Condensed consolidating financial information

6 Months Ended

Jun. 30, 2014

Condensed Consolidated Financial Information [Abstract]

Condensed consolidating financial information

Condensed consolidating financial information

Alexandria Real Estate Equities, Inc. (the “Issuer”) has sold certain debt securities registered under the Securities Act, 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 Company’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, 2014, and December 31, 2013, and the condensed consolidating statements of income and comprehensive income for the three and six months ended June 30, 2014 and 2013, and condensed consolidating cash flows for the six months ended June 30, 2014 and 2013, for the Issuer, the Guarantor Subsidiary, the Combined Non-Guarantor Subsidiaries, the eliminations necessary to arrive at the information for Alexandria Real Estate Equities, Inc. on a consolidated basis, and consolidated amounts. In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Issuer’s interests in the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries, (ii) the Guarantor Subsidiary’s interests in the Combined Non-Guarantor Subsidiaries, and (iii) the Combined Non-Guarantor Subsidiaries’ interests in the Guarantor Subsidiary, where applicable, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” All assets and liabilities have been allocated to the Issuer, the Guarantor Subsidiary, and the Combined Non-Guarantor Subsidiaries generally based on legal entity ownership.

Condensed Consolidating Balance Sheet

as of June 30, 2014

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	7,030,117	$	—		$	7,030,117
Cash and cash equivalents	18,041		—		43,660		—			61,701
Restricted cash	64		—		24,455		—			24,519
Tenant receivables	—		—		10,654		—			10,654
Deferred rent	—		—		214,793		—			214,793
Deferred leasing and financing costs	33,298		—		160,323		—			193,621
Investments	—		9,637		165,165		—			174,802
Investments in and advances to affiliates	6,678,756		6,162,162		125,591		(12,966,509		)	—
Other assets	18,740		—		86,702		—			105,442
Total assets	$	6,748,899	$	6,171,799	$	7,861,460	$	(12,966,509	)	$	7,815,649
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	615,551	$	—		$	615,551
Unsecured senior notes payable	1,048,310		—		—		—			1,048,310
Unsecured senior line of credit	571,000		—		—		—			571,000
Unsecured senior bank term loans	1,100,000		—		—		—			1,100,000
Accounts payable, accrued expenses, and tenant security deposits	65,700		—		368,828		—			434,528
Dividends payable	57,087		—		290		—			57,377
Total liabilities	2,842,097		—		984,669		—			3,826,766
Redeemable noncontrolling interests	—		—		14,381		—			14,381
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	3,906,802		6,171,799		6,794,710		(12,966,509		)	3,906,802
Noncontrolling interests	—		—		67,700		—			67,700
Total equity	3,906,802		6,171,799		6,862,410		(12,966,509		)	3,974,502
Total liabilities, noncontrolling interests, and equity	$	6,748,899	$	6,171,799	$	7,861,460	$	(12,966,509	)	$	7,815,649

Condensed Consolidating Balance Sheet

as of December 31, 2013

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	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	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 Statement of Income

for the Three Months Ended June 30, 2014

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental	$	—		$	—		$	134,992		$	—		$	134,992
Tenant recoveries	—			—			40,944			—			40,944
Other income	2,916			(1,535		)	2,532			(3,447		)	466
Total revenues	2,916			(1,535		)	178,468			(3,447		)	176,402
Expenses:
Rental operations	—			—			52,353			—			52,353
General and administrative	11,506			—			5,777			(3,447		)	13,836
Interest	12,493			—			4,940			—			17,433
Depreciation and amortization	1,456			—			55,858			—			57,314
Total expenses	25,455			—			118,928			(3,447		)	140,936
(Loss) income from continuing operations before equity in earnings of affiliates	(22,539		)	(1,535		)	59,540			—			35,466
Equity in earnings of affiliates	57,355			56,302			1,081			(114,738		)	—
Income from continuing operations	34,816			54,767			60,621			(114,738		)	35,466
Loss from discontinued operations	(7		)	—			(140		)	—			(147		)
Gain on sale of land parcel	—			—			797			—			797
Net income	34,809			54,767			61,278			(114,738		)	36,116
Dividends on preferred stock	(6,472		)	—			—			—			(6,472		)
Net income attributable to noncontrolling interests	—			—			(1,307		)	—			(1,307		)
Net income attributable to unvested restricted stock awards	(405		)	—			—			—			(405		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	27,932		$	54,767		$	59,971		$	(114,738	)	$	27,932

