Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act of 1933, as amended, that are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the “LP” or the “Guarantor Subsidiary”), an indirectly 100% owned subsidiary of the Issuer. The Issuer’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of its real estate (collectively, the “Combined Non-Guarantor Subsidiaries”), will not provide a guarantee of such securities, including the subsidiaries that are partially or 100% owned by the LP. The following condensed consolidating financial information presents the condensed consolidating balance sheets as of June 30, 2019, and December 31, 2018, the condensed consolidating statements of income and comprehensive income for the three and six months ended June 30, 2019 and 2018, and the condensed consolidating statements of cash flows for the six months ended June 30, 2019 and 2018, for the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries, as well as the eliminations necessary to arrive at the information on a consolidated basis. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Issuer’s interests in the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries, (ii) the Guarantor Subsidiary’s interests in the Combined Non-Guarantor Subsidiaries, and (iii) the Combined Non-Guarantor Subsidiaries’ interests in the Guarantor Subsidiary, where applicable, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” All assets and liabilities have been allocated to the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries generally based on legal entity ownership.



	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	12,872,824	$	—		$	12,872,824
Investments in unconsolidated real estate JVs	—		—		334,162		—			334,162
Cash and cash equivalents	89,615		—		109,294		—			198,909
Restricted cash	194		—		39,122		—			39,316
Tenant receivables	—		—		9,228		—			9,228
Deferred rent	—		—		585,082		—			585,082
Deferred leasing costs	—		—		247,468		—			247,468
Investments	—		1,203		1,056,651		—			1,057,854
Investments in and advances to affiliates	13,719,957		12,260,877		249,708		(26,230,542		)	—
Other assets	55,481		—		639,146		—			694,627
Total assets	$	13,865,247	$	12,262,080	$	16,142,685	$	(26,230,542	)	$	16,039,470
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	354,186	$	—		$	354,186
Unsecured senior notes payable	5,140,914		—		—		—			5,140,914
Unsecured senior line of credit	514,000		—		—		—			514,000
Unsecured senior bank term loan	347,105		—		—		—			347,105
Accounts payable, accrued expenses, and tenant security deposits	119,829		—		1,037,588		—			1,157,417
Dividends payable	114,379		—		—		—			114,379
Total liabilities	6,236,227		—		1,391,774		—			7,628,001
Redeemable noncontrolling interests	—		—		10,994		—			10,994
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,629,020		12,262,080		13,968,462		(26,230,542		)	7,629,020
Noncontrolling interests	—		—		771,455		—			771,455
Total equity	7,629,020		12,262,080		14,739,917		(26,230,542		)	8,400,475
Total liabilities, noncontrolling interests, and equity	$	13,865,247	$	12,262,080	$	16,142,685	$	(26,230,542	)	$	16,039,470



	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	11,913,693	$	—		$	11,913,693
Investments in unconsolidated real estate JVs	—		—		237,507		—			237,507
Cash and cash equivalents	119,112		—		115,069		—			234,181
Restricted cash	193		—		37,756		—			37,949
Tenant receivables	—		—		9,798		—			9,798
Deferred rent	—		—		530,237		—			530,237
Deferred leasing costs	—		—		239,070		—			239,070
Investments	—		1,262		891,002		—			892,264
Investments in and advances to affiliates	12,235,577		10,949,631		222,983		(23,408,191		)	—
Other assets	56,353		—		313,904		—			370,257
Total assets	$	12,411,235	$	10,950,893	$	14,511,019	$	(23,408,191	)	$	14,464,956
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	630,547	$	—		$	630,547
Unsecured senior notes payable	4,292,293		—		—		—			4,292,293
Unsecured senior line of credit	208,000		—		—		—			208,000
Unsecured senior bank term loan	347,415		—		—		—			347,415
Accounts payable, accrued expenses, and tenant security deposits	111,282		—		870,425		—			981,707
Dividends payable	110,280		—		—		—			110,280
Total liabilities	5,069,270		—		1,500,972		—			6,570,242
Redeemable noncontrolling interests	—		—		10,786		—			10,786
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	7,341,965		10,950,893		12,457,298		(23,408,191		)	7,341,965
Noncontrolling interests	—		—		541,963		—			541,963
Total equity	7,341,965		10,950,893		12,999,261		(23,408,191		)	7,883,928
Total liabilities, noncontrolling interests, and equity	$	12,411,235	$	10,950,893	$	14,511,019	$	(23,408,191	)	$	14,464,956



