,000,000	1,425,000,000	1,266,000,000	1,131,000,000	1,050,000,000	1,115,000,000	880,000,000	778,000,000
alexandria real estate equities, inc. stockholders’ equity:
total alexandria real estate equities, inc. stockholders’ equity																																													2,928,825,000	2,851,204,000	2,498,348,000	2,340,599,000	2,323,408,000	2,297,334,000	2,045,752,000	1,962,854,000
liabilities and equity
total																																														5,748,625,000	5,565,159,000	5,468,534,000	5,457,227,000	5,393,337,000	5,286,653,000
tenant security deposits and other restricted cash																																																	47,291,000	60,002,000	51,683,000	54,770,000	67,782,000	68,040,000	71,927,000	65,612,000	51,911,000	56,399,000	48,332,000
accounts payable, accrued expenses and tenant security deposits																																																	282,516,000	325,720,000	312,313,000	331,715,000	386,811,000	280,822,000	251,652,000	264,850,000	247,289,000	227,140,000	176,993,000
properties undergoing development and redevelopment, and land held for development																																																			1,406,451,000	1,451,566,000	1,397,423,000
total liabilities and equity																																																				5,235,181,000
liabilities and stockholders’ equity
minority interest																																																					75,021,000	75,120,000	74,788,000	74,857,000	75,506,000	59,719,000	58,429,000
stockholders’ equity:
total stockholders’ equity																																																					1,670,196,000	1,740,708,000	1,750,958,000	1,691,714,000	1,503,820,000	1,490,708,000	1,312,190,000
total liabilities and stockholders’ equity																																																					5,131,096,000	4,933,140,000	4,803,608,000	4,685,045,000	4,642,094,000	4,307,003,000	3,846,886,000
properties undergoing development and redevelopment and land held for development																																																						1,364,705,000	1,316,622,000	1,246,905,000	1,143,302,000
9.10% series b cumulative redeemable preferred stock, 0.01 par value per share...
properties undergoing development and land held for development																																																										696,282,000	705,041,000
series b preferred stock

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30

operating activities:
net income	-197,845,000	-62,189,000	38,662,000	213,603,000	94,049,000	219,176,000	-42,658,000	68,254,000	133,705,000	121,693,000	383,443,000	309,382,000	-117,392,000	124,433,000	404,520,000	25,533,000	457,133,000	95,799,000	243,561,000	30,678,000	28,559,000	-108,116,000	9,966,000	42,977,000	39,699,000	38,430,000	25,008,000	-6,030,000	35,943,000	36,116,000	40,749,000	44,222,000	32,453,000	33,337,000	30,237,000	28,807,000	18,305,000	25,641,000	32,775,000	35,462,000	32,995,000	34,311,000	32,625,000	92,000,000	30,461,000	-12,224,000	28,785,000	29,905,000	26,378,000	44,116,000	41,249,000	28,160,000	28,600,000	28,421,000	37,688,000	24,992,000	22,900,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	340,230,000	346,123,000	342,062,000	293,998,000	290,720,000	287,554,000	285,246,000	269,370,000	273,555,000	265,302,000	254,929,000	242,078,000	240,659,000	210,842,000	190,052,000	180,913,000	177,750,000	176,831,000	168,027,000	175,496,000	77,133,000	70,169,000	70,866,000	72,245,000	67,953,000	62,171,000	58,920,000	57,973,000	58,388,000	57,314,000	50,421,000	48,101,000	49,102,000	46,580,000	46,995,000	48,072,000	48,173,000	52,355,000	43,405,000	40,966,000	39,990,000	40,363,000	36,707,000	34,551,000	32,009,000	30,342,000	29,738,000	29,004,000	28,336,000	29,722,000	31,446,000	28,483,000	27,447,000	27,003,000	25,810,000	26,969,000	24,194,000
impairment of real estate	323,870,000	129,606,000	32,154,000	5,741,000			271,890,000	20,649,000						42,620,000	4,926,000	5,129,000	25,177,000	7,680,000	13,218,000	2,003,000	8,114,000	156,143,000	28,980,000	8,740,000	0	0	14,510,000
gain on sales of real estate	-9,366,000	0	-13,165,000	-27,114,000	0	-392,000	-62,227,000	0			-323,699,000			435,000	0	-2,779,000
loss on early extinguishment of debt											0			0	0	67,253,000	7,898,000							0	0			0				0	1,432,000			0	0	1,602,000	623,000		2,742,000	1,248,000	2,495,000
equity in losses (earnings) of unconsolidated real estate joint ventures			507,000																	3,116,000	-273,000	146,000	397,000
distributions of earnings from unconsolidated real estate joint ventures	460,000	1,117,000	172,000	985,000	768,000	884,000	667,000	941,000	1,364,000	285,000	465,000	1,314,000	975,000	4,994,000	5,627,000	4,958,000	2,188,000	282,000	2,948,000	490,000	105,000	83,000	98,000
amortization of loan fees	4,505,000	4,615,000	4,691,000	4,222,000	4,146,000	4,142,000	4,059,000	4,059,000	3,729,000	3,639,000	3,235,000	3,236,000	3,103,000	2,854,000	2,859,000	2,817,000	2,905,000	2,605,000	2,737,000	2,247,000	3,080,000	2,952,000	2,760,000		2,625,000	2,889,000	2,834,000
