Condensed consolidating financial information (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Condensed consolidating financial information |
|
Condensed Consolidating Balance Sheet |
Consolidating Balance Sheet as of December 31, 2013 (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, net | $ | — |
| | $ | — |
| | $ | 6,776,914 |
| | $ | — |
| | $ | 6,776,914 |
| Cash and cash equivalents | 14,790 |
| | — |
| | 42,906 |
| | — |
| | 57,696 |
| Restricted cash | 55 |
| | — |
| | 27,654 |
| | — |
| | 27,709 |
| Tenant receivables | — |
| | — |
| | 9,918 |
| | — |
| | 9,918 |
| Deferred rent | — |
| | — |
| | 190,425 |
| | — |
| | 190,425 |
| Deferred leasing and financing costs, net | 36,901 |
| | — |
| | 155,757 |
| | — |
| | 192,658 |
| Investments | — |
| | 10,868 |
| | 129,420 |
| | — |
| | 140,288 |
| Investments in and advances to affiliates | 6,299,551 |
| | 5,823,058 |
| | 119,421 |
| | (12,242,030 | ) | | — |
| Other assets | 20,226 |
| | — |
| | 113,930 |
| | — |
| | 134,156 |
| Total assets | $ | 6,371,523 |
| | $ | 5,833,926 |
| | $ | 7,566,345 |
| | $ | (12,242,030 | ) | | $ | 7,529,764 |
| Liabilities, Noncontrolling Interests, and Equity | | | | | | | | | | Secured notes payable | $ | — |
| | $ | — |
| | $ | 708,831 |
| | $ | — |
| | $ | 708,831 |
| Unsecured senior notes payable | 1,048,230 |
| | — |
| | — |
| | — |
| | 1,048,230 |
| Unsecured senior line of credit | 204,000 |
| | — |
| | — |
| | — |
| | 204,000 |
| Unsecured senior bank term loans | 1,100,000 |
| | — |
| | — |
| | — |
| | 1,100,000 |
| Accounts payable, accrued expenses, and tenant security deposits | 48,373 |
| | — |
| | 386,969 |
| | — |
| | 435,342 |
| Dividends payable | 54,131 |
| | — |
| | 289 |
| | — |
| | 54,420 |
| Total liabilities | 2,454,734 |
| | — |
| | 1,096,089 |
| | — |
| | 3,550,823 |
| Redeemable noncontrolling interests | — |
| | — |
| | 14,444 |
| | — |
| | 14,444 |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 3,916,789 |
| | 5,833,926 |
| | 6,408,104 |
| | (12,242,030 | ) | | 3,916,789 |
| Noncontrolling interests | — |
| | — |
| | 47,708 |
| | — |
| | 47,708 |
| Total equity | 3,916,789 |
| | 5,833,926 |
| | 6,455,812 |
| | (12,242,030 | ) | | 3,964,497 |
| Total liabilities, noncontrolling interests, and equity | $ | 6,371,523 |
| | $ | 5,833,926 |
| | $ | 7,566,345 |
| | $ | (12,242,030 | ) | | $ | 7,529,764 |
|
Condensed Consolidating Balance Sheet as of December 31, 2012 (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, net | $ | 38,616 |
| | $ | — |
| | $ | 6,385,962 |
| | $ | — |
| | $ | 6,424,578 |
| Cash and cash equivalents | 98,567 |
| | 1,914 |
| | 40,490 |
| | — |
| | 140,971 |
| Restricted cash | 52 |
| | — |
| | 39,895 |
| | — |
| | 39,947 |
| Tenant receivables | 1 |
| | — |
| | 8,448 |
| | — |
| | 8,449 |
| Deferred rent | 1,876 |
| | — |
| | 168,520 |
| | — |
| | 170,396 |
| Deferred leasing and financing costs, net | 31,373 |
| | — |
| | 128,675 |
| | — |
| | 160,048 |
| Investments | — |
| | 12,591 |
| | 102,457 |
| | — |
| | 115,048 |
| Investments in and advances to affiliates | 5,833,368 |
| | 5,358,882 |
| | 110,101 |
| | (11,302,351 | ) | | — |
| Intercompany note receivable | 3,021 |
| | — |
| | — |
| | (3,021 | ) | | — |
| Other assets | 17,613 |
| | — |
| | 73,066 |
| | — |
| | 90,679 |
| Total assets | $ | 6,024,487 |
| | $ | 5,373,387 |
| | $ | 7,057,614 |
| | $ | (11,305,372 | ) | | $ | 7,150,116 |
| Liabilities, Noncontrolling Interests, and Equity | | | | | | | | | | Secured notes payable | $ | — |
| | $ | — |
| | $ | 716,144 |
| | $ | — |
| | $ | 716,144 |
| Unsecured senior notes payable | 549,805 |
| | — |
| | — |
| | — |
| | 549,805 |
| Unsecured senior line of credit | 566,000 |
| | — |
| | — |
| | — |
| | 566,000 |
| Unsecured senior bank term loans | 1,350,000 |
| | — |
| | — |
| | — |
| | 1,350,000 |
| Accounts payable, accrued expenses, and tenant security deposits | 75,728 |
| | — |
| | 347,980 |
| | — |
| | 423,708 |
| Dividends payable | 41,103 |
| | — |
| | 298 |
| | — |
| | 41,401 |
| Intercompany notes payable | — |
| | — |
| | 3,021 |
| | (3,021 | ) | | — |
| Total liabilities | 2,582,636 |
| | — |
| | 1,067,443 |
| | (3,021 | ) | | 3,647,058 |
| Redeemable noncontrolling interests | — |
| | — |
| | 14,564 |
| | — |