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—		$	—		$	371,618		$	—		$	371,618
Other income	5,198			—			2,531			(5,491		)	2,238
Total revenues	5,198			—			374,149			(5,491		)	373,856

Expenses:
Rental operations	—			—			105,689			—			105,689
General and administrative	26,453			—			5,472			(5,491		)	26,434
Interest	40,877			—			2,002			—			42,879
Depreciation and amortization	1,752			—			132,685			—			134,437
Total expenses	69,082			—			245,848			(5,491		)	309,439

Equity in earnings of unconsolidated real estate JVs	—			—			1,262			—			1,262
Equity in earnings of affiliates	142,651			118,947			2,338			(263,936		)	—
Investment (loss) income	—			(29		)	21,529			—			21,500
Net income	78,767			118,918			153,430			(263,936		)	87,179
Net income attributable to noncontrolling interests	—			—			(8,412		)	—			(8,412		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	78,767			118,918			145,018			(263,936		)	78,767
Dividends on preferred stock	(1,005		)	—			—			—			(1,005		)
Net income attributable to unvested restricted stock awards	(1,432		)	—			—			—			(1,432		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	76,330		$	118,918		$	145,018		$	(263,936	)	$	76,330



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—		$	—		$	322,794		$	—		$	322,794
Other income	4,965			—			3,112			(5,837		)	2,240
Total revenues	4,965			—			325,906			(5,837		)	325,034

Expenses:
Rental operations	—			—			91,908			—			91,908
General and administrative	23,001			—			5,775			(5,837		)	22,939
Interest	32,139			—			5,958			—			38,097
Depreciation and amortization	1,647			—			117,205			—			118,852
Impairment on real estate	—			—			6,311			—			6,311
Total expenses	56,787			—			227,157			(5,837		)	278,107

Equity in earnings of unconsolidated real estate JVs	—			—			1,090			—			1,090
Equity in earnings of affiliates	106,552			98,795			1,943			(207,290		)	—
Investment (loss) income	—			(97		)	12,627			—			12,530
Net income	54,730			98,698			114,409			(207,290		)	60,547
Net income attributable to noncontrolling interests	—			—			(5,817		)	—			(5,817		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	54,730			98,698			108,592			(207,290		)	54,730
Dividends on preferred stock	(1,302		)	—			—			—			(1,302		)
Net income attributable to unvested restricted stock awards	(1,412		)	—			—			—			(1,412		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	52,016		$	98,698		$	108,592		$	(207,290	)	$	52,016



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—		$	—	$	726,367		$	—		$	726,367
Other income	10,232			—		6,946			(10,847		)	6,331
Total revenues	10,232			—		733,313			(10,847		)	732,698

Expenses:
Rental operations	—			—		207,190			—			207,190
General and administrative	50,803			—		11,155			(10,847		)	51,111
Interest	76,706			—		5,273			—			81,979
Depreciation and amortization	3,415			—		265,109			—			268,524
Loss on early extinguishment of debt	—			—		7,361			—			7,361
Total expenses	130,924			—		496,088			(10,847		)	616,165

Equity in earnings of unconsolidated real estate JVs	—			—		2,408			—			2,408
Equity in earnings of affiliates	328,618			219,918		4,323			(552,859		)	—
Investment income	—			113		104,943			—			105,056
Net income	207,926			220,031		348,899			(552,859		)	223,997
Net income attributable to noncontrolling interests	—			—		(16,071		)	—			(16,071		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	207,926			220,031		332,828			(552,859		)	207,926
Dividends on preferred stock	(2,031		)	—		—			—			(2,031		)
Preferred stock redemption charge	(2,580		)	—		—			—			(2,580		)
Net income attributable to unvested restricted stock awards	(3,134		)	—		—			—			(3,134		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	200,181		$	220,031	$	332,828		$	(552,859	)	$	200,181



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—		$	—	$	640,449		$	—		$	640,449
Other income	9,089			—		6,037			(10,402		)	4,724
Total revenues	9,089			—		646,486			(10,402		)	645,173

