Condensed consolidating financial information (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Consolidated Financial Information [Abstract]

Condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

as of September 30, 2015

(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	$	—	$	—	$	7,654,209	$	—		$	7,654,209
Cash and cash equivalents	42,738		8		33,637		—			76,383
Restricted cash	95		—		36,898		—			36,993
Tenant receivables	—		—		10,124		—			10,124
Deferred rent	—		—		267,954		—			267,954
Deferred leasing and financing costs	31,708		—		190,635		—			222,343
Investments	—		4,711		325,859		—			330,570
Investments in and advances to affiliates	7,370,645		6,685,933		136,885		(14,193,463		)	—
Other assets	24,470		—		114,298		—			138,768
Total assets	$	7,469,656	$	6,690,652	$	8,770,499	$	(14,193,463	)	$	8,737,344
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	773,619	$	—		$	773,619
Unsecured senior notes payable	1,747,613		—		—		—			1,747,613
Unsecured senior line of credit	843,000		—		—		—			843,000
Unsecured senior bank term loans	950,000		—		—		—			950,000
Accounts payable, accrued expenses, and tenant security deposits	108,828		—		477,766		—			586,594
Dividends payable	61,053		—		287		—			61,340
Total liabilities	3,710,494		—		1,251,672		—			4,962,166
Redeemable noncontrolling interests	—		—		14,218		—			14,218
Alexandria’s stockholders’ equity	3,759,162		6,690,652		7,502,811		(14,193,463		)	3,759,162
Noncontrolling interests	—		—		1,798		—			1,798
Total equity	3,759,162		6,690,652		7,504,609		(14,193,463		)	3,760,960
Total liabilities, noncontrolling interests, and equity	$	7,469,656	$	6,690,652	$	8,770,499	$	(14,193,463	)	$	8,737,344

Condensed Consolidating Balance Sheet

as of December 31, 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	$	—	$	—	$	7,226,016	$	—		$	7,226,016
Cash and cash equivalents	52,491		63		33,457		—			86,011
Restricted cash	67		—		26,817		—			26,884
Tenant receivables	—		—		10,548		—			10,548
Deferred rent	—		—		234,124		—			234,124
Deferred leasing and financing costs	35,462		—		166,336		—			201,798
Investments	—		5,235		231,154		—			236,389
Investments in and advances to affiliates	6,874,866		6,295,852		128,943		(13,299,661		)	—
Other assets	19,461		—		94,805		—			114,266
Total assets	$	6,982,347	$	6,301,150	$	8,152,200	$	(13,299,661	)	$	8,136,036
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	652,209	$	—		$	652,209
Unsecured senior notes payable	1,747,370		—		—		—			1,747,370
Unsecured senior line of credit	304,000		—		—		—			304,000
Unsecured senior bank term loans	975,000		—		—		—			975,000
Accounts payable, accrued expenses, and tenant security deposits	69,013		—		420,072		—			489,085
Dividends payable	58,525		—		289		—			58,814
Total liabilities	3,153,908		—		1,072,570		—			4,226,478
Redeemable noncontrolling interests	—		—		14,315		—			14,315
Alexandria’s stockholders’ equity	3,828,439		6,301,150		6,998,511		(13,299,661		)	3,828,439
Noncontrolling interests	—		—		66,804		—			66,804
Total equity	3,828,439		6,301,150		7,065,315		(13,299,661		)	3,895,243
Total liabilities, noncontrolling interests, and equity	$	6,982,347	$	6,301,150	$	8,152,200	$	(13,299,661	)	$	8,136,036