| | 14,564 |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 3,441,851 |
| | 5,373,387 |
| | 5,928,964 |
| | (11,302,351 | ) | | 3,441,851 |
| Noncontrolling interests | — |
| | — |
| | 46,643 |
| | — |
| | 46,643 |
| Total equity | 3,441,851 |
| | 5,373,387 |
| | 5,975,607 |
| | (11,302,351 | ) | | 3,488,494 |
| Total liabilities, noncontrolling interests, and equity | $ | 6,024,487 |
| | $ | 5,373,387 |
| | $ | 7,057,614 |
| | $ | (11,305,372 | ) | | $ | 7,150,116 |
|
|
Condensed Consolidating Statements of Income |
Condensed Consolidating Statement of Income for the Year Ended December 31, 2013 (In thousands)
| | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | Rental | $ | — |
| | $ | — |
| | $ | 467,764 |
| | $ | — |
| | $ | 467,764 |
| Tenant recoveries | — |
| | — |
| | 150,095 |
| | — |
| | 150,095 |
| Other income | 10,423 |
| | (74 | ) | | 15,912 |
| | (12,969 | ) | | 13,292 |
| Total revenues | 10,423 |
| | (74 | ) | | 633,771 |
| | (12,969 | ) | | 631,151 |
| | | | | | | | | | | Expenses: | | | | | | | | | | Rental operations | — |
| | — |
| | 189,039 |
| | — |
| | 189,039 |
| General and administrative | 43,528 |
| | — |
| | 17,961 |
| | (12,969 | ) | | 48,520 |
| Interest | 43,284 |
| | — |
| | 24,668 |
| | — |
| | 67,952 |
| Depreciation and amortization | 5,907 |
| | — |
| | 183,216 |
| | — |
| | 189,123 |
| Loss on early extinguishment of debt | 1,992 |
| | — |
| | — |
| | — |
| | 1,992 |
| Total expenses | 94,711 |
| | — |
| | 414,884 |
| | (12,969 | ) | | 496,626 |
| (Loss) income from continuing operations before equity in earnings of affiliates | (84,288 | ) | | (74 | ) | | 218,887 |
| | — |
| | 134,525 |
| Equity in earnings of affiliates | 220,158 |
| | 205,993 |
| | 4,067 |
| | (430,218 | ) | | — |
| Income from continuing operations | 135,870 |
| | 205,919 |
| | 222,954 |
| | (430,218 | ) | | 134,525 |
| Income from discontinued operations | 347 |
| | — |
| | 553 |
| | — |
| | 900 |
| Gain on sale of land parcel | — |
| | — |
| | 4,824 |
| | — |
| | 4,824 |
| Net income | 136,217 |
| | 205,919 |
| | 228,331 |
| | (430,218 | ) | | 140,249 |
| | | | | | | | | | | Net income attributable to noncontrolling interests | — |
| | — |
| | 4,032 |
| | — |
| | 4,032 |
| Dividends on preferred stock | 25,885 |
| | — |
| | — |
| | — |
| | 25,885 |
| Net income attributable to unvested restricted stock awards | 1,581 |
| | — |
| | — |
| | — |
| | 1,581 |
| Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 108,751 |
| | $ | 205,919 |
| | $ | 224,299 |
| | $ | (430,218 | ) | | $ | 108,751 |
|
Condensed Consolidating Statement of Income for the Year Ended December 31, 2012 (In thousands)
| | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | Rental | $ | — |
| | $ | — |
| | $ | 422,793 |
| | $ | — |
| | $ | 422,793 |
| Tenant recoveries | — |
| | — |
| | 133,280 |
| | — |
| | 133,280 |
| Other income | 6,891 |
| | 1,292 |
| | 23,294 |
| | (13,053 | ) | | 18,424 |
| Total revenues | 6,891 |
| | 1,292 |
| | 579,367 |
| | (13,053 | ) | | 574,497 |
| | | | | | | | | | | Expenses: | | | | | | | | | | Rental operations | — |
| | — |
| | 172,756 |
| | — |
| | 172,756 |
| General and administrative | 44,306 |
| | 3 |
| | 16,491 |
| | (13,053 | ) | | 47,747 |
| Interest | 46,677 |
| | — |
| | 22,507 |
| | — |
| | 69,184 |
| Depreciation and amortization | 5,384 |
| | — |
| | 180,303 |
| | — |
| | 185,687 |
| Impairment of land parcel | — |
| | — |
| | 2,050 |
| | — |
| | 2,050 |
| Loss on early extinguishment of debt | 2,225 |
| | — |
| | — |
| | — |
| | 2,225 |
| Total expenses | 98,592 |
| | 3 |
| | 394,107 |
| | (13,053 | ) | | 479,649 |
| (Loss) income from continuing operations before equity in earnings of affiliates | (91,701 | ) | | 1,289 |
| | 185,260 |
| | — |
| | 94,848 |
| Equity in earnings of affiliates | 194,566 |
| | 183,139 |
| | 3,638 |
| | (381,343 | ) | | — |
| Income from continuing operations | 102,865 |
| | 184,428 |
| | 188,898 |
| | (381,343 | ) | | 94,848 |
| (Loss) income from discontinued operations | (739 | ) | | — |
| | 9,555 |
| | — |
| | 8,816 |
| Gain on sale of land parcel | — |
| | — |
| | 1,864 |
| | — |
| | 1,864 |
| Net income | 102,126 |
| | 184,428 |
| | 200,317 |
| | (381,343 | ) | | 105,528 |
| | | | | | | | | | | Net income attributable to noncontrolling interests | — |
| | — |
| | 3,402 |
| | — |