amortization of debt discounts	325,000	335,000	349,000	330,000	328,000	318,000	309,000	306,000	304,000	288,000
amortization of acquired above- and below-market leases	-6,456,000	-10,196,000	-15,222,000	-17,312,000	-22,515,000	-30,340,000	-23,684,000	-23,222,000	-24,789,000	-21,636,000	-23,546,000	-16,760,000	-13,915,000	-13,664,000	-13,267,000	-12,112,000
deferred rent	-18,821,000	-18,536,000	-22,023,000	-29,087,000	-48,338,000	-48,251,000	-41,586,000	-29,805,000	-29,335,000	-33,191,000	-24,431,000	-27,362,000	-42,025,000	-33,918,000	-27,903,000	-27,382,000	-23,890,000	-28,822,000	-23,367,000	-20,597,000	-16,111,000	-2,430,000	-12,138,000	-13,062,000	-11,228,000	-13,292,000	-9,901,000	-9,215,000	-10,892,000	-12,737,000	-11,882,000	-7,928,000	-5,570,000
stock compensation expense	10,293,000	12,530,000	10,064,000	15,525,000	14,507,000	17,125,000	34,592,000	16,288,000	15,492,000	16,486,000	17,786,000	14,340,000	14,028,000	9,728,000	12,242,000	12,446,000	11,394,000	12,994,000	9,185,000	9,929,000	7,451,000	6,117,000	5,439,000	4,590,000	5,178,000	4,054,000	3,690,000	4,624,000	3,068,000	3,076,000	3,228,000	4,011,000	3,729,000	4,463,000	3,349,000	3,748,000	3,845,000	3,274,000	3,293,000	3,306,000	3,344,000	2,749,000	2,356,000	2,767,000	2,660,000	2,658,000	2,731,000	3,194,000	4,141,000	3,694,000	3,022,000	3,563,000	3,523,000	3,055,000	3,536,000	2,988,000	2,774,000
investment loss	-28,161,000	30,622,000	49,992,000				-8,654,000	80,672,000	78,268,000	45,111,000	32,305,000	39,481,000	240,319,000							21,821,000
changes in operating assets and liabilities:
tenant receivables	-156,000	635,000	-467,000	-157,000	642,000	731,000	-1,301,000	47,000	1,734,000	-582,000	-728,000	497,000	-191,000	-1,042,000	848,000	-221,000	318,000	-414,000	7,774,000	-4,874,000	-434,000	756,000	521,000	-373,000	-863,000	1,345,000	-102,000	266,000	-204,000	-45,000	-690,000	-1,248,000	-1,118,000													-93,000	1,187,000	-113,000	876,000	1,327,000	461,000
deferred leasing costs	-20,532,000	-17,082,000	-26,645,000	-20,048,000	-30,590,000	-23,970,000	-27,766,000	-25,206,000	-22,898,000	-33,469,000	-33,633,000	-40,439,000	-75,162,000	-20,260,000	-31,355,000	-23,359,000	-25,787,000	-12,659,000	-13,536,000	-9,085,000	-7,763,000	-6,775,000	-7,083,000	-17,690,000	-23,222,000	-17,372,000	-7,131,000	-12,372,000	-8,458,000	-9,880,000	-7,572,000	-17,635,000	-14,081,000
other assets	-26,897,000	26,284,000	-37,034,000	-33,288,000	37,682,000	-40,728,000	21,705,000	-25,642,000	30,157,000	-25,422,000	-10,826,000	15,725,000	-22,618,000	-18,562,000	17,026,000	-25,775,000	-4,903,000	-4,907,000	9,706,000	-10,893,000	-8,882,000	-3,406,000	-2,525,000	4,642,000	-8,800,000	-1,674,000	-3,247,000	4,762,000	-6,312,000	11,399,000	-17,315,000	5,130,000	-16,471,000
accounts payable, accrued expenses, and other liabilities	62,123,000	7,356,000	-156,148,000	85,375,000	-3,895,000	-1,653,000	18,388,000	61,421,000	63,603,000	-32,740,000	48,726,000	8,390,000	-36,051,000	71,036,000	-18,477,000	9,759,000	-30,998,000	36,726,000	-14,638,000	7,788,000
net cash from operating activities	433,478,000	460,241,000	207,949,000	477,392,000	411,797,000	341,157,000	428,617,000	417,890,000	478,473,000	305,570,000	363,038,000	339,034,000	191,086,000	308,823,000	239,761,000	212,053,000	173,569,000	315,284,000	202,390,000	191,267,000	119,743,000	70,326,000	101,782,000	96,200,000	95,011,000	44,559,000	106,841,000	79,201,000	110,633,000	71,232,000	73,259,000	76,351,000	93,302,000	95,833,000	47,241,000	78,043,000	84,870,000	92,935,000	49,685,000	61,119,000	73,901,000	66,151,000	45,789,000	57,391,000	40,687,000	70,134,000	51,134,000	22,286,000	52,520,000	63,023,000	68,121,000	64,294,000	86,989,000	56,208,000	25,218,000	46,835,000	57,154,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	433,478,000	460,241,000	207,949,000	477,392,000	411,797,000	341,157,000	428,617,000	417,890,000	478,473,000	305,570,000	363,038,000	339,034,000	191,086,000	308,823,000	239,761,000	212,053,000	173,569,000	315,284,000	202,390,000	191,267,000	119,743,000	70,326,000	101,782,000	96,200,000	95,011,000	44,559,000	106,841,000	79,201,000	110,633,000	71,232,000	73,259,000	76,351,000	93,302,000	95,833,000	47,241,000	78,043,000	84,870,000	92,935,000	49,685,000	61,119,000	73,901,000	66,151,000	45,789,000	57,391,000	40,687,000	70,134,000	51,134,000	22,286,000	52,520,000	63,023,000	68,121,000	64,294,000	86,989,000	56,208,000	25,218,000	46,835,000	57,154,000
investing activities:
proceeds from sales of real estate	78,078,000	80,845,000	68,182,000	213,120,000	0	16,670,000	434,422,000	168,691,000			618,952,000										10,427,000			37,344,000	0	24,839,000	67,616,000