Expenses:
Rental operations	—			—		183,679			—			183,679
General and administrative	44,891			—		10,871			(10,402		)	45,360
Interest	63,234			—		11,778			—			75,012
Depreciation and amortization	3,324			—		229,747			—			233,071
Impairment of real estate	—			—		6,311			—			6,311
Total expenses	111,449			—		442,386			(10,402		)	543,433

Equity in earnings of unconsolidated real estate JVs	—			—		2,234			—			2,234
Equity in earnings of affiliates	292,720			197,677		3,897			(494,294		)	—
Investment income	—			376		97,715			—			98,091
Net income	190,360			198,053		307,946			(494,294		)	202,065
Net income attributable to noncontrolling interests	—			—		(11,705		)	—			(11,705		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	190,360			198,053		296,241			(494,294		)	190,360
Dividends on preferred stock	(2,604		)	—		—			—			(2,604		)
Net income attributable to unvested restricted stock awards	(2,765		)	—		—			—			(2,765		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	184,991		$	198,053	$	296,241		$	(494,294	)	$	184,991



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	78,767		$	118,918	$	153,430		$	(263,936	)	$	87,179
Other comprehensive (loss) income:
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge losses arising during the period	(1,126		)	—		—			—			(1,126		)
Reclassification adjustment for amortization of interest expense included in net income	114			—		—			—			114
Unrealized losses on interest rate hedge agreements, net	(1,012		)	—		—			—			(1,012		)

Unrealized gains on foreign currency translation:
Unrealized foreign currency translation gains arising during the period	—			—		590			—			590
Unrealized gains on foreign currency translation, net	—			—		590			—			590

Total other comprehensive (loss) income	(1,012		)	—		590			—			(422		)
Comprehensive income	77,755			118,918		154,020			(263,936		)	86,757
Less: comprehensive income attributable to noncontrolling interests	—			—		(8,412		)	—			(8,412		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	77,755		$	118,918	$	145,608		$	(263,936	)	$	78,345



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	54,730		$	98,698	$	114,409		$	(207,290	)	$	60,547
Other comprehensive loss:
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge gains arising during the period	661			—		—			—			661
Reclassification adjustment for amortization of interest income included in net income	(1,131		)	—		—			—			(1,131		)
Unrealized losses on interest rate hedge agreements, net	(470		)	—		—			—			(470		)

Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the period	—			—		(3,243		)	—			(3,243		)
Unrealized losses on foreign currency translation, net	—			—		(3,243		)	—			(3,243		)

Total other comprehensive loss	(470		)	—		(3,243		)	—			(3,713		)
Comprehensive income	54,260			98,698		111,166			(207,290		)	56,834
Less: comprehensive income attributable to noncontrolling interests	—			—		(5,817		)	—			(5,817		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	54,260		$	98,698	$	105,349		$	(207,290	)	$	51,017



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	207,926		$	220,031	$	348,899		$	(552,859	)	$	223,997
Other comprehensive (loss) income:
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge losses arising during the period	(1,684		)	—		—			—			(1,684		)
Reclassification adjustment for amortization of interest income included in net income	(1,815		)	—		—			—			(1,815		)
Unrealized losses on interest rate hedge agreements, net	(3,499		)	—		—			—			(3,499		)

Unrealized gains on foreign currency translation:
Unrealized foreign currency translation gains arising during the period	—			—		2,800			—			2,800
Unrealized gains on foreign currency translation, net	—			—		2,800			—			2,800

Total other comprehensive (loss) income	(3,499		)	—		2,800			—			(699		)
Comprehensive income	204,427			220,031		351,699			(552,859		)	223,298
Less: comprehensive income attributable to noncontrolling interests	—			—		(16,071		)	—			(16,071		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	204,427		$	220,031	$	335,628		$	(552,859	)	$	207,227



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	190,360		$	198,053	$	307,946		$	(494,294	)	$	202,065
Other comprehensive income (loss):
Unrealized gains on interest rate hedge agreements:
Unrealized interest rate hedge gains arising during the period	2,643			—		—			—			2,643
Reclassification adjustment for amortization of interest income included in net income	(1,809		)	—		—			—			(1,809		)
Unrealized gains on interest rate hedge agreements, net	834			—		—			—			834

Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the period	—			—		(3,572		)	—			(3,572		)
Unrealized losses on foreign currency translation, net	—			—		(3,572		)	—			(3,572		)