Condensed consolidating statements of income

Condensed Consolidating Statement of Income

for the Three Months Ended September 30, 2015

(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	$	—		$	—		$	155,311		$	—		$	155,311
Tenant recoveries	—			—			56,119			—			56,119
Other income	3,355			(87		)	8,025			(4,113		)	7,180
Total revenues	3,355			(87		)	219,455			(4,113		)	218,610
Expenses:
Rental operations	—			—			68,846			—			68,846
General and administrative	13,511			—			5,745			(4,113		)	15,143
Interest	20,470			—			7,209			—			27,679
Depreciation and amortization	1,799			—			66,154			—			67,953
Total expenses	35,780			—			147,954			(4,113		)	179,621
Equity in earnings of unconsolidated joint ventures	—			—			710			—			710
Equity in earnings of affiliates	71,954			63,964			1,259			(137,177		)	—
Net income	39,529			63,877			73,470			(137,177		)	39,699
Dividends on preferred stock	(6,247		)	—			—			—			(6,247		)
Net income attributable to noncontrolling interests	—			—			(170		)	—			(170		)
Net income attributable to unvested restricted stock awards	(623		)	—			—			—			(623		)
Net income attributable to Alexandria’s common stockholders	$	32,659		$	63,877		$	73,300		$	(137,177	)	$	32,659

Condensed Consolidating Statement of Income

for the Three Months Ended September 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	$	—		$	—		$	137,718		$	—		$	137,718
Tenant recoveries	—			—			45,572			—			45,572
Other income	2,797			(1,264		)	4,369			(3,577		)	2,325
Total revenues	2,797			(1,264		)	187,659			(3,577		)	185,615
Expenses:
Rental operations	—			—			57,423			—			57,423
General and administrative	11,369			—			4,817			(3,577		)	12,609
Interest	15,307			—			5,248			—			20,555
Depreciation and amortization	1,408			—			56,980			—			58,388
Loss on early extinguishment of debt	525			—			—			—			525
Total expenses	28,609			—			124,468			(3,577		)	149,500
Equity in earnings of affiliates	60,415			58,381			1,127			(119,923		)	—
Income from continuing operations	34,603			57,117			64,318			(119,923		)	36,115
Loss from discontinued operations	—			—			(180		)	—			(180		)
Gain on sales of real estate – land parcels	—			—			8			—			8
Net income	34,603			57,117			64,146			(119,923		)	35,943
Dividends on preferred stock	(6,471		)	—			—			—			(6,471		)
Net income attributable to noncontrolling interests	—			—			(1,340		)	—			(1,340		)
Net income attributable to unvested restricted stock awards	(506		)	—			—			—			(506		)
Net income attributable to Alexandria’s common stockholders	$	27,626		$	57,117		$	62,806		$	(119,923	)	$	27,626

Condensed Consolidating Statement of Income

for the Nine Months Ended September 30, 2015

(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	$	—		$	—		$	450,724		$	—		$	450,724
Tenant recoveries	—			—			154,107			—			154,107
Other income	9,890			(128		)	17,014			(12,088		)	14,688
Total revenues	9,890			(128		)	621,845			(12,088		)	619,519
Expenses:
Rental operations	—			—			192,319			—			192,319
General and administrative	38,960			—			17,647			(12,088		)	44,519
Interest	57,494			—			20,089			—			77,583
Depreciation and amortization	4,515			—			184,529			—			189,044
Impairment of real estate	—			—			14,510			—			14,510
Loss on early extinguishment of debt	189			—			—			—			189
Total expenses	101,158			—			429,094			(12,088		)	518,164
Equity in earnings of unconsolidated joint ventures	—			—			1,825			—			1,825
Equity in earnings of affiliates	193,480			174,800			3,446			(371,726		)	—
Income from continuing operations	102,212			174,672			198,022			(371,726		)	103,180
Loss from discontinued operations	—			—			(43		)	—			(43		)
Net income	102,212			174,672			197,979			(371,726		)	103,137
Dividends on preferred stock	(18,740		)	—			—			—			(18,740		)
Net income attributable to noncontrolling interests	—			—			(925		)	—			(925		)
Net income attributable to unvested restricted stock awards	(1,736		)	—			—			—			(1,736		)
Net income attributable to Alexandria’s common stockholders	$	81,736		$	174,672		$	197,054		$	(371,726	)	$	81,736