| | 3,402 |
| Dividends on preferred stock | 27,328 |
| | — |
| | — |
| | — |
| | 27,328 |
| Preferred stock redemption charge | 5,978 |
| | — |
| | — |
| | — |
| | 5,978 |
| Net income attributable to unvested restricted stock awards | 1,190 |
| | — |
| | — |
| | — |
| | 1,190 |
| Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 67,630 |
| | $ | 184,428 |
| | $ | 196,915 |
| | $ | (381,343 | ) | | $ | 67,630 |
|
Condensed Consolidating Statement of Income for the Year Ended December 31, 2011 (In thousands)
| | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Revenues: | | | | | | | | | | Rental | $ | — |
| | $ | — |
| | $ | 404,815 |
| | $ | — |
| | $ | 404,815 |
| Tenant recoveries | — |
| | — |
| | 126,205 |
| | — |
| | 126,205 |
| Other income | 8,356 |
| | (452 | ) | | 10,676 |
| | (12,820 | ) | | 5,760 |
| Total revenues | 8,356 |
| | (452 | ) | | 541,696 |
| | (12,820 | ) | | 536,780 |
| | | | | | | | | | | Expenses: | | | | | | | | | | Rental operations | — |
| | — |
| | 157,634 |
| | — |
| | 157,634 |
| General and administrative | 36,263 |
| | 17 |
| | 17,652 |
| | (12,820 | ) | | 41,112 |
| Interest | 38,582 |
| | — |
| | 24,791 |
| | — |
| | 63,373 |
| Depreciation and amortization | 3,256 |
| | — |
| | 147,650 |
| | — |
| | 150,906 |
| Loss on early extinguishment of debt | 6,485 |
| | — |
| | — |
| | — |
| | 6,485 |
| Total expenses | 84,586 |
| | 17 |
| | 347,727 |
| | (12,820 | ) | | 419,510 |
| (Loss) income from continuing operations before equity in earnings of affiliates | (76,230 | ) | | (469 | ) | | 193,969 |
| | — |
| | 117,270 |
| Equity in earnings of affiliates | 202,829 |
| | 192,143 |
| | 3,793 |
| | (398,765 | ) | | — |
| Income from continuing operations | 126,599 |
| | 191,674 |
| | 197,762 |
| | (398,765 | ) | | 117,270 |
| Income from discontinued operations | 4,819 |
| | — |
| | 13,258 |
| | — |
| | 18,077 |
| Gain on sale of land parcel | — |
| | — |
| | 46 |
| | — |
| | 46 |
| Net income | 131,418 |
| | 191,674 |
| | 211,066 |
| | (398,765 | ) | | 135,393 |
| | | | | | | | | | | Net income attributable to noncontrolling interests | — |
| | — |
| | 3,975 |
| | — |
| | 3,975 |
| Dividends on preferred stock | 28,357 |
| | — |
| | — |
| | — |
| | 28,357 |
| Net income attributable to unvested restricted stock awards | 1,088 |
| | — |
| | — |
| | — |
| | 1,088 |
| Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 101,973 |
| | $ | 191,674 |
| | $ | 207,091 |
| | $ | (398,765 | ) | | $ | 101,973 |
|
|
Condensed Consolidating Statement Comprehensive Income |
Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2013 (In thousands) | | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income | $ | 136,217 |
| | $ | 205,919 |
| | $ | 228,331 |
| | $ | (430,218 | ) | | $ | 140,249 |
| Other comprehensive income: | | | | | | | | | | Unrealized (losses) gains on marketable securities: | | | | | | | | | | Unrealized holding (losses) gains arising during the period | — |
| | (438 | ) | | 1,738 |
| | — |
| | 1,300 |
| Reclassification adjustment for losses (gains) included in net income | — |
| | 148 |
| | (1,331 | ) | | — |
| | (1,183 | ) | Unrealized (losses) gains on marketable securities | — |
| | (290 | ) | | 407 |
| | — |
| | 117 |
| | | | | | | | | | | Unrealized gains on interest rate swaps: | | | | | | | | | | Unrealized interest rate swap gains arising during the period | 1,918 |
| | — |
| | — |
| | — |
| | 1,918 |
| Reclassification adjustment for amortization of interest expense included in net income | 15,422 |
| | — |
| | — |
| | — |
| | 15,422 |
| Unrealized gains on interest rate swaps | 17,340 |
| | — |
| | — |
| | — |
| | 17,340 |
| | | | | | | | | | | Foreign currency translation losses | — |
| | — |
| | (28,912 | ) | | — |
| | (28,912 | ) | | | | | | | | | | | Total other comprehensive income (loss) | 17,340 |
| | (290 | ) | | (28,505 | ) | | — |
| | (11,455 | ) | Comprehensive income | 153,557 |
| | 205,629 |
| | 199,826 |
| | (430,218 | ) | | 128,794 |
| Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (3,948 | ) | | — |
| | (3,948 | ) | Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 153,557 |
| | $ | 205,629 |
| | $ | 195,878 |
| | $ | (430,218 | ) | | $ | 124,846 |
|
Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2012 (In thousands) | | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income | $ | 102,126 |