Condensed Consolidating Statement of Income

for the Three Months Ended June 30, 2013

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental	$	—		$	—		$	114,493		$	—		$	114,493
Tenant recoveries	—			—			35,869			—			35,869
Other income	2,674			(75		)	4,098			(3,129		)	3,568
Total revenues	2,674			(75		)	154,460			(3,129		)	153,930
Expenses:
Rental operations	—			—			46,277			—			46,277
General and administrative	12,164			—			3,420			(3,129		)	12,455
Interest	10,090			—			5,888			—			15,978
Depreciation and amortization	1,446			—			44,898			—			46,344
Loss on early extinguishment of debt	560			—			—			—			560
Total expenses	24,260			—			100,483			(3,129		)	121,614
(Loss) income from continuing operations before equity in earnings of affiliates	(21,586		)	(75		)	53,977			—			32,316
Equity in earnings of affiliates	53,912			48,944			939			(103,795		)	—
Income from continuing operations	32,326			48,869			54,916			(103,795		)	32,316
Income from discontinued operations	31			—			218			—			249
Gain on sale of land parcel	—			—			772			—			772
Net income	32,357			48,869			55,906			(103,795		)	33,337
Dividends on preferred stock	(6,471		)	—			—			—			(6,471		)
Net income attributable to noncontrolling interests	—			—			(980		)	—			(980		)
Net income attributable to unvested restricted stock awards	(403		)	—			—			—			(403		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	25,483		$	48,869		$	54,926		$	(103,795	)	$	25,483

Condensed Consolidating Statement of Comprehensive Income

for the Three Months Ended June 30, 2014

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	34,809		$	54,767	$	61,278		$	(114,738	)	$	36,116
Other comprehensive income:
Unrealized gains (losses) on marketable securities:
Unrealized holding gains (losses) arising during the period	—			310		(3,044		)	—			(2,734		)
Reclassification adjustment for losses included in net income	—			—		406			—			406
Unrealized gains (losses) on marketable securities, net	—			310		(2,638		)	—			(2,328		)
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(2,526		)	—		—			—			(2,526		)
Reclassification adjustment for amortization of interest expense included in net income	1,123			—		—			—			1,123
Unrealized losses on interest rate swap agreements	(1,403		)	—		—			—			(1,403		)
Foreign currency translation gains	—			—		5,915			—			5,915
Total other comprehensive (loss) income	(1,403		)	310		3,277			—			2,184
Comprehensive income	33,406			55,077		64,555			(114,738		)	38,300
Less: comprehensive income attributable to noncontrolling interests	—			—		(1,307		)	—			(1,307		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	33,406		$	55,077	$	63,248		$	(114,738	)	$	36,993

Condensed Consolidating Statement of Comprehensive Income

for the Three Months Ended June 30, 2013

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	32,357	$	48,869		$	55,906		$	(103,795	)	$	33,337
Other comprehensive income:
Unrealized (losses) gains on marketable securities:
Unrealized holding (losses) gains arising during the period	—		(244		)	288			—			44
Reclassification adjustment for losses (gains) included in net income	—		106			(64		)	—			42
Unrealized (losses) gains on marketable securities	—		(138		)	224			—			86
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	105		—			—			—			105
Reclassification adjustment for amortization of interest expense included in net income	3,834		—			—			—			3,834
Unrealized gains on interest rate swap agreements	3,939		—			—			—			3,939
Foreign currency translation losses	—		—			(20,698		)	—			(20,698		)
Total other comprehensive income (loss)	3,939		(138		)	(20,474		)	—			(16,673		)
Comprehensive income	36,296		48,731			35,432			(103,795		)	16,664
Less: comprehensive income attributable to noncontrolling interests	—		—			(1,008		)	—			(1,008		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	36,296	$	48,731		$	34,424		$	(103,795	)	$	15,656

Condensed Consolidating Statement of Comprehensive Income

for the Six Months Ended June 30, 2014

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	74,363		$	113,073	$	126,126		$	(236,697	)	$	76,865
Other comprehensive income:
Unrealized gains on marketable securities:
Unrealized holding gains arising during the period	—			310		15,735			—			16,045
Reclassification adjustment for losses included in net income	—			—		406			—			406
Unrealized gains on marketable securities	—			310		16,141			—			16,451
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap gains arising during the period	(3,914		)	—		—			—			(3,914		)
Reclassification adjustment for amortization of interest expense included in net income	4,613			—		—			—			4,613
Unrealized gains on interest rate swap agreements	699			—		—			—			699
Foreign currency translation gains	—			—		2,809			—			2,809
Total other comprehensive income	699			310		18,950			—			19,959
Comprehensive income	75,062			113,383		145,076			(236,697		)	96,824
Less: comprehensive income attributable to noncontrolling interests	—			—		(2,502		)	—			(2,502		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	75,062		$	113,383	$	142,574		$	(236,697	)	$	94,322

