XML 71 R68.htm IDEA: XBRL DOCUMENT v3.3.0.814
Condensed consolidating financial information Cash Flows (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2014
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Operating Activities            
Net income   $ 39,699   $ 35,943 $ 103,137 $ 112,808
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization   67,953   58,388 189,044 166,123
Loss on early extinguishment of debt   0   525 189 525
Impairment of real estate $ 16,600 0   0 14,510 0
Equity in earnings of unconsolidated joint ventures   (710)   0 (1,825) 0
Distributions of earnings from unconsolidated joint ventures         740 0
Gain on sale of land parcel   0   (8) 0 (805)
Amortization of loan fees         8,348 8,090
Amortization of debt premiums/discounts         (282) 100
Amortization of acquired below-market leases         (5,121) (2,191)
Deferred rent         (34,421) (35,511)
Stock compensation expense         12,922 9,372
Equity in earnings of affiliates   0   0 0 0
Investment gains   (8,658)   (3,256) (22,368) (9,481)
Investment losses   3,280   3,485 11,157 8,725
Changes in operating assets and liabilities:            
Restricted cash         24 0
Tenant receivables         380 (939)
Deferred leasing costs         (47,725) (25,910)
Other assets         (13,721) (12,228)
Accounts payable, accrued expenses, and tenant security deposits         31,423 36,446
Net cash provided by operating activities         246,411 255,124
Investing Activities            
Proceeds from sale of properties         92,455 28,378
Additions to real estate         (362,215) (345,074)
Purchase of real estate         (248,933) (97,785)
Deposits for investing activities         (6,707) (7,292)
Change in restricted cash related to construction projects         0 6,694
Investment in unconsolidated real estate joint ventures         (7,979) (67,525)
Investments in subsidiaries         0 0
Additions to investments         (67,965) (35,484)
Sales of investments         39,590 13,883
Repayment of notes receivable         4,264 29,866
Net cash used in investing activities         (557,490) (474,339)
Financing Activities            
Borrowings from secured notes payable         47,375 108,626
Repayments of borrowings from secured notes payable         (12,217) (228,909)
Proceeds from issuance of unsecured senior notes payable         0 698,908
Principal borrowings from unsecured senior line of credit         1,432,000 890,000
Repayments of borrowings from unsecured senior line of credit         (893,000) (952,000)
Repayment of unsecured senior bank term loan         (25,000) (125,000)
Transfers to/from parent company         0 0
Change in restricted cash related to financing activities         (4,737) 375
Payment of loan fees         (4,182) (7,989)
Proceeds from the issuance of common stock         5,052 0
Dividends on common stock         (162,280) (150,540)
Dividends on preferred stock         (18,740) (19,414)
Contributions by noncontrolling interests         340 19,410
Distributions to and purchases of noncontrolling interests         (62,973) (3,487)
Net cash provided by financing activities         301,638 229,980
Effect of foreign exchange rate changes on cash and cash equivalents         (187) (1,438)
Net (decrease) increase in cash and cash equivalents         (9,628) 9,327
Cash and cash equivalents at beginning of period     $ 86,011   86,011 57,696
Cash and cash equivalents at end of period 86,011 76,383   67,023 76,383 67,023
Supplemental Disclosure of Cash Flow Information            
Cash paid during the period for interest, net of interest capitalized         64,197 33,783
Non-Cash Investing Activities            
Change in accrued construction         7,305 (36,235)
Assumption of secured notes payable in connection with purchase of properties         (82,000) (48,329)
Payable for purchase of noncontrolling interest         (51,887) 0
Alexandria Real Estate Equities, Inc. (Issuer)            
Operating Activities            
Net income   39,529   34,603 102,212 108,966
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization   1,799   1,408 4,515 4,335
Loss on early extinguishment of debt       525 189 525
Impairment of real estate         0  
Equity in earnings of unconsolidated joint ventures   0     0  
Distributions of earnings from unconsolidated joint ventures         0  
Gain on sale of land parcel       0   0
Amortization of loan fees         5,717 5,424
Amortization of debt premiums/discounts         243 152
Amortization of acquired below-market leases         0 0
Deferred rent         0 0
Stock compensation expense         12,922 9,372
Equity in earnings of affiliates   (71,954)   (60,415) (193,480) (180,275)
Investment gains         0 0
Investment losses         0 0
Changes in operating assets and liabilities:            
Restricted cash         (28) (15)
Tenant receivables         0 0
Deferred leasing costs         0 (80)
Other assets         (9,228) (5,263)
Accounts payable, accrued expenses, and tenant security deposits         31,895 50,210
Net cash provided by operating activities         (45,043) (6,649)
Investing Activities            
Proceeds from sale of properties         0 0
Additions to real estate         0 0
Purchase of real estate         0 0
Deposits for investing activities         0 0
Change in restricted cash related to construction projects           0
Investment in unconsolidated real estate joint ventures         0 0
Investments in subsidiaries         (302,455) (322,228)
Additions to investments         0 0
Sales of investments         0 0
Repayment of notes receivable         0 0
Net cash used in investing activities         (302,455) (322,228)
Financing Activities            
Borrowings from secured notes payable         0 0
Repayments of borrowings from secured notes payable         0 0