additions to real estate	-457,607,000	-435,165,000	-645,841,000	-691,137,000	-547,946,000	-693,268,000	-817,297,000	-788,758,000	-938,875,000	-873,366,000	-946,428,000	-711,225,000	-666,364,000	-540,227,000	-536,572,000	-465,411,000	-373,069,000	-346,360,000	-352,243,000	-373,499,000	-275,507,000	-203,560,000	-159,501,000	-201,991,000	-135,913,000	-121,670,000	-104,632,000
purchases of real estate				0	-7,047,000	-194,002,000	-8,417,000	-24,016,000	-55,774,000	-177,543,000	-317,073,000	-278,899,000	-1,903,800,000	-811,235,000	-1,076,426,000	-1,871,043,000	-581,045,000	-1,289,747,000	-217,492,000	-482,409,000
change in escrow deposits	744,000	1,398,000	-9,506,000	-3,039,000	-1,465,000	-1,008,000	400,000	-19,645,000	4,297,000	9,366,000	8,200,000	37,805,000	100,635,000	-15,440,000	-33,671,000	-98,303,000	14,449,000	-25,760,000
investments in unconsolidated real estate joint ventures	-184,000	-61,000	-10,994,000	-326,000	-489,000	-3,224,000	-159,000	-167,000	-226,000	-106,000	-909,000	-1,000	-335,000	-19,000			-153,000	-430,000	-269,000	-2,592,000	-978,000	-5,497,000	-449,000
return of capital from unconsolidated real estate joint ventures											0	0	471,000				0	0	1,000	20,224,000
additions to non-real estate investments	-64,307,000	-51,334,000	-69,311,000	-62,852,000	-62,136,000	-60,572,000	-33,109,000	-52,524,000	-56,438,000	-47,401,000	-46,599,000	-75,846,000	-64,247,000	-85,569,000	-156,169,000	-77,339,000	-58,289,000	-40,398,000	-44,908,000	-31,060,000
sales of and distributions from non-real estate investments	34,933,000	29,443,000	12,691,000	55,754,000	45,458,000	40,550,000	34,097,000	39,964,000	59,950,000	49,385,000	59,438,000	45,386,000	44,842,000
net cash from investing activities	-407,885,000	-374,874,000	-654,779,000	-488,480,000	-573,625,000	-894,854,000	-390,063,000	-676,455,000	-394,436,000	-1,039,665,000	-624,419,000	-607,401,000	-2,488,798,000	-1,296,936,000	-1,698,577,000	-2,437,880,000	-413,145,000	-1,467,956,000	-563,468,000	-833,592,000	-341,337,000	-202,842,000	-171,122,000	-164,905,000	-241,450,000	-145,988,000	-170,052,000	-160,490,000	-201,162,000	-110,458,000	-162,719,000	-200,258,000	-174,645,000	-146,948,000	-69,524,000
alexandria real estate equities, inc.consolidated statements of cash flows
financing activities:
borrowings under secured note payable	2,000
repayments of borrowings from secured notes payable											-28,000	0	-906,000	-858,000	-827,000	-15,423,000	-79,363,000	-1,653,000	-1,609,000	-1,479,000	-928,000	-174,511,000	-58,657,000	-77,598,000	-2,142,000	-2,141,000	-7,934,000	-2,142,000	-9,482,000	-8,583,000	-210,844,000	-2,099,000	-2,684,000
proceeds from issuance of unsecured senior notes payable	0	0	548,532,000	0	0	998,806,000		0	0	996,205,000	0	0	1,793,318,000	0	0	1,743,716,000	0	998,119,000	1,000	699,531,000	0							0				0	3,251,000			1,000	0	0	544,649,000
repayment of unsecured senior notes payable	0
proceeds from issuances under commercial paper program	6,910,000,000	5,768,015,000	2,700,000,000	2,928,650,000	1,836,950,000	3,170,000,000		0	930,000,000	775,000,000	4,251,500,000	1,290,000,000	6,120,000,000	9,560,000,000	5,480,000,000	6,810,000,000
repayments of borrowings under commercial paper program	-6,460,000,000	-4,968,015,000	-2,400,000,000	-2,673,650,000	-1,636,950,000	-3,270,000,000	-7,429,000,000	0	-1,305,000,000	-400,000,000	-4,014,685,000	-1,140,000,000	-6,390,000,000	-9,110,000,000	-5,180,000,000	-6,910,000,000
payments of loan fees	99,000	0	-5,406,000	-26,248,000	0	-10,118,000	0	-5,934,000	-124,000	-9,989,000	-18,002,000	0	-17,596,000	0	-271,000	-16,599,000	-15,319,000	-9,033,000	-3,000	-7,954,000
taxes paid related to net settlement of equity awards	-10,936,000	-713,000	-5,558,000	-18,653,000	-3,053,000	-23,964,000	-4,389,000	-7,682,000	-4,667,000	-7,854,000	-17,841,000	-6,358,000	-8,906,000	-15,321,000	-6,496,000	-1,678,000	-5,091,000	-9,341,000	-5,637,000	-1,253,000
repurchase of common stock	0	0	-208,187,000
dividends on common stock	-227,202,000	-227,230,000	-229,987,000	-227,408,000	-222,134,000	-221,824,000	-214,451,000	-214,555,000	-209,346,000	-209,131,000	-192,571,000	-187,700,000	-183,847,000	-170,648,000	-160,778,000	-150,982,000	-143,040,000	-133,681,000	-129,981,000	-126,278,000	-62,377,000	-59,099,000	-56,490,000	-55,824,000	-55,677,000	-53,308,000	-53,295,000
contributions from and sales of noncontrolling interests	36,107,000	41,646,000	54,409,000	91,608,000	76,791,000	82,853,000	111,184,000	136,676,000	220,194,000	79,337,000	434,320,000	209,524,000	819,610,000	271,541,000	309,318,000	48,279,000	303,406,000	8,432,000	53,019,000	2,756,000
distributions to and purchases of noncontrolling interests	-63,107,000	-57,584,000	-83,852,000	-59,201,000	-60,331,000	-111,540,000	-51,375,000	-59,099,000	-71,431,000	-63,186,000	-47,461,000	-61,723,000	-30,501,000		-27,933,000	-25,879,000								-1,093,000	-1,083,000