| | $ | 184,428 |
| | $ | 200,317 |
| | $ | (381,343 | ) | | $ | 105,528 |
| Other comprehensive income: | | | | | | | | | | Unrealized (losses) gains on marketable securities: | | | | | | | | | | Unrealized holding (losses) gains arising during the period | — |
| | (319 | ) | | 1,309 |
| | — |
| | 990 |
| Reclassification adjustment for losses (gains) included in net income | — |
| | 155 |
| | (3,506 | ) | | — |
| | (3,351 | ) | Unrealized losses on marketable securities | — |
| | (164 | ) | | (2,197 | ) | | — |
| | (2,361 | ) | | | | | | | | | | | Unrealized gains on interest rate swaps: | | | | | | | | | | Unrealized interest rate swap losses arising during the period | (9,990 | ) | | — |
| | — |
| | — |
| | (9,990 | ) | Reclassification adjustment for amortization of interest expense included in net income | 22,309 |
| | — |
| | — |
| | — |
| | 22,309 |
| Unrealized gains on interest rate swaps | 12,319 |
| | — |
| | — |
| | — |
| | 12,319 |
| | | | | | | | | | | Foreign currency translation losses | — |
| | — |
| | (318 | ) | | — |
| | (318 | ) | | | | | | | | | | | Total other comprehensive income (loss) | 12,319 |
| | (164 | ) | | (2,515 | ) | | — |
| | 9,640 |
| Comprehensive income | 114,445 |
| | 184,264 |
| | 197,802 |
| | (381,343 | ) | | 115,168 |
| Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (3,364 | ) | | — |
| | (3,364 | ) | Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 114,445 |
| | $ | 184,264 |
| | $ | 194,438 |
| | $ | (381,343 | ) | | $ | 111,804 |
|
Condensed Consolidating Statement of Comprehensive Income for the Year Ended December 31, 2011 (In thousands) | | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non- Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income | $ | 131,418 |
| | $ | 191,674 |
| | $ | 211,066 |
| | $ | (398,765 | ) | | $ | 135,393 |
| Other comprehensive income: | | | | | | | | | | Unrealized gains (losses) on marketable securities: | | | | | | | | | | Unrealized holding gains arising during the period | — |
| | 148 |
| | 90 |
| | — |
| | 238 |
| Reclassification adjustment for losses (gains) included in net income | — |
| | 28 |
| | (2,589 | ) | | — |
| | (2,561 | ) | Unrealized gains (losses) on marketable securities | — |
| | 176 |
| | (2,499 | ) | | — |
| | (2,323 | ) | | | | | | | | | | | Unrealized gains on interest rate swaps: | | | | | | | | | | Unrealized interest rate swap losses arising during the period | (9,630 | ) | | — |
| | — |
| | — |
| | (9,630 | ) | Reclassification adjustment for amortization of interest expense included in net income | 21,457 |
| | — |
| | — |
| | — |
| | 21,457 |
| Unrealized gains on interest rate swaps | 11,827 |
| | — |
| | — |
| | — |
| | 11,827 |
| | | | | | | | | | | Foreign currency translation losses | — |
| | — |
| | (25,605 | ) | | — |
| | (25,605 | ) | | | | | | | | | | | Total other comprehensive income (loss) | 11,827 |
| | 176 |
| | (28,104 | ) | | — |
| | (16,101 | ) | Comprehensive income | 143,245 |
| | 191,850 |
| | 182,962 |
| | (398,765 | ) | | 119,292 |
| Less: comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (4,050 | ) | | — |
| | (4,050 | ) | Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $ | 143,245 |
| | $ | 191,850 |
| | $ | 178,912 |
| | $ | (398,765 | ) | | $ | 115,242 |
|
|
Condensed Consolidating Statement Cash Flows |
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2013 (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 | $ | 136,217 |
| | $ | 205,919 |
| | $ | 228,331 |
| | $ | (430,218 | ) | | $ | 140,249 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | 5,907 |
| | — |
| | 184,871 |
| | — |
| | 190,778 |
| Loss on early extinguishment of debt | 1,992 |
| | — |
| | — |
| | — |
| | 1,992 |
| Gain on sale of land parcel | — |
| | — |
| | (4,824 | ) | | — |
| | (4,824 | ) | Loss on sale of real estate | — |
| | — |
| | 121 |
| | — |
| | 121 |
| Amortization of loan fees and costs | 6,914 |
| | — |
| | 3,022 |
| | — |
| | 9,936 |
| Amortization of debt premiums/discounts | 111 |
| | — |
| | 418 |
| | — |
| | 529 |
| Amortization of acquired below market leases | — |
| | — |
| | (3,316 | ) | | — |
| | (3,316 | ) | Deferred rent | (82 | ) | | — |
| | (27,853 | ) | | — |
| | (27,935 | ) | Stock compensation expense | 15,552 |