Condensed Consolidating Statement of Comprehensive Income

for the Six Months Ended June 30, 2013

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	61,612		$	96,042		$	107,721		$	(201,801	)	$	63,574
Other comprehensive income:
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	—			405			(45		)	—			360
Reclassification adjustment for (gains) losses included in net income	—			(375		)	145			—			(230		)
Unrealized gains on marketable securities	—			30			100			—			130
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(28		)	—			—			—			(28		)
Reclassification adjustment for amortization of interest expense included in net income	8,142			—			—			—			8,142
Unrealized gains on interest rate swap agreements	8,114			—			—			—			8,114
Foreign currency translation losses	—			—			(23,057		)	—			(23,057		)
Total other comprehensive income (loss)	8,114			30			(22,957		)	—			(14,813		)
Comprehensive income	69,726			96,072			84,764			(201,801		)	48,761
Less: comprehensive income attributable to noncontrolling interests	—			—			(1,906		)	—			(1,906		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	69,726		$	96,072		$	82,858		$	(201,801	)	$	46,855

Condensed Consolidating Statement of Cash Flows

for the Six Months Ended June 30, 2014

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	74,363		$	113,073		$	126,126		$	(236,697	)	$	76,865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,927			—			104,808			—			107,735
Gain on sale of land parcel	—			—			(797		)	—			(797		)
Amortization of loan fees and costs	3,542			—			1,762			—			5,304
Amortization of debt premiums/discounts	80			—			56			—			136
Amortization of acquired above and below market leases	—			—			(1,434		)	—			(1,434		)
Deferred rent	—			—			(24,619		)	—			(24,619		)
Stock compensation expense	6,304			—			—			—			6,304
Equity in income related to subsidiaries	(119,860		)	(114,608		)	(2,229		)	236,697			—
Investment gains	—			—			(6,225		)	—			(6,225		)
Investment losses	—			1,535			3,705			—			5,240
Changes in operating assets and liabilities:
Restricted cash	(9		)	—			9			—			—
Tenant receivables	—			—			(735		)	—			(735		)
Deferred leasing costs	—			—			(17,452		)	—			(17,452		)
Other assets	(4,264		)	—			(1,652		)	—			(5,916		)
Accounts payable, accrued expenses, and tenant security deposits	20,850			—			(20,765		)	—			85
Net cash (used in) provided by operating activities	(16,067		)	—			160,558			—			144,491
Investing Activities
Proceeds from sale of properties	—			—			17,868			—			17,868
Additions to properties	—			—			(210,792		)	—			(210,792		)
Purchase of properties	—			—			(97,785		)	—			(97,785		)
Change in restricted cash related to construction projects	—			—			5,650			—			5,650
Contributions to unconsolidated real estate entity	—			—			(1,405		)	—			(1,405		)
Investments in subsidiaries	(235,931		)	(205,546		)	(8,095		)	449,572			—
Additions to investments	—			—			(25,358		)	—			(25,358		)
Proceeds from sales of investments	—			—			8,794			—			8,794
Proceeds from repayment of note receivable	—			—			29,851			—			29,851
Net cash used in investing activities	$	(235,931	)	$	(205,546	)	$	(281,272	)	$	449,572		$	(273,177	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Six Months Ended June 30, 2014

(In thousands)

(Unaudited)

	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	$	—		$	—	$	77,762		$	—		$	77,762
Repayments of borrowings from secured notes payable	—			—		(219,427		)	—			(219,427		)
Principal borrowings from unsecured senior line of credit	637,000			—		—			—			637,000
Repayments of borrowings from unsecured senior line of credit	(270,000		)	—		—			—			(270,000		)
Transfer to/from parent company	103			205,546		243,923			(449,572		)	—
Change in restricted cash related to financings	—			—		1,212			—			1,212
Deferred financing costs paid	(44		)	—		(266		)	—			(310		)
Dividends paid on common stock	(98,867		)	—		—			—			(98,867		)
Dividends paid on preferred stock	(12,943		)	—		—			—			(12,943		)
Contributions by noncontrolling interests	—			—		19,410			—			19,410
Distributions to noncontrolling interests	—			—		(1,388		)	—			(1,388		)
Distributions to redeemable noncontrolling interests	—			—		(595		)	—			(595		)
Net cash provided by financing activities	255,249			205,546		120,631			(449,572		)	131,854
Effect of foreign exchange rate changes on cash and cash equivalents	—			—		837			—			837
Net increase in cash and cash equivalents	3,251			—		754			—			4,005
Cash and cash equivalents at beginning of period	14,790			—		42,906			—			57,696
Cash and cash equivalents at end of period	$	18,041		$	—	$	43,660		$	—		$	61,701
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	22,218		$	—	$	9,704		$	—		$	31,922
Non-Cash Investing Activities
Change in accrued capital expenditures	$	—		$	—	$	592		$	—		$	592
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—	$	(48,329	)	$	—		$	(48,329	)