net cash from financing activities	30,751,000	-40,676,000	370,775,000	24,945,000	-3,969,000	624,429,000	55,194,000	-133,596,000	-422,252,000	1,174,810,000	610,125,000	-83,670,000	2,752,570,000	998,681,000	1,281,828,000	2,162,254,000	351,575,000	1,395,812,000	113,294,000	889,675,000	124,161,000	242,779,000	90,780,000	117,488,000	154,519,000	79,448,000	67,671,000	101,332,000	98,126,000	25,380,000	106,474,000	130,713,000	-169,735,000			118,656,000	47,636,000	77,217,000	71,351,000	81,827,000	61,978,000	305,650,000	29,701,000	17,126,000	136,433,000	54,327,000	30,026,000	54,041,000	49,173,000	-9,208,000	109,434,000	128,592,000	77,541,000	69,525,000	22,312,000	243,859,000	390,739,000
effect of foreign exchange rate changes on cash and cash equivalents	-113,000	-497,000	-38,000	-73,000	-45,000	192,000		-418,000	121,000	-306,000	-238,000	-467,000	81,000	-87,000	158,000	271,000		363,000	953,000	-1,668,000	-639,000	-460,000	-341,000	-68,000	-314,000	-43,000	170,000	-1,055,000	-2,275,000	577,000	260,000	-2,949,000	2,712,000
net increase in cash, cash equivalents, and restricted cash			-76,093,000		-165,842,000	70,924,000	93,060,000	-392,579,000	-338,094,000	440,409,000	348,506,000	-352,504,000	454,939,000			-63,302,000	112,662,000			245,682,000
cash, cash equivalents, and restricted cash as of the beginning of period	0	0	559,847,000	0	0	660,771,000	0	0	0	857,975,000	0	0	415,227,000	0	0	597,705,000	0	0	0	242,689,000
cash, cash equivalents, and restricted cash as of the end of period	56,231,000	44,194,000	483,754,000	13,784,000	-165,842,000	731,695,000	93,060,000	-392,579,000	-338,094,000	1,298,384,000	348,506,000	-352,504,000	870,166,000	10,481,000	-176,830,000	534,403,000	112,662,000	243,503,000	-246,831,000	488,371,000
supplemental disclosure and non-cash investing and financing activities:
cash paid during the period for interest, net of interest capitalized	40,822,000	54,210,000	33,776,000	30,782,000	21,977,000	34,901,000	30,024,000	12,529,000	-17,489,000	21,519,000	41,937,000	3,365,000	22,550,000	36,694,000	18,645,000	55,052,000	14,980,000	55,654,000	25,217,000	65,500,000	21,164,000	23,588,000	14,068,000	29,659,000	19,865,000	28,818,000	15,514,000	24,183,000	1,861,000	25,829,000	6,093,000	25,576,000	5,022,000	19,295,000	9,964,000	21,609,000	7,798,000
accrued construction for current-period additions to real estate	27,586,000	58,991,000	147,045,000	16,149,000	84,882,000	318,041,000	-12,354,000	145,898,000	76,778,000	419,029,000	36,019,000	217,196,000	300,713,000	74,208,000	109,546,000	193,439,000	69,683,000	57,340,000	14,017,000	134,414,000
transfer of real estate assets and/or equipment from tenants	0	131,203,000	39,950,000	61,843,000
notes receivable issued in connection with sales of real estate	0	0	91,000,000
derecognition of net investment in real estate from sales-type lease	0	0	4,677,000
contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner				3,394,000	0	103,547,000
reallocation of additional paid-in capital to consolidated joint venture partner’s noncontrolling interest
initial recognition of right-of-use asset and lease liability
exchange of joint venture interests:
disposition of our interest in pacific technology park
acquisition of our partner’s noncontrolling interest in 199 east blaine street
equity in losses of unconsolidated real estate joint ventures
net decrease in cash, cash equivalents, and restricted cash
reallocation of additional paid-in capital to consolidated joint venture partner’s non-controlling interest
borrowings under secured notes payable			824,000	9,879,000	4,758,000	10,216,000
reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest				0	0	30,185,000
equity in earnings of unconsolidated real estate joint ventures				-139,000	-130,000	-155,000	-363,000	-242,000	-181,000	-194,000	-40,000	-213,000	-220,000	-3,091,000			-3,593,000	-3,778,000
investment (income) loss						-43,284,000										-1,014,000
borrowings under unsecured senior line of credit
repayments of borrowings under unsecured senior line of credit
transfer of equipment and/or real estate assets from tenants						11,965,000
operating activities
investing activities
sales of interest in unconsolidated real estate joint ventures
acquisitions of interest in unconsolidated real estate joint venture
the accompanying notes are an integral part of these consolidated financial statements.
financing activities
repayments of borrowings under secured notes payable
payment for the defeasance of secured note payable											0
proceeds from issuances of unsecured senior notes payable
repayments of unsecured senior notes payable														0	0	-650,000,000	0
proceeds from issuance under commercial paper program
premium paid for early extinguishment of debt														0	0	-66,829,000	-5,732,000
proceeds from issuance of common stock											199,430,000	0	646,316,000	492,081,000	868,815,000	1,397,649,000	502,289,000	1,309,235,000	0	504,338,000																-553,000	61,058,000			0	0			0				0	233,533,000	0	254,630,000					28,211,000
effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
contribution of assets from real estate joint venture partner							0	0	0	33,250,000				85,750,000	0	33,000,000	0	0	0	350,000,000
issuance of noncontrolling interest to joint venture partner							0	0	0	-33,250,000				-85,750,000	0	-33,000,000	0	0	0	-292,930,000
transfer of real estate assets from tenants
payable for purchase of noncontrolling interest																								795,000	785,000	61,295,000	-113,967,000
right-of-use asset											3,798,000	7,851,000	10,127,000	0			20,271,000	34,583,000	0	32,700,000
lease liability											-3,798,000	-7,851,000	-10,127,000	0			-20,271,000	-34,583,000	0	-32,700,000
consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture														0	0	19,613,000
assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture														0	0	-14,558,000
deferred purchase price in connection with acquisitions of real estate
assignment of secured notes payable in connection with sale of real estate
borrowings from secured notes payable								17,028,000	18,122,000	14,428,000	15,463,000	10,891,000	5,082,000								66,608,000	83,800,000	64,922,000	122,379,000	4,508,000	13,282,000	29,585,000	17,589,000	30,864,000	26,732,000	51,030,000	2,170,000	205,000	8,899,000	17,215,000	14,936,000
borrowings from unsecured senior line of credit								0	0	375,000,000	0	0	1,180,000,000	0	0	2,101,000,000	0			783,000,000	863,000,000	931,000,000	555,000,000	713,000,000	517,000,000
repayments of borrowings from unsecured senior line of credit								0	0	-375,000,000	0	0	-1,180,000,000	0	0	-2,101,000,000	0			-946,000,000	-519,000,000	-1,158,000,000	-407,000,000	-1,405,000,000	-298,000,000	-545,000,000	-50,000,000	-116,000,000	-682,000,000	-212,000,000	-58,000,000	-220,000,000	0
acquisition of interest in unconsolidated real estate joint venture														0	0	-9,048,000
assignment of secured notes payable in connection with the sale of real estate
amortization of debt premiums												267,000	-424,000	-498,000	-465,000	-576,000	-869,000	-910,000	-888,000	-888,000	-5,000	-26,000	-86,000
investment income														-67,084,000			-255,137,000	-3,348,000
proceeds from sale of real estate														39,550,000	0	25,695,000
distributions to and redemption of noncontrolling interests																		-27,613,000	-21,496,000	-16,986,000
supplemental disclosures and non-cash investing and financing activities:
assignment of secured note payable in connection with the disposition of real estate
sales of non-real estate investments															104,981,000	57,569,000	37,479,000	35,202,000	37,558,000	30,910,000
equity in (earnings) losses of unconsolidated real estate joint ventures																-3,537,000
acquisitions of interest in unconsolidated real estate joint ventures
repayments of borrowings from commercial paper program
repayments of borrowings from unsecured senior bank term loan
repurchase of 7.00% series d cumulative convertible preferred stock
dividends on preferred stock																					-5,401,000	-5,839,000	-6,247,000	-6,246,000	-6,247,000	-6,246,000	-6,247,000
assumption of secured notes payable in connection with purchase of properties																												0	0	0	-48,329,000
payable for purchase of real estate
issuance of common stock for conversion of 7.00% series d preferred stock
gain on sale of real estate																																0	0
amortization of acquired below-market leases																		-13,979,000	-13,787,000	-15,964,000	-965,000	-966,000	-974,000	-997,000	-3,182,000
borrowings from unsecured senior lines of credit
repayments of borrowings from unsecured senior lines of credit
proceeds from issuance of commercial paper notes
deposits for investing activities																				4,834,000	-54,923,000			1,206,000	8,794,000	12,499,000	-28,000,000
proceeds from issuance of commercial paper																				2,158,900,000
repayments of borrowings from commercial paper																				-2,158,900,000
gain on sales of real estate – rental properties
gain on sales of real estate – land parcels
accounts payable, accrued expenses, and tenant security deposits																					31,370,000	-34,206,000	8,999,000	12,377,000	33,033,000	-28,731,000	27,121,000	-9,794,000	36,361,000	-16,631,000	16,716,000	5,521,000	43,222,000			24,319,000	17,060,000			15,818,000	25,665,000			5,808,000	-3,303,000	5,067,000	3,289,000
acquisitions of interests in unconsolidated real estate joint ventures
additions to investments																					-16,018,000	-30,281,000	-22,085,000	-27,980,000	-15,227,000	-37,620,000	-15,118,000	-24,746,000	-10,126,000	-13,453,000	-11,905,000	-13,243,000	-8,002,000
sales of investments																					13,752,000	10,630,000	10,913,000	27,546,000	17,116,000	20,129,000	2,345,000