| | — |
| | — |
| | — |
| | 15,552 |
| Equity in (income) loss related to subsidiaries | (220,158 | ) | | (205,993 | ) | | (4,067 | ) | | 430,218 |
| | — |
| Investment gains | — |
| | (3 | ) | | (7,047 | ) | | — |
| | (7,050 | ) | Investment losses | — |
| | 78 |
| | 1,402 |
| | — |
| | 1,480 |
| Changes in operating assets and liabilities: | | | | | | | | | | Restricted cash | (2 | ) | | — |
| | 901 |
| | — |
| | 899 |
| Tenant receivables | — |
| | — |
| | (1,519 | ) | | — |
| | (1,519 | ) | Deferred leasing costs | (37 | ) | | — |
| | (54,788 | ) | | — |
| | (54,825 | ) | Other assets | (5,606 | ) | | — |
| | (692 | ) | | — |
| | (6,298 | ) | Intercompany receivables and payables | 3,021 |
| | — |
| | (3,021 | ) | | — |
| | — |
| Accounts payable, accrued expenses, and tenant security deposits | (13,485 | ) | | — |
| | 70,443 |
| | — |
| | 56,958 |
| Net cash (used in) provided by operating activities | (69,656 | ) | | 1 |
| | 382,382 |
| | — |
| | 312,727 |
| | | | | | | | | | | Investing Activities | | | | | | | | | | Proceeds from sale of properties | 10,796 |
| | — |
| | 143,172 |
| | — |
| | 153,968 |
| Additions to properties | — |
| | — |
| | (593,389 | ) | | — |
| | (593,389 | ) | Purchase of properties | — |
| | — |
| | (122,069 | ) | | — |
| | (122,069 | ) | Change in restricted cash related to construction projects | — |
| | — |
| | 7,655 |
| | — |
| | 7,655 |
| Contributions to unconsolidated real estate entity | — |
| | — |
| | (17,987 | ) | | — |
| | (17,987 | ) | Investments in subsidiaries | (236,218 | ) | | (276,022 | ) | | (13,445 | ) | | 525,685 |
| | — |
| Additions to investments | — |
| | — |
| | (36,078 | ) | | — |
| | (36,078 | ) | Proceeds from sales of investments | — |
| | 1,018 |
| | 15,507 |
| | — |
| | 16,525 |
| Net cash (used in) provided by investing activities | $ | (225,422 | ) | | $ | (275,004 | ) | | $ | (616,634 | ) | | $ | 525,685 |
| | $ | (591,375 | ) |
Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2013 (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 | $ | — |
| | $ | — |
| | $ | 28,489 |
| | $ | — |
| | $ | 28,489 |
| Repayments of borrowings from secured notes payable | — |
| | — |
| | (36,219 | ) | | — |
| | (36,219 | ) | Proceeds from issuance of senior notes payable | 498,561 |
| | — |
| | — |
| | — |
| | 498,561 |
| Principal borrowings from unsecured senior line of credit | 729,000 |
| | — |
| | — |
| | — |
| | 729,000 |
| Repayments of borrowings from unsecured senior line of credit | (1,091,000 | ) | | — |
| | — |
| | — |
| | (1,091,000 | ) | Repayments of unsecured senior bank term loans | (250,000 | ) | | — |
| | — |
| | — |
| | (250,000 | ) | Repurchase of unsecured senior convertible notes | (384 | ) | | — |
| | — |
| | — |
| | (384 | ) | Transfer to/from parent company | — |
| | 273,089 |
| | 252,596 |
| | (525,685 | ) | | — |
| Change in restricted cash related to financings | (1 | ) | | — |
| | 2,547 |
| | — |
| | 2,546 |
| Deferred financing costs paid | (14,383 | ) | | — |
| | (5,545 | ) | | — |
| | (19,928 | ) | Proceeds from common stock offerings | 534,469 |
| | — |
| | — |
| | — |
| | 534,469 |
| Dividends paid on common stock | (169,076 | ) | | — |
| | — |
| | — |
| | (169,076 | ) | Dividends paid on preferred stock | (25,885 | ) | | — |
| | — |
| | — |
| | (25,885 | ) | Distributions to redeemable noncontrolling interests | — |
| | — |
| | (1,191 | ) | | — |
| | (1,191 | ) | Distributions to noncontrolling interests | — |
| | — |
| | (1,812 | ) | | — |
| | (1,812 | ) | Net cash provided by (used in) financing activities | 211,301 |
| | 273,089 |
| | 238,865 |
| | (525,685 | ) | | 197,570 |
| | | | | | | | | | | Effect of foreign exchange rate changes on cash and cash equivalents | — |
| | — |
| | (2,197 | ) | | — |
| | (2,197 | ) | | | | | | | | | | | Net (decrease) increase in cash and cash equivalents | (83,777 | ) | | (1,914 | ) | | 2,416 |
| | — |
| | (83,275 | ) | Cash and cash equivalents at beginning of period | 98,567 |
| | 1,914 |
| | 40,490 |
| | — |
| | 140,971 |
| Cash and cash equivalents at end of period | $ | 14,790 |
| | $ | — |
| | $ | 42,906 |
| | $ | — |
| | $ | 57,696 |
| | | | | | | | | | | Supplemental Disclosure of Cash Flow Information | | | | | | | | | | Cash paid during the period for interest, net of interest capitalized | $ | 37,073 |