Proceeds from issuance of unsecured senior notes payable           698,908
Principal borrowings from unsecured senior line of credit         1,432,000 890,000
Repayments of borrowings from unsecured senior line of credit         (893,000) (952,000)
Repayment of unsecured senior bank term loan         (25,000) (125,000)
Transfers to/from parent company         1,853 103
Change in restricted cash related to financing activities         0 0
Payment of loan fees         (2,140) (6,515)
Proceeds from the issuance of common stock         5,052  
Dividends on common stock         (162,280) (150,540)
Dividends on preferred stock         (18,740) (19,414)
Contributions by noncontrolling interests         0 0
Distributions to and purchases of noncontrolling interests         0 0
Net cash provided by financing activities         337,745 335,542
Effect of foreign exchange rate changes on cash and cash equivalents         0 0
Net (decrease) increase in cash and cash equivalents         (9,753) 6,665
Cash and cash equivalents at beginning of period     52,491   52,491 14,790
Cash and cash equivalents at end of period 52,491 42,738   21,455 42,738 21,455
Supplemental Disclosure of Cash Flow Information            
Cash paid during the period for interest, net of interest capitalized         47,193 20,089
Non-Cash Investing Activities            
Change in accrued construction         0 0
Assumption of secured notes payable in connection with purchase of properties         0 0
Payable for purchase of noncontrolling interest         (51,887)  
Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)            
Operating Activities            
Net income   63,877   57,117 174,672 170,190
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization   0   0 0 0
Loss on early extinguishment of debt     0 0 0 0
Impairment of real estate         0  
Equity in earnings of unconsolidated joint ventures   0     0  
Distributions of earnings from unconsolidated joint ventures         0  
Gain on sale of land parcel       0   0
Amortization of loan fees         0 0
Amortization of debt premiums/discounts         0 0
Amortization of acquired below-market leases         0 0
Deferred rent         0 0
Stock compensation expense         0 0
Equity in earnings of affiliates   (63,964)   (58,381) (174,800) (172,989)
Investment gains         0 (3)
Investment losses         269 2,802
Changes in operating assets and liabilities:            
Restricted cash         0 0
Tenant receivables         0 0
Deferred leasing costs         0 0
Other assets         0 0
Accounts payable, accrued expenses, and tenant security deposits         0 0
Net cash provided by operating activities         141 0
Investing Activities            
Proceeds from sale of properties         0 0
Additions to real estate         0 0
Purchase of real estate         0 0
Deposits for investing activities         0 0
Change in restricted cash related to construction projects           0
Investment in unconsolidated real estate joint ventures         0 0
Investments in subsidiaries         (215,128) (291,300)
Additions to investments         0 0
Sales of investments         6 0
Repayment of notes receivable         0 0
Net cash used in investing activities         (215,122) (291,300)
Financing Activities            
Borrowings from secured notes payable         0 0
Repayments of borrowings from secured notes payable         0 0
Proceeds from issuance of unsecured senior notes payable           0
Principal borrowings from unsecured senior line of credit         0 0
Repayments of borrowings from unsecured senior line of credit         0 0
Repayment of unsecured senior bank term loan         0 0
Transfers to/from parent company         214,926 291,300
Change in restricted cash related to financing activities         0 0
Payment of loan fees         0 0
Proceeds from the issuance of common stock         0  
Dividends on common stock         0 0
Dividends on preferred stock         0 0
Contributions by noncontrolling interests         0 0
Distributions to and purchases of noncontrolling interests         0 0
Net cash provided by financing activities         214,926 291,300
Effect of foreign exchange rate changes on cash and cash equivalents         0 0
Net (decrease) increase in cash and cash equivalents         (55) 0
Cash and cash equivalents at beginning of period     63   63 0
Cash and cash equivalents at end of period 63 8   0 8 0
Supplemental Disclosure of Cash Flow Information            
Cash paid during the period for interest, net of interest capitalized         0 0
Non-Cash Investing Activities            
Change in accrued construction         0 0
Assumption of secured notes payable in connection with purchase of properties         0 0
Payable for purchase of noncontrolling interest         0  
Combined Non- Guarantor Subsidiaries            
Operating Activities            
Net income   73,470   64,146 197,979 190,272
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization   66,154   56,980 184,529 161,788
Loss on early extinguishment of debt     0 0 0 0
Impairment of real estate         14,510  
Equity in earnings of unconsolidated joint ventures   (710)     (1,825)  
Distributions of earnings from unconsolidated joint ventures         740  
Gain on sale of land parcel       (8)   (805)
Amortization of loan fees         2,631 2,666
Amortization of debt premiums/discounts         (525) (52)
Amortization of acquired below-market leases         (5,121) (2,191)
Deferred rent         (34,421) (35,511)
Stock compensation expense         0 0
Equity in earnings of affiliates   (1,259)   (1,127) (3,446) (3,356)
Investment gains         (22,368) (9,478)
Investment losses         10,888 5,923
Changes in operating assets and liabilities:            
Restricted cash         52 15
Tenant receivables         380 (939)