repayments of borrowings from unsecured senior bank term loans																									0
payment of loan fees																					-8,572,000	-7,550,000	-377,000	-6,402,000	-623,000	-2,996,000	-563,000
redemption of 6.45% series e cumulative redeemable preferred stock
proceeds from the issuance of common stock																					0	342,524,000	25,278,000	73,411,000	0
contributions from noncontrolling interests
supplemental disclosure of cash flow information:
non-cash investing activities:
change in accrued construction																					-36,848,000	30,674,000	29,197,000	-2,765,000	20,164,000	-34,718,000	7,249,000
contribution of real estate to an unconsolidated real estate joint venture
investment gains																					-8,115,000	-14,715,000	-5,891,000	-12,667,000	-8,658,000	-7,773,000	-5,937,000	-2,132,000	-3,256,000	-2,185,000	-4,040,000
investment losses																					3,849,000	5,039,000	1,782,000	4,936,000	3,280,000	5,652,000	2,225,000	562,000	3,485,000	3,546,000	1,694,000
restricted cash																					-510,000	-439,000	671,000	36,000	-86,000	161,000	-51,000					-344,000	851,000	-1,114,000	1,506,000				862,000		379,000	73,000	37,000	-579,000	303,000	-224,000	2,179,000
purchase of real estate																								0	-111,440,000	-43,555,000	-93,938,000
repayment of notes receivable																					18,000			18,000	17,000	33,000	4,214,000
change in restricted cash related to financing activities																					-2,840,000	2,266,000	8,316,000	8,579,000	-3,217,000	-151,000	-1,369,000
repurchase of 7.00% series d preferred stock
financing costs paid for sale of noncontrolling interests
contributions from and sale of noncontrolling interests																					37,601,000
distributions to and purchase of noncontrolling interests																					-4,607,000
net increase in cash and cash equivalents																					-98,072,000	109,803,000	21,099,000	48,715,000	7,766,000	-22,024,000	4,630,000	18,988,000	5,322,000	-13,269,000	17,274,000	3,857,000	-248,366,000			46,067,000	13,967,000							-19,579,000	37,557,000	2,274,000	352,000				54,120,000	55,770,000				-2,750,000	3,763,000
cash and cash equivalents as of the beginning of period																					0	0	125,098,000		0	0	86,011,000
cash and cash equivalents as of the end of period																					-98,072,000	109,803,000	146,197,000		7,766,000	-22,024,000	90,641,000
assumption of secured notes payable in connection with purchase of real estate																									0	0	-82,000,000
non-cash financing activities:
redemption of redeemable noncontrolling interest
repurchase of series d cumulative convertible preferred stock
financing costs paid for sales of noncontrolling interests																						-1,673,000	-6,420,000
redemption of redeemable noncontrolling interests
redemption of series d cumulative convertible preferred stock																							-25,618,000
contributions by noncontrolling interests																									0	0	340,000	0	0	0	19,410,000					249,000	501,000	500,000	625,000					12,000	56,000			0
distributions to noncontrolling interests																							-1,927,000				-9,846,000	-1,192,000	-1,206,000	-400,000	-988,000	288,000	-1,461,000
supplemental disclosure of cash flow information
non-cash investing activities
non-cash financing activities
(gain) loss on sales of real estate – rental properties
amortization of loan fees and costs																												2,819,000	2,786,000	2,743,000	2,561,000	2,636,000	2,487,000	2,427,000	2,386,000	2,505,000	2,470,000	2,214,000	2,643,000	2,551,000	2,144,000	2,327,000	2,278,000	1,999,000	1,795,000	2,026,000	2,072,000	2,081,000	2,061,000	2,497,000	1,319,000	1,764,000	1,739,000	1,714,000	1,775,000	1,733,000	1,637,000
amortization of debt (premiums) discounts																								-90,000	-100,000	-100,000	-82,000
change in restricted cash related to construction projects and investing activities
repayments of unsecured senior bank term loan
repurchase of unsecured senior convertible notes																																0
contributions by and sales of noncontrolling interests
cash and cash equivalents at beginning of period																												0	0	0	57,696,000	0	0	0	140,971,000	0	0	0	78,539,000	0	0	0	91,232,000	0	0	0	70,628,000	0	0	0	71,161,000	0	0	0	8,030,000	0	0
cash and cash equivalents at end of period																												18,988,000	5,322,000	-13,269,000	74,970,000	3,857,000	-248,366,000	215,204,000	87,001,000	46,067,000	13,967,000	3,576,000	77,361,000	5,483,000	12,131,000	-17,271,000	78,196,000	-19,579,000	37,557,000	2,274,000	70,980,000	2,348,000	-2,033,000	-54,968,000	125,281,000	55,770,000	8,319,000	-582,000	7,654,000	-2,750,000	3,763,000
note receivable issued in connection with sales of real estate
equity in earnings of unconsolidated joint ventures
distributions of earnings from unconsolidated joint ventures																									92,000	157,000	491,000