| | $ | — |
| | $ | 22,784 |
| | $ | — |
| | $ | 59,857 |
| | | | | | | | | | | Non-Cash Investing Activities | | | | | | | | | | Note receivable from sale of real estate | $ | 29,820 |
| | $ | — |
| | $ | 9,000 |
| | $ | — |
| | $ | 38,820 |
| Change in accrued capital expenditures | $ | — |
| | $ | — |
| | $ | (21,310 | ) | | $ | — |
| | $ | (21,310 | ) |
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2012 (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 | $ | 102,126 |
| | $ | 184,428 |
| | $ | 200,317 |
| | $ | (381,343 | ) | | $ | 105,528 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | 6,490 |
| | — |
| | 185,515 |
| | — |
| | 192,005 |
| Loss on early extinguishment of debt | 2,225 |
| | — |
| | — |
| | — |
| | 2,225 |
| Gain on sale of land parcel | — |
| | — |
| | (1,864 | ) | | — |
| | (1,864 | ) | Gain on sale of real estate | — |
| | — |
| | (1,564 | ) | | — |
| | (1,564 | ) | Impairment of real estate | 6,400 |
| | — |
| | 5,000 |
| | — |
| | 11,400 |
| Impairment of land parcel | — |
| | — |
| | 2,050 |
| | — |
| | 2,050 |
| Amortization of loan fees and costs | 9,204 |
| | — |
| | 628 |
| | — |
| | 9,832 |
| Amortization of debt premiums/discounts | 114 |
| | — |
| | 397 |
| | — |
| | 511 |
| Amortization of acquired above and below market leases | — |
| | — |
| | (3,200 | ) | | — |
| | (3,200 | ) | Deferred rent | (224 | ) | | — |
| | (28,232 | ) | | — |
| | (28,456 | ) | Stock compensation expense | 14,160 |
| | — |
| | — |
| | — |
| | 14,160 |
| Equity in (income) loss related to subsidiaries | (194,566 | ) | | (183,139 | ) | | (3,638 | ) | | 381,343 |
| | — |
| Investment gains | — |
| | (1,510 | ) | | (13,508 | ) | | — |
| | (15,018 | ) | Investment losses | — |
| | 221 |
| | 2,416 |
| | — |
| | 2,637 |
| Changes in operating assets and liabilities: | | | | | | | | | | Restricted cash | (12 | ) | | — |
| | (249 | ) | | — |
| | (261 | ) | Tenant receivables | 11 |
| | — |
| | (992 | ) | | — |
| | (981 | ) | Deferred leasing costs | (305 | ) | | — |
| | (44,794 | ) | | — |
| | (45,099 | ) | Other assets | 1,329 |
| | — |
| | (5,398 | ) | | — |
| | (4,069 | ) | Intercompany receivables and payables | (826 | ) | | — |
| | 826 |
| | — |
| | — |
| Accounts payable, accrued expenses, and tenant security deposits | 6,172 |
| | — |
| | 59,525 |
| | — |
| | 65,697 |
| Net cash (used in) provided by operating activities | (47,702 | ) | | — |
| | 353,235 |
| | — |
| | 305,533 |
| | | | | | | | | | | Investing Activities | | | | | | | | | | Proceeds from sale of properties | — |
| | — |
| | 36,179 |
| | — |
| | 36,179 |
| Additions to properties | (1,313 | ) | | — |
| | (547,717 | ) | | — |
| | (549,030 | ) | Purchase of properties | — |
| | — |
| | (42,171 | ) | | — |
| | (42,171 | ) | Change in restricted cash related to construction projects | — |
| | — |
| | (9,377 | ) | | — |
| | (9,377 | ) | Distribution from unconsolidated real estate entity | — |
| | — |
| | 22,250 |
| | — |
| | 22,250 |
| Contributions to unconsolidated real estate entity | — |
| | — |
| | (6,700 | ) | | — |
| | (6,700 | ) | Investments in subsidiaries | (197,665 | ) | | (158,022 | ) | | (1,179 | ) | | 356,866 |
| | — |
| Additions to investments | — |
| | (353 | ) | | (35,941 | ) | | — |
| | (36,294 | ) | Proceeds from sales of investments | — |
| | 2,600 |
| | 24,443 |
| | — |
| | 27,043 |
| Net cash (used in) provided by investing activities | $ | (198,978 | ) | | $ | (155,775 | ) | | $ | (560,213 | ) | | $ | 356,866 |
| | $ | (558,100 | ) |
Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2012 (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 | $ | — |
| | $ | — |
| | $ | 17,810 |
| | $ | — |
| | $ | 17,810 |
| Repayments of borrowings from secured notes payable | — |
| | — |
| | (26,367 | ) | | — |
| | (26,367 | ) | Proceeds from issuance of unsecured senior notes payable | 544,650 |
| | — |
| | — |
| | — |
| | 544,650 |
| Principal borrowings from unsecured senior line of credit | 847,147 |
| | — |
| | — |
| | — |
| | 847,147 |
| Repayments of borrowings from unsecured senior line of credit | (651,147 | ) | | — |
| | — |
| | — |
| | (651,147 | ) | Repayment of unsecured senior bank term loan | (250,000 | ) | | — |
| | — |
| | — |
| | (250,000 | ) | Repurchase of unsecured senior convertible notes | (84,801 | ) | | — |