Deferred leasing costs         (47,725) (25,830)
Other assets         (4,493) (6,965)
Accounts payable, accrued expenses, and tenant security deposits         (472) (13,764)
Net cash provided by operating activities         291,313 261,773
Investing Activities            
Proceeds from sale of properties         92,455 28,378
Additions to real estate         (362,215) (345,074)
Purchase of real estate         (248,933) (97,785)
Deposits for investing activities         (6,707) (7,292)
Change in restricted cash related to construction projects           6,694
Investment in unconsolidated real estate joint ventures         (7,979) (67,525)
Investments in subsidiaries         (4,493) (12,150)
Additions to investments         (67,965) (35,484)
Sales of investments         39,584 13,883
Repayment of notes receivable         4,264 29,866
Net cash used in investing activities         (561,989) (486,489)
Financing Activities            
Borrowings from secured notes payable         47,375 108,626
Repayments of borrowings from secured notes payable         (12,217) (228,909)
Proceeds from issuance of unsecured senior notes payable           0
Principal borrowings from unsecured senior line of credit         0 0
Repayments of borrowings from unsecured senior line of credit         0 0
Repayment of unsecured senior bank term loan         0 0
Transfers to/from parent company         305,297 334,275
Change in restricted cash related to financing activities         (4,737) 375
Payment of loan fees         (2,042) (1,474)
Proceeds from the issuance of common stock         0  
Dividends on common stock         0 0
Dividends on preferred stock         0 0
Contributions by noncontrolling interests         340 19,410
Distributions to and purchases of noncontrolling interests         (62,973) (3,487)
Net cash provided by financing activities         271,043 228,816
Effect of foreign exchange rate changes on cash and cash equivalents         (187) (1,438)
Net (decrease) increase in cash and cash equivalents         180 2,662
Cash and cash equivalents at beginning of period     33,457   33,457 42,906
Cash and cash equivalents at end of period 33,457 33,637   45,568 33,637 45,568
Supplemental Disclosure of Cash Flow Information            
Cash paid during the period for interest, net of interest capitalized         17,004 13,694
Non-Cash Investing Activities            
Change in accrued construction         7,305 (36,235)
Assumption of secured notes payable in connection with purchase of properties         (82,000) (48,329)
Payable for purchase of noncontrolling interest         0  
Eliminations            
Operating Activities            
Net income   (137,177)   (119,923) (371,726) (356,620)
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation and amortization   0   0 0 0
Loss on early extinguishment of debt       0 0 0
Impairment of real estate         0  
Equity in earnings of unconsolidated joint ventures   0     0  
Distributions of earnings from unconsolidated joint ventures         0  
Gain on sale of land parcel       0   0
Amortization of loan fees         0 0
Amortization of debt premiums/discounts         0 0
Amortization of acquired below-market leases         0 0
Deferred rent         0 0
Stock compensation expense         0 0
Equity in earnings of affiliates   137,177   119,923 371,726 356,620
Investment gains         0 0
Investment losses         0 0
Changes in operating assets and liabilities:            
Restricted cash         0 0
Tenant receivables         0 0
Deferred leasing costs         0 0
Other assets         0 0
Accounts payable, accrued expenses, and tenant security deposits         0 0
Net cash provided by operating activities         0 0
Investing Activities            
Proceeds from sale of properties         0 0
Additions to real estate         0 0
Purchase of real estate         0 0
Deposits for investing activities         0 0
Change in restricted cash related to construction projects           0
Investment in unconsolidated real estate joint ventures         0 0
Investments in subsidiaries         522,076 625,678
Additions to investments         0 0
Sales of investments         0 0
Repayment of notes receivable         0 0
Net cash used in investing activities         522,076 625,678
Financing Activities            
Borrowings from secured notes payable         0 0
Repayments of borrowings from secured notes payable         0 0
Proceeds from issuance of unsecured senior notes payable           0
Principal borrowings from unsecured senior line of credit         0 0
Repayments of borrowings from unsecured senior line of credit         0 0
Repayment of unsecured senior bank term loan         0 0
Transfers to/from parent company         (522,076) (625,678)
Change in restricted cash related to financing activities         0 0
Payment of loan fees         0 0
Proceeds from the issuance of common stock         0  
Dividends on common stock         0 0
Dividends on preferred stock         0 0
Contributions by noncontrolling interests         0 0
Distributions to and purchases of noncontrolling interests         0 0
Net cash provided by financing activities         (522,076) (625,678)
Effect of foreign exchange rate changes on cash and cash equivalents         0 0
Net (decrease) increase in cash and cash equivalents         0 0
Cash and cash equivalents at beginning of period     $ 0   0 0
Cash and cash equivalents at end of period $ 0 $ 0   $ 0 0 0
Supplemental Disclosure of Cash Flow Information            
Cash paid during the period for interest, net of interest capitalized         0 0
Non-Cash Investing Activities            
Change in accrued construction         0 0
Assumption of secured notes payable in connection with purchase of properties         0 $ 0
Payable for purchase of noncontrolling interest         $ 0