Condensed Consolidating Statement of Income

for the Nine Months Ended September 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	$	—		$	—		$	403,280		$	—		$	403,280
Tenant recoveries	—			—			128,198			—			128,198
Other income	8,632			(2,799		)	11,534			(10,642		)	6,725
Total revenues	8,632			(2,799		)	543,012			(10,642		)	538,203
Expenses:
Rental operations	—			—			162,283			—			162,283
General and administrative	33,735			—			16,576			(10,642		)	39,669
Interest	41,339			—			15,772			—			57,111
Depreciation and amortization	4,335			—			161,788			—			166,123
Loss on early extinguishment of debt	525			—			—			—			525
Total expenses	79,934			—			356,419			(10,642		)	425,711
Equity in earnings of affiliates	180,275			172,989			3,356			(356,620		)	—
Income from continuing operations	108,973			170,190			189,949			(356,620		)	112,492
Loss from discontinued operations	(7		)	—			(482		)	—			(489		)
Gain on sales of real estate – land parcels	—			—			805			—			805
Net income	108,966			170,190			190,272			(356,620		)	112,808
Dividends on preferred stock	(19,414		)	—			—			—			(19,414		)
Net income attributable to noncontrolling interests	—			—			(3,842		)	—			(3,842		)
Net income attributable to unvested restricted stock awards	(1,285		)	—			—			—			(1,285		)
Net income attributable to Alexandria’s common stockholders	$	88,267		$	170,190		$	186,430		$	(356,620	)	$	88,267

Condensed consolidating statement comprehensive income

Condensed Consolidating Statement of Comprehensive Income

for the Three Months Ended September 30, 2015

(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	$	39,529		$	63,877		$	73,470		$	(137,177	)	$	39,699
Other comprehensive loss:
Unrealized losses on marketable equity securities:
Unrealized holding losses arising during the period	—			(41		)	(29,791		)	—			(29,832		)
Reclassification adjustment for gains included in net income	—			(117		)	(4,851		)	—			(4,968		)
Unrealized losses on marketable equity securities, net	—			(158		)	(34,642		)	—			(34,800		)
Unrealized losses on interest rate swap agreements:
Unrealized interest rate swap losses arising during the period	(5,474		)	—			—			—			(5,474		)
Reclassification adjustment for amortization of interest income included in net income	727			—			—			—			727
Unrealized losses on interest rate swap agreements, net	(4,747		)	—			—			—			(4,747		)
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses during the period	—			—			(9,294		)	—			(9,294		)
Unrealized losses on foreign currency translation, net	—			—			(9,294		)	—			(9,294		)
Total other comprehensive loss	(4,747		)	(158		)	(43,936		)	—			(48,841		)
Comprehensive income	34,782			63,719			29,534			(137,177		)	(9,142		)
Less: comprehensive income attributable to noncontrolling interests	—			—			(71		)	—			(71		)
Comprehensive income attributable to Alexandria’s common stockholders	$	34,782		$	63,719		$	29,463		$	(137,177	)	$	(9,213	)

Condensed Consolidating Statement of Comprehensive Income

for the Three Months Ended September 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	$	34,603	$	57,117		$	64,146		$	(119,923	)	$	35,943
Other comprehensive income (loss):
Unrealized losses on marketable equity securities:
Unrealized holding losses arising during the period	—		(310		)	(2,144		)	—			(2,454		)
Reclassification adjustment for losses included in net income	—		—			111			—			111
Unrealized losses on marketable equity securities, net	—		(310		)	(2,033		)	—			(2,343		)
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap gains arising during the period	1,206		—			—			—			1,206
Reclassification adjustment for amortization of interest expense included in net income	1,129		—			—			—			1,129
Unrealized gains on interest rate swap agreements, net	2,335		—			—			—			2,335
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses during the period	—		—			(12,259		)	—			(12,259		)
Reclassification adjustment for gains included in net income	—		—			(199		)	—			(199		)
Unrealized foreign currency translation losses, net	—		—			(12,458		)	—			(12,458		)
Total other comprehensive income (loss)	2,335		(310		)	(14,491		)	—			(12,466		)
Comprehensive income	36,938		56,807			49,655			(119,923		)	23,477
Less: comprehensive income attributable to noncontrolling interests	—		—			(1,340		)	—			(1,340		)
Comprehensive income attributable to Alexandria’s common stockholders	$	36,938	$	56,807		$	48,315		$	(119,923	)	$	22,137