Condensed Consolidating Statement of Cash Flows

for the Six Months Ended June 30, 2013

(In thousands)

(Unaudited)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	61,612		$	96,042		$	107,721		$	(201,801	)	$	63,574
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,921			—			90,654			—			93,575
Loss on early extinguishment of debt	560			—			—			—			560
Gain on sale of land parcel	—			—			(772		)	—			(772		)
Loss on sale of real estate	—			—			121			—			121
Amortization of loan fees and costs	3,381			—			1,432			—			4,813
Amortization of debt premiums/discounts	31			—			206			—			237
Amortization of acquired above and below market leases	—			—			(1,660		)	—			(1,660		)
Deferred rent	—			—			(14,437		)	—			(14,437		)
Stock compensation expense	7,812			—			—			—			7,812
Equity in income related to subsidiaries	(103,719		)	(96,183		)	(1,899		)	201,801			—
Investment gains	—			(152		)	(2,514		)	—			(2,666		)
Investment losses	—			297			232			—			529
Changes in operating assets and liabilities:
Restricted cash	10			—			382			—			392
Tenant receivables	1			—			846			—			847
Deferred leasing costs	(792		)	—			(22,317		)	—			(23,109		)
Other assets	31,434			—			(25,512		)	188			6,110
Intercompany receivables and payables	(40		)	—			40			—			—
Accounts payable, accrued expenses, and tenant security deposits	(20,871		)	—			29,274			(188		)	8,215
Net cash (used in) provided by operating activities	(17,660		)	4			161,797			—			144,141
Investing Activities
Proceeds from sale of properties	10,796			—			91,019			—			101,815
Additions to properties	—			—			(298,927		)	—			(298,927		)
Change in restricted cash related to construction projects	—			—			(8,889		)	—			(8,889		)
Contributions to unconsolidated real estate entity	—			—			(4,889		)	—			(4,889		)
Loss in investments from unconsolidated real estate entity	—			—			(293		)	—			(293		)
Investments in subsidiaries	(61,214		)	(88,247		)	(1,243		)	150,704			—
Additions to investments	—			100			(14,933		)	—			(14,833		)
Proceeds from sales of investments	—			641			8,903			—			9,544
Net cash used in investing activities	$	(50,418	)	$	(87,506	)	$	(229,252	)	$	150,704		$	(216,472	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Six Months Ended June 30, 2013

(In thousands)

(Unaudited)

	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	$	—		$	—		$	26,114		$	—		$	26,114
Repayments of borrowings from secured notes payable	—			—			(31,436		)	—			(31,436		)
Proceeds from issuance of senior notes payable	495,310			—			—			—			495,310
Principal borrowings from unsecured senior line of credit	305,000			—			—			—			305,000
Repayments of borrowings from unsecured senior line of credit	(871,000		)	—			—			—			(871,000		)
Repayments of unsecured senior bank term loans	(150,000		)	—			—			—			(150,000		)
Transfer to/from parent company	—			85,589			65,115			(150,704		)	—
Change in restricted cash related to financings	—			—			16,634			—			16,634
Deferred financing costs paid	(1,095		)	—			(362		)	—			(1,457		)
Proceeds from common stock offerings	534,469			—			—			—			534,469
Dividends paid on common stock	(73,932		)	—			—			—			(73,932		)
Dividends paid on preferred stock	(12,942		)	—			—			—			(12,942		)
Distributions to noncontrolling interests	—			—			(639		)	—			(639		)
Distributions to redeemable noncontrolling interests	—			—			(596		)	—			(596		)
Net cash provided by financing activities	225,810			85,589			74,830			(150,704		)	235,525
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(1,960		)	—			(1,960		)
Net increase (decrease) in cash and cash equivalents	157,732			(1,913		)	5,415			—			161,234
Cash and cash equivalents at beginning of period	98,567			1,913			40,491			—			140,971
Cash and cash equivalents at end of period	$	256,299		$	—		$	45,906		$	—		$	302,205
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	17,969		$	—		$	11,290		$	—		$	29,259
Non-Cash Investing Activities
Note receivable issued in connection with sale of real estate	$	29,820		$	—		$	9,000		$	—		$	38,820
Change in accrued capital expenditures	$	—		$	—		$	(48,198	)	$	—		$	(48,198	)