Total other comprehensive income (loss)	834			—		(3,572		)	—			(2,738		)
Comprehensive income	191,194			198,053		304,374			(494,294		)	199,327
Less: comprehensive income attributable to noncontrolling interests	—			—		(11,705		)	—			(11,705		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	191,194		$	198,053	$	292,669		$	(494,294	)	$	187,622



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	207,926		$	220,031		$	348,899		$	(552,859	)	$	223,997
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	3,415			—			265,109			—			268,524
Loss on early extinguishment of debt	—			—			7,361			—			7,361
Equity in earnings of unconsolidated real estate JVs	—			—			(2,408		)	—			(2,408		)
Distributions of earnings from unconsolidated real estate JVs	—			—			1,679			—			1,679
Amortization of loan fees	4,412			—			201			—			4,613
Amortization of debt premiums	(17		)	—			(1,566		)	—			(1,583		)
Amortization of acquired below-market leases	—			—			(15,202		)	—			(15,202		)
Deferred rent	—			—			(52,441		)	—			(52,441		)
Stock compensation expense	22,466			—			—			—			22,466
Equity in earnings of affiliates	(328,618		)	(219,918		)	(4,323		)	552,859			—
Investment income	—			(113		)	(104,943		)	—			(105,056		)
Changes in operating assets and liabilities:
Tenant receivables	—			—			573			—			573
Deferred leasing costs	—			—			(23,471		)	—			(23,471		)
Other assets	(462		)	—			1,022			—			560
Accounts payable, accrued expenses, and tenant security deposits	1,239			—			(22,511		)	—			(21,272		)
Net cash (used in) provided by operating activities	(89,639		)	—			397,979			—			308,340

Investing Activities
Additions to real estate	—			—			(577,322		)	—			(577,322		)
Purchases of real estate	—			—			(715,030		)	—			(715,030		)
Returns of deposits for investing activities	—			—			(9,000		)	—			(9,000		)
Investments in subsidiaries	(1,155,762		)	(1,091,328		)	(22,402		)	2,269,492			—
Investments in unconsolidated real estate JVs	—			—			(95,950		)	—			(95,950		)
Additions to investments	—			—			(104,902		)	—			(104,902		)
Sales of investments	—			172			49,795			—			49,967
Net cash used in investing activities	$	(1,155,762	)	$	(1,091,156	)	$	(1,474,811	)	$	2,269,492		$	(1,452,237	)



	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	$	—		$	—	$	(302,878	)	$	—		$	(302,878	)
Proceeds from issuance of unsecured senior notes payable	854,209			—		—			—			854,209
Borrowings from unsecured senior line of credit	2,114,000			—		—			—			2,114,000
Repayments of borrowings from unsecured senior line of credit	(1,808,000		)	—		—			—			(1,808,000		)
Transfers to/from parent company	213,388			1,091,156		964,948			(2,269,492		)	—
Payment of loan fees	(8,714		)	—		(7,082		)	—			(15,796		)
Taxes paid related to net settlement of equity awards	(4,086		)	—		—			—			(4,086		)
Repurchase of 7.00% Series D cumulative convertible preferred stock	(9,240		)	—		—			—			(9,240		)
Proceeds from issuance of common stock	85,394			—		—			—			85,394
Dividends on common stock	(218,914		)	—		—			—			(218,914		)
Dividends on preferred stock	(2,132		)	—		—			—			(2,132		)
Contributions from and sales of noncontrolling interests	—			—		441,251			—			441,251
Distributions to and purchases of noncontrolling interests	—			—		(24,590		)	—			(24,590		)
Net cash provided by financing activities	1,215,905			1,091,156		1,071,649			(2,269,492		)	1,109,218

Effect of foreign exchange rate changes on cash and cash equivalents	—			—		774			—			774

Net decrease in cash, cash equivalents, and restricted cash	(29,496		)	—		(4,409		)	—			(33,905		)
Cash, cash equivalents, and restricted cash as of the beginning of period	119,305			—		152,825			—			272,130
Cash, cash equivalents, and restricted cash as of the end of period	$	89,809		$	—	$	148,416		$	—		$	238,225

Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	$	63,970		$	—	$	7,368		$	—		$	71,338
Change in accrued construction	$	—		$	—	$	5,558		$	—		$	5,558
Accrued construction for current-period additions to real estate	$	—		$	—	$	181,922		$	—		$	181,922
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—	$	(28,200	)	$	—		$	(28,200	)
Right-of-use asset	$	—		$	—	$	239,653		$	—		$	239,653
Lease liability	$	—		$	—	$	(245,638	)	$	—		$	(245,638	)



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	190,360		$	198,053		$	307,946		$	(494,294	)	$	202,065
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	3,324			—			229,747			—			233,071
Impairment of real estate	—			—			6,311			—			6,311
Equity in earnings of unconsolidated real estate JVs	—			—			(2,234		)	—			(2,234		)
Distributions of earnings from unconsolidated real estate JVs	—			—			287			—			287
Amortization of loan fees	4,260			—			876			—			5,136
Amortization of debt discounts (premiums)	378			—			(1,559		)	—			(1,181		)
Amortization of acquired below-market leases	—			—			(11,368		)	—			(11,368		)
Deferred rent	—			—			(55,890		)	—			(55,890		)
Stock compensation expense	15,223			—			—			—			15,223
Equity in earnings of affiliates	(292,720		)	(197,677		)	(3,897		)	494,294			—
Investment income	43			(375		)	(97,759		)	—			(98,091		)
Changes in operating assets and liabilities:
Tenant receivables	—			—			1,552			—			1,552
Deferred leasing costs	—			—			(29,705		)	—			(29,705		)
Other assets	(10,894		)	—			(4,161		)	—			(15,055		)
Accounts payable, accrued expenses, and tenant security deposits	(726		)	(2		)	8,848			—			8,120
Net cash (used in) provided by operating activities	(90,752		)	(1		)	348,994			—			258,241

Investing Activities
Additions to real estate	—			—			(431,225		)	—			(431,225		)
Purchases of real estate	—			—			(688,698		)	—			(688,698		)
Deposits for investing activities	—			—			5,500			—			5,500
Investments in subsidiaries	(1,010,580		)	(838,102		)	(17,282		)	1,865,964			—
Acquisitions of interests in unconsolidated real estate JVs	—			—			(35,922		)	—			(35,922		)
Investments in unconsolidated real estate JVs	—			—			(44,486		)	—			(44,486		)
Additions to investments	—			—			(118,775		)	—			(118,775		)
Sales of investments	—			377			44,330			—			44,707
Net cash used in investing activities	$	(1,010,580	)	$	(837,725	)	$	(1,286,558	)	$	1,865,964		$	(1,268,899	)



	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	$	—		$	—		$	9,044		$	—		$	9,044
Repayments of borrowings from secured notes payable	—			—			(3,162		)	—			(3,162		)
Proceeds from issuance of unsecured senior notes payable	899,321			—			—			—			899,321
Borrowings from unsecured senior line of credit	2,469,000			—			—			—			2,469,000
Repayments of borrowings from unsecured senior line of credit	(2,519,000		)	—			—			—			(2,519,000		)
Transfers to/from parent company	96,432			837,717			931,815			(1,865,964		)	—
Payment of loan fees	(8,003		)	—			—			—			(8,003		)
Proceeds from issuance of common stock	400,207			—			—			—			400,207
Dividends on common stock	(183,040		)	—			—			—			(183,040		)
Dividends on preferred stock	(2,604		)	—			—			—			(2,604		)
Contributions from noncontrolling interests	—			—			14,564			—			14,564
Distributions to noncontrolling interests	—			—			(19,841		)	—			(19,841		)
Net cash provided by financing activities	1,152,313			837,717			932,420			(1,865,964		)	1,056,486

Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(1,173		)	—			(1,173		)

Net increase (decrease) in cash, cash equivalents, and restricted cash	50,981			(9		)	(6,317		)	—			44,655
Cash, cash equivalents, and restricted cash as of the beginning of period	130,516			9			146,661			—			277,186
Cash, cash equivalents, and restricted cash as of the end of period	$	181,497		$	—		$	140,344		$	—		$	321,841

Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	$	56,392		$	—		$	12,493		$	—		$	68,885
Change in accrued construction	$	—		$	—		$	48,074		$	—		$	48,074
Accrued construction for current-period additions to real estate	$	—		$	—		$	183,573		$	—		$	183,573