Condensed Consolidating Statement of Comprehensive Income

for the Nine Months Ended September 30, 2015

(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	$	102,212		$	174,672		$	197,979		$	(371,726	)	$	103,137
Other comprehensive (loss) income:
Unrealized (losses) gains on marketable equity securities:
Unrealized holding (losses) gains arising during the year	—			(19		)	54,023			—			54,004
Reclassification adjustment for gains included in net income	—			(76		)	(2,427		)	—			(2,503		)
Unrealized (losses) gains on marketable equity securities, net	—			(95		)	51,596			—			51,501
Unrealized losses on interest rate swap agreements:
Unrealized interest rate swap losses arising during the year	(9,712		)	—			—			—			(9,712		)
Reclassification adjustment for amortization of interest expense included in net income	1,942			—			—			—			1,942
Unrealized losses on interest rate swap agreements, net	(7,770		)	—			—			—			(7,770		)
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the year	—			—			(17,072		)	—			(17,072		)
Reclassification adjustment for losses included in net income	—			—			9,236			—			9,236
Unrealized losses on foreign currency translation, net	—			—			(7,836		)	—			(7,836		)
Total other comprehensive (loss) income	(7,770		)	(95		)	43,760			—			35,895
Comprehensive income	94,442			174,577			241,739			(371,726		)	139,032
Less: comprehensive income attributable to noncontrolling interests	—			—			(954		)	—			(954		)
Comprehensive income attributable to Alexandria's common stockholders	$	94,442		$	174,577		$	240,785		$	(371,726	)	$	138,078

Condensed Consolidating Statement of Comprehensive Income

for the Nine Months Ended September 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	$	108,966		$	170,190	$	190,272		$	(356,620	)	$	112,808
Other comprehensive income:
Unrealized gains on marketable equity securities:
Unrealized holding gains arising during the year	—			—		13,591			—			13,591
Reclassification adjustment for losses included in net income	—			—		517			—			517
Unrealized gains on marketable equity securities, net	—			—		14,108			—			14,108
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the year	(2,708		)	—		—			—			(2,708		)
Reclassification adjustment for amortization of interest expense included in net income	5,742			—		—			—			5,742
Unrealized gains on interest rate swap agreements, net	3,034			—		—			—			3,034
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses	—			—		(9,450		)	—			(9,450		)
Reclassification adjustment for gains included in net income	—			—		(199		)	—			(199		)
Unrealized losses on foreign currency translation, net	—			—		(9,649		)	—			(9,649		)
Total other comprehensive income	3,034			—		4,459			—			7,493
Comprehensive income	112,000			170,190		194,731			(356,620		)	120,301
Less: comprehensive income attributable to noncontrolling interests	—			—		(3,842		)	—			(3,842		)
Comprehensive income attributable to Alexandria’s common stockholders	$	112,000		$	170,190	$	190,889		$	(356,620	)	$	116,459