| | — |
| | — |
| | (84,801 | ) | Redemption of Series C Cumulative Redeemable Preferred Stock | (129,638 | ) | | — |
| | — |
| | — |
| | (129,638 | ) | Proceeds from issuance of Series E Cumulative Redeemable Preferred Stock | 124,868 |
| | — |
| | — |
| | — |
| | 124,868 |
| Transfer to/from parent company | — |
| | 157,689 |
| | 199,177 |
| | (356,866 | ) | | — |
| Change in restricted cash related to financings | — |
| | — |
| | (7,428 | ) | | — |
| | (7,428 | ) | Deferred financing costs paid | (10,180 | ) | | — |
| | (3,045 | ) | | — |
| | (13,225 | ) | Proceeds from common stock offering | 97,890 |
| | — |
| | — |
| | — |
| | 97,890 |
| Proceeds from exercise of stock options | 155 |
| | — |
| | — |
| | — |
| | 155 |
| Dividends paid on common stock | (126,498 | ) | | — |
| | — |
| | — |
| | (126,498 | ) | Dividends paid on preferred stock | (27,819 | ) | | — |
| | — |
| | — |
| | (27,819 | ) | Distributions to redeemable noncontrolling interests | — |
| | — |
| | (1,249 | ) | | — |
| | (1,249 | ) | Redemption of redeemable noncontrolling interests | 12 |
| | — |
| | (462 | ) | | — |
| | (450 | ) | Contributions by noncontrolling interests | — |
| | — |
| | 1,875 |
| | — |
| | 1,875 |
| Distributions to noncontrolling interests | — |
| | — |
| | (913 | ) | | — |
| | (913 | ) | Net cash provided by (used in) financing activities | 334,639 |
| | 157,689 |
| | 179,398 |
| | (356,866 | ) | | 314,860 |
| | | | | | | | | | | Effect of foreign exchange rate changes on cash and cash equivalents | — |
| | — |
| | 139 |
| | — |
| | 139 |
| | | | | | | | | | | Net increase (decrease) in cash and cash equivalents | 87,959 |
| | 1,914 |
| | (27,441 | ) | | — |
| | 62,432 |
| Cash and cash equivalents at beginning of period | 10,608 |
| | — |
| | 67,931 |
| | — |
| | 78,539 |
| Cash and cash equivalents at end of period | $ | 98,567 |
| | $ | 1,914 |
| | $ | 40,490 |
| | $ | — |
| | $ | 140,971 |
| | | | | | | | | | | Supplemental Disclosure of Cash Flow Information | | | | | | | | | | Cash paid during the period for interest, net of interest capitalized | $ | 39,298 |
| | $ | — |
| | $ | 13,263 |
| | $ | — |
| | $ | 52,561 |
| | | | | | | | | | | Non-Cash Investing Activities | | | | | | | | | | Note receivable from sale of real estate | $ | — |
| | $ | — |
| | $ | 6,125 |
| | $ | — |
| | $ | 6,125 |
| Write-off of fully amortized improvements | $ | — |
| | $ | — |
| | $ | (17,730 | ) | | $ | — |
| | $ | (17,730 | ) | Change in accrued capital expenditures | $ | (2,000 | ) | | $ | — |
| | $ | 48,087 |
| | $ | — |
| | $ | 46,087 |
|
Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2011 (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 | $ | 131,418 |
| | $ | 191,674 |
| | $ | 211,066 |
| | $ | (398,765 | ) | | $ | 135,393 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Depreciation and amortization | 4,938 |
| | — |
| | 153,088 |
| | — |
| | 158,026 |
| Loss on early extinguishment of debt | 6,485 |
| | — |
| | — |
| | — |
| | 6,485 |
| Gain on sale of land parcel | — |
| | — |
| | (46 | ) | | — |
| | (46 | ) | Impairment of real estate | — |
| | — |
| | 994 |
| | — |
| | 994 |
| Amortization of loan fees and costs | 6,915 |
| | — |
| | 2,385 |
| | — |
| | 9,300 |
| Amortization of debt premiums/discounts | 3,534 |
| | — |
| | 285 |
| | — |
| | 3,819 |
| Amortization of acquired above and below market leases | — |
| | — |
| | (9,332 | ) | | — |
| | (9,332 | ) | Deferred rent | 100 |
| | — |
| | (26,897 | ) | | — |
| | (26,797 | ) | Stock compensation expense | 11,755 |
| | — |
| | — |
| | — |
| | 11,755 |
| Equity in (income) loss related to subsidiaries | (202,829 | ) | | (192,143 | ) | | (3,793 | ) | | 398,765 |
| | — |
| Investment gains | — |
| | (427 | ) | | (4,419 | ) | | — |
| | (4,846 | ) | Investment losses | — |
| | 883 |
| | 912 |
| | — |
| | 1,795 |
| Changes in operating assets and liabilities: | | | | | | | | | | Restricted cash | 4 |
| | — |
| | (469 | ) | | — |
| | (465 | ) | Tenant receivables | (12 | ) | | — |
| | (2,347 | ) | | — |
| | (2,359 | ) | Deferred leasing costs | (699 | ) | | — |
| | (55,527 | ) | | — |
| | (56,226 | ) | Other assets | 2,550 |
| | — |
| | (24,909 | ) | | — |
| | (22,359 | ) | Intercompany receivables and payables | (1,418 | ) | | — |