change in restricted cash related to construction projects																												-5,029,000	1,044,000	5,790,000	-140,000	1,944,000	14,600,000											3,120,000	2,326,000	3,658,000	9,048,000
investment in unconsolidated real estate joint ventures																									-4,797,000	-643,000	-2,539,000
equity in earnings from unconsolidated joint ventures																										-541,000	-574,000
amortization of acquired below market leases																											-933,000
principal borrowings from unsecured senior line of credit																											167,000,000	278,000,000	253,000,000	277,000,000	360,000,000			126,000,000	179,000,000
(gain) loss on sales of real estate
amortization of debt premiums/discounts																												17,000	-36,000	-69,000	205,000	146,000	146,000	122,000	115,000	110,000	112,000	110,000	179,000
amortization of acquired above and below market leases																												-654,000	-757,000	-618,000	-816,000	-826,000	-830,000
investment in unconsolidated joint venture
distributions from unconsolidated joint venture
proceeds from sales of investments																												5,090,000	5,089,000	4,796,000	3,998,000
proceeds from repayment of notes receivable																												17,000
redemption of series c cumulative redeemable preferred stock
proceeds from issuance of series e cumulative redeemable preferred stock
loan fees and costs paid
proceeds from common stock offerings																																-1,217,000
proceeds from exercise of stock options																																				0	0	43,000	112,000	952,000	0	369,000	796,000	204,000	830,000	-3,351,000	5,194,000	2,715,000	271,000	1,000	30,000	11,000	538,000	1,549,000	411,000	-231,000	317,000
dividends paid on common stock																												-51,846,000	-51,673,000	-50,153,000	-48,714,000	-48,709,000	-46,435,000
dividends paid on preferred stock																												-6,471,000	-6,471,000	-6,472,000	-6,471,000	-6,471,000	-6,472,000
distributions to redeemable noncontrolling interests																												-298,000	-298,000
note receivable issued in connection with sale of real estate
write-off of fully amortized improvements
gain on sales of land parcels
loss on sales of real estate
proceeds from sales of properties																													10,510,000											2,739,000				265,465,000	0	0	10,514,000	6,092,000	0	0	11,929,000
additions to properties																													-134,282,000	-99,205,000	-111,587,000	-143,249,000	-151,213,000
purchase of properties																													0	-55,447,000	-42,338,000	-97,532,000
deposits for property acquisitions
investment in unconsolidated real estate jvs
repayment of unsecured senior bank term loan																																	-100,000,000
change in restricted cash related to financings																													-837,000	153,000	1,059,000	1,623,000	-15,711,000	7,978,000	8,656,000					4,721,000	-2,234,000
deferred financing costs paid																													-7,679,000	-302,000	-8,000	-3,681,000	-14,790,000
proceeds from common stock offering
gain on sale of land parcel																																	0
loss on sale of real estate																																			340,000
contributions to unconsolidated real estate entity																														-658,000	-747,000	-4,106,000	-8,718,000
loss in investments from unconsolidated real estate entity
proceeds from repayment of note receivable
change in accrued capital expenditures																														6,620,000	-6,028,000			-11,153,000	-37,045,000
note receivable from sale of real estate																																0	0	0	38,820,000	0
impairment of land parcel
gain on sale of land parcels
distributions from unconsolidated real estate entity
principal borrowings from unsecured senior bank term loans
contributions by redeemable noncontrolling interests																																												0	0			252,000	282,000
non-cash impairment of real estate
equity in loss related to investments																																					0	0	26,000													67,000	27,000	2,000	77,000		118,000
gain on sales of investments																																	-2,050,000																		380,000
loss on sales of investments																																	0	143,000	386,000	1,004,000	518,000	1,088,000	1,000	555,000	293,000	-444,000	1,391,000	567,000	134,000	14,000	7,000	488,000	250,000
proceeds from sale of properties																																	0	21,612,000	80,203,000
proceeds from investments																																	3,206,000	7,572,000	1,972,000		2,346,000	12,774,000	4,785,000	2,353,000	5,915,000	6,086,000	2,495,000	1,187,000	868,000	1,588,000	1,071,000			2,118,000	246,000	2,117,000	2,973,000	4,427,000	3,794,000	4,045,000	4,910,000
principal borrowings from unsecured senior line of credit and unsecured senior bank term loans