Condensed consolidating statement cash flows

Condensed Consolidating Statement of Cash Flows

for the Nine Months Ended September 30, 2015

(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	$	102,212		$	174,672		$	197,979		$	(371,726	)	$	103,137
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	4,515			—			184,529			—			189,044
Loss on early extinguishment of debt	189			—			—			—			189
Impairment of real estate	—			—			14,510			—			14,510
Equity in earnings of unconsolidated joint ventures	—			—			(1,825		)	—			(1,825		)
Distributions of earnings from unconsolidated joint ventures	—			—			740			—			740
Amortization of loan fees	5,717			—			2,631			—			8,348
Amortization of debt discounts (premiums)	243			—			(525		)	—			(282		)
Amortization of acquired below-market leases	—			—			(5,121		)	—			(5,121		)
Deferred rent	—			—			(34,421		)	—			(34,421		)
Stock compensation expense	12,922			—			—			—			12,922
Equity in earnings of affiliates	(193,480		)	(174,800		)	(3,446		)	371,726			—
Investment gains	—			—			(22,368		)	—			(22,368		)
Investment losses	—			269			10,888			—			11,157
Changes in operating assets and liabilities:
Restricted cash	(28		)	—			52			—			24
Tenant receivables	—			—			380			—			380
Deferred leasing costs	—			—			(47,725		)	—			(47,725		)
Other assets	(9,228		)	—			(4,493		)	—			(13,721		)
Accounts payable, accrued expenses, and tenant security deposits	31,895			—			(472		)	—			31,423
Net cash (used in) provided by operating activities	(45,043		)	141			291,313			—			246,411
Investing Activities
Proceeds from sale of real estate	—			—			92,455			—			92,455
Additions to real estate	—			—			(362,215		)	—			(362,215		)
Purchase of real estate	—			—			(248,933		)	—			(248,933		)
Deposits for investing activities	—			—			(6,707		)	—			(6,707		)
Investment in unconsolidated real estate joint ventures	—			—			(7,979		)	—			(7,979		)
Investments in subsidiaries	(302,455		)	(215,128		)	(4,493		)	522,076			—
Additions to investments	—			—			(67,965		)	—			(67,965		)
Sales of investments	—			6			39,584			—			39,590
Repayment of notes receivable	—			—			4,264			—			4,264
Net cash used in investing activities	$	(302,455	)	$	(215,122	)	$	(561,989	)	$	522,076		$	(557,490	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Nine Months Ended September 30, 2015

(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	$	—		$	—		$	47,375		$	—		$	47,375
Repayments of borrowings from secured notes payable	—			—			(12,217		)	—			(12,217		)
Borrowings from unsecured senior line of credit	1,432,000			—			—			—			1,432,000
Repayments of borrowings from unsecured senior line of credit	(893,000		)	—			—			—			(893,000		)
Repayments of borrowings from unsecured senior bank term loans	(25,000		)	—			—			—			(25,000		)
Transfer to/from parent company	1,853			214,926			305,297			(522,076		)	—
Change in restricted cash related to financing activities	—			—			(4,737		)	—			(4,737		)
Payment of loan fees	(2,140		)	—			(2,042		)	—			(4,182		)
Proceeds from the issuance of common stock	5,052			—			—			—			5,052
Dividends on common stock	(162,280		)	—			—			—			(162,280		)
Dividends on preferred stock	(18,740		)	—			—			—			(18,740		)
Contributions by noncontrolling interests	—			—			340			—			340
Distributions to and purchases of noncontrolling interests	—			—			(62,973		)	—			(62,973		)
Net cash provided by financing activities	337,745			214,926			271,043			(522,076		)	301,638
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(187		)	—			(187		)
Net (decrease) increase in cash and cash equivalents	(9,753		)	(55		)	180			—			(9,628		)
Cash and cash equivalents as of the beginning of period	52,491			63			33,457			—			86,011
Cash and cash equivalents as of the end of period	$	42,738		$	8		$	33,637		$	—		$	76,383
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	47,193		$	—		$	17,004		$	—		$	64,197
Non-Cash Investing Activities
Change in accrued construction	$	—		$	—		$	(7,305	)	$	—		$	(7,305	)
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—		$	(82,000	)	$	—		$	(82,000	)
Non-Cash Financing Activities
Payable for purchase of noncontrolling interest	$	(51,887	)	$	—		$	—		$	—		$	(51,887	)