| | 1,418 |
| | — |
| | — |
| Accounts payable, accrued expenses, and tenant security deposits | 6,274 |
| | — |
| | 35,549 |
| | — |
| | 41,823 |
| Net cash (used in) provided by operating activities | (30,985 | ) | | (13 | ) | | 277,958 |
| | — |
| | 246,960 |
| | | | | | | | | | | Investing Activities | | | | | | | | | | Proceeds from sale of properties | — |
| | — |
| | 20,078 |
| | — |
| | 20,078 |
| Additions to properties | (1,624 | ) | | — |
| | (428,414 | ) | | — |
| | (430,038 | ) | Purchase of properties | — |
| | — |
| | (305,030 | ) | | — |
| | (305,030 | ) | Change in restricted cash related to construction projects | — |
| | — |
| | (2,183 | ) | | — |
| | (2,183 | ) | Contributions to unconsolidated real estate entity | — |
| | — |
| | (5,256 | ) | | — |
| | (5,256 | ) | Investments in subsidiaries | (548,884 | ) | | (477,482 | ) | | (11,951 | ) | | 1,038,317 |
| | — |
| Additions to investments | — |
| | (2,451 | ) | | (25,548 | ) | | — |
| | (27,999 | ) | Proceeds from sales of investments | — |
| | 3,471 |
| | 13,378 |
| | — |
| | 16,849 |
| Net cash (used in) provided by investing activities | $ | (550,508 | ) | | $ | (476,462 | ) | | $ | (744,926 | ) | | $ | 1,038,317 |
| | $ | (733,579 | ) |
Condensed Consolidating Statement of Cash Flows (continued) for the Year Ended December 31, 2011 (In thousands)
| | | | | | | | | | | | | | | | | | | | | | Alexandria Real Estate Equities, Inc. (Issuer) | | Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary) | | Combined Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Financing Activities | | | | | | | | | | Repayments of borrowings from secured notes payable | $ | — |
| | $ | — |
| | $ | (66,849 | ) | | $ | — |
| | $ | (66,849 | ) | Principal borrowings from unsecured senior line of credit | 1,406,000 |
| | — |
| | — |
| | — |
| | 1,406,000 |
| Repayments of borrowings from unsecured senior line of credit | (1,784,000 | ) | | — |
| | — |
| | — |
| | (1,784,000 | ) | Principal borrowings from unsecured senior bank term loan | 1,350,000 |
| | — |
| | — |
| | — |
| | 1,350,000 |
| Repayment of unsecured senior bank term loan | (500,000 | ) | | — |
| | — |
| | — |
| | (500,000 | ) | Repurchase of unsecured senior convertible notes | (221,439 | ) | | — |
| | — |
| | — |
| | (221,439 | ) | Transfer to/from parent company | — |
| | 475,873 |
| | 562,444 |
| | (1,038,317 | ) | | — |
| Change in restricted cash related to financings | — |
| | — |
| | 7,311 |
| | — |
| | 7,311 |
| Deferred financing costs paid | (25,493 | ) | | — |
| | (1,823 | ) | | — |
| | (27,316 | ) | Proceeds from common stock offering | 451,539 |
| | — |
| | — |
| | — |
| | 451,539 |
| Proceeds from exercise of stock options | 2,117 |
| | — |
| | — |
| | — |
| | 2,117 |
| Dividends paid on common stock | (106,889 | ) | | — |
| | — |
| | — |
| | (106,889 | ) | Dividends paid on preferred stock | (28,357 | ) | | — |
| | — |
| | — |
| | (28,357 | ) | Contributions by redeemable noncontrolling interests | — |
| | — |
| | 9 |
| | — |
| | 9 |
| Distributions to redeemable noncontrolling interests | — |
| | — |
| | (1,263 | ) | | — |
| | (1,263 | ) | Contributions by noncontrolling interests | — |
| | — |
| | 1,000 |
| | — |
| | 1,000 |
| Distributions to noncontrolling interests | — |
| | — |
| | (2,707 | ) | | — |
| | (2,707 | ) | Net cash provided by (used in) financing activities | 543,478 |
| | 475,873 |
| | 498,122 |
| | (1,038,317 | ) | | 479,156 |
| | | | | | | | | | | Effect of foreign exchange rate changes on cash and cash equivalents | — |
| | — |
| | (5,230 | ) | | — |
| | (5,230 | ) | | | | | | | | | | | Net (decrease) increase in cash and cash equivalents | (38,015 | ) | | (602 | ) | | 25,924 |
| | — |
| | (12,693 | ) | Cash and cash equivalents at beginning of period | 48,623 |
| | 602 |
| | 42,007 |
| | — |
| | 91,232 |
| Cash and cash equivalents at end of period | $ | 10,608 |
| | $ | — |
| | $ | 67,931 |
| | $ | — |
| | $ | 78,539 |
| | | | | | | | | | | Supplemental Disclosure of Cash Flow Information | | | | | | | | | | Cash paid during the period for interest, net of interest capitalized | $ | 30,292 |
| | $ | — |
| | $ | 22,032 |
| | $ | — |
| | $ | 52,324 |
| Changes in accrued capital expenditures | $ | (987 | ) | | $ | — |
| | $ | 4,479 |
| | $ | — |
| | $ | 3,492 |
|
|