distribution from unconsolidated real estate entity																																							22,250,000
loss in investments from unconsolidated entity
proceeds from issuance of series e preferred stock																																				0	0
net decrease in cash and cash equivalents
equity in loss (income) related to investments
distributions from unconsolidated real estate entity related to sale of land parcel																																				0
transfer of cash to unconsolidated real estate entity upon deconsolidation
payment on exchange of 8.00% unsecured senior convertible notes
redemption of series c preferred stock
effect of exchange rate changes on cash and cash equivalents																																				-927,000	-1,968,000	1,000,000	2,034,000
changes in accrued capital expenditures
proceeds from sale of property																																					34,274,000
principal reductions of secured notes payable
principal borrowings from unsecured senior line of credit and unsecured senior bank term loan																																						281,147,000	248,000,000
proceeds from issuance of preferred stock																																							124,868,000
gain on early extinguishment of debt																																												2,372,000	1,300,000
equity in income related to investments
non-cash impairment on real estate
proceeds from secured notes payable																																																120,878,000	0	0	1,082,000	6,288,000	3,307,000			38,233,000	200,000,000
principal borrowings from unsecured line of credit and unsecured bank term loans
repayments of borrowings from unsecured line of credit
proceeds from issuance of unsecured convertible notes
payment on exchange of 8.00% unsecured convertible notes
repurchase of unsecured convertible notes
cash paid during the year for interest, net of interest capitalized
amortization of debt premiums/discount																																									750,000	1,169,000	1,335,000		2,092,000	2,849,000	3,026,000		2,923,000	2,605,000	2,262,000
gain on sales of property
changes in assets and liabilities:
principal borrowings from unsecured line of credit and unsecured term loans																																									282,000,000	1,248,317,000	460,000,000
equity in (income) loss related to investments
gain/loss on sales of real estate
non-cash impairment on investments																																																				11,266,000	0	0	1,985,000
principal borrowings from unsecured line of credit and term loan																																												399,000,000	183,000,000	192,000,000	80,000,000	113,000,000	193,000,000	184,000,000	206,000,000					338,000,000	451,000,000
proceeds from issuance of series d convertible preferred stock																																																				0	0	29,100,000	213,086,000
proceeds from issuance of 8.00% unsecured convertible notes																																																	0
repurchase of 3.70% unsecured convertible notes
gain/loss on properties “held for sale” and sales of properties
tenant security deposits and other restricted cash																																																	-9,175,000	3,943,000	13,012,000
accounts payable, accrued expenses and tenant security deposits																																																				1,378,000	32,720,000			3,512,000	28,540,000
proceeds from unsecured convertible notes																																																								0	0
redemption of series b preferred stock
gain/loss on properties “held for sale” and sales of property
proceeds from issuance of series d cumulative convertible preferred stock
minority interest																																																				971,000	929,000	948,000	951,000	951,000	909,000
distributions to minority interest
contributions by minority interest																																																				-1,000	458,000	0	649,000	15,807,000	1,333,000
redemption of minority interest
amortization of above and below market leases
proceeds from sales of property																																																					0	11,066,000	68,047,000
principal borrowings from unsecured line of credit																																																					187,000,000	149,000,000	320,000,000
straight line rent
gain on sales of properties
additions to rental properties
additions to properties undergoing development and redevelopment and land held for development
amortization of premiums/discount on secured notes payable
purchase of rental properties
proceeds from sale of rental properties																																																									40,052,000
additions to properties undergoing development and development land
repayments of unsecured line of credit
gain on sale of investments
gain on sale of properties

Alexandria Real Estate Equities, Inc(NYSE:ARE)

Alexandria Real Estate Equities, Inc
(NYSE:ARE)