Condensed Consolidating Statement of Cash Flows

for the Nine Months Ended September 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	$	108,966		$	170,190		$	190,272		$	(356,620	)	$	112,808
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	4,335			—			161,788			—			166,123
Loss on early extinguishment of debt	525			—			—			—			525
Gain on sale of land parcel	—			—			(805		)	—			(805		)
Amortization of loan fees	5,424			—			2,666			—			8,090
Amortization of debt discounts (premiums)	152			—			(52		)	—			100
Amortization of acquired below-market leases	—			—			(2,191		)	—			(2,191		)
Deferred rent	—			—			(35,511		)	—			(35,511		)
Stock compensation expense	9,372			—			—			—			9,372
Equity in earnings of affiliates	(180,275		)	(172,989		)	(3,356		)	356,620			—
Investment gains	—			(3		)	(9,478		)	—			(9,481		)
Investment losses	—			2,802			5,923			—			8,725
Changes in operating assets and liabilities:
Restricted cash	(15		)	—			15			—			—
Tenant receivables	—			—			(939		)	—			(939		)
Deferred leasing costs	(80		)	—			(25,830		)	—			(25,910		)
Other assets	(5,263		)	—			(6,965		)	—			(12,228		)
Accounts payable, accrued expenses, and tenant security deposits	50,210			—			(13,764		)	—			36,446
Net cash (used in) provided by operating activities	(6,649		)	—			261,773			—			255,124
Investing Activities
Proceeds from sale of real estate	—			—			28,378			—			28,378
Additions to real estate	—			—			(345,074		)	—			(345,074		)
Purchase of real estate	—			—			(97,785		)	—			(97,785		)
Deposit for investing activities	—			—			(7,292		)	—			(7,292		)
Change in restricted cash related to construction projects	—			—			6,694			—			6,694
Investment in unconsolidated real estate joint ventures	—			—			(67,525		)	—			(67,525		)
Investments in subsidiaries	(322,228		)	(291,300		)	(12,150		)	625,678			—
Additions to investments	—			—			(35,484		)	—			(35,484		)
Sales of investments	—			—			13,883			—			13,883
Repayment of notes receivable	—			—			29,866			—			29,866
Net cash used in investing activities	$	(322,228	)	$	(291,300	)	$	(486,489	)	$	625,678		$	(474,339	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Nine Months Ended September 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	$	—		$	—	$	108,626		$	—		$	108,626
Repayments of borrowings from secured notes payable	—			—		(228,909		)	—			(228,909		)
Proceeds from issuance of unsecured senior notes payable	698,908			—		—			—			698,908
Borrowings from unsecured senior line of credit	890,000			—		—			—			890,000
Repayments of borrowings from unsecured senior line of credit	(952,000		)	—		—			—			(952,000		)
Repayment of unsecured senior bank term loan	(125,000		)	—		—			—			(125,000		)
Transfer to/from parent company	103			291,300		334,275			(625,678		)	—
Change in restricted cash related to financing activities	—			—		375			—			375
Payment of loan fees	(6,515		)	—		(1,474		)	—			(7,989		)
Dividends on common stock	(150,540		)	—		—			—			(150,540		)
Dividends on preferred stock	(19,414		)	—		—			—			(19,414		)
Contributions by noncontrolling interests	—			—		19,410			—			19,410
Distributions to and purchases of noncontrolling interests	—			—		(3,487		)	—			(3,487		)
Net cash provided by financing activities	335,542			291,300		228,816			(625,678		)	229,980
Effect of foreign exchange rate changes on cash and cash equivalents	—			—		(1,438		)	—			(1,438		)
Net increase in cash and cash equivalents	6,665			—		2,662			—			9,327
Cash and cash equivalents as of the beginning of period	14,790			—		42,906			—			57,696
Cash and cash equivalents as of the end of period	$	21,455		$	—	$	45,568		$	—		$	67,023
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	20,089		$	—	$	13,694		$	—		$	33,783
Non-Cash Investing Activities
Change in accrued construction	$	—		$	—	$	36,235		$	—		$	36,235
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—	$	(48,329	)	$	—		$	(48,329	)