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 December 31, 2019 and 2018, and the condensed consolidating statements of operations, comprehensive income, and cash flows for the years ended December 31, 2019, 2018, and 2017, 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	$	—	$	—	$	14,844,038	$	—		$	14,844,038
Investments in unconsolidated real estate JVs	—		—		346,890		—			346,890
Cash and cash equivalents	4,202		—		185,479		—			189,681
Restricted cash	230		—		52,778		—			53,008
Tenant receivables	—		—		10,691		—			10,691
Deferred rent	—		—		641,844		—			641,844
Deferred leasing costs	—		—		270,043		—			270,043
Investments	—		1,014		1,139,580		—			1,140,594
Investments in and advances to affiliates	15,498,357		13,950,850		284,207		(29,733,414		)	—
Other assets	70,022		—		823,692		—			893,714
Total assets	$	15,572,811	$	13,951,864	$	18,599,242	$	(29,733,414	)	$	18,390,503
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	349,352	$	—		$	349,352
Unsecured senior notes payable	6,044,127		—		—		—			6,044,127
Unsecured senior line of credit	384,000		—		—		—			384,000
Accounts payable, accrued expenses, and other liabilities	152,580		—		1,167,688		—			1,320,268
Dividends payable	126,278		—		—		—			126,278
Total liabilities	6,706,985		—		1,517,040		—			8,224,025
Redeemable noncontrolling interests	—		—		12,300		—			12,300
Alexandria Real Estate Equities, Inc.’s stockholders’ equity	8,865,826		13,951,864		15,781,550		(29,733,414		)	8,865,826
Noncontrolling interests	—		—		1,288,352		—			1,288,352
Total equity	8,865,826		13,951,864		17,069,902		(29,733,414		)	10,154,178
Total liabilities, noncontrolling interests, and equity	$	15,572,811	$	13,951,864	$	18,599,242	$	(29,733,414	)	$	18,390,503



	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 other liabilities	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	$	—		$	—	$	1,516,864		$	—		$	1,516,864
Other income	22,731			—		14,684			(22,983		)	14,432
Total revenues	22,731			—		1,531,548			(22,983		)	1,531,296

Expenses:
Rental operations	—			—		445,492			—			445,492
General and administrative	106,523			—		25,283			(22,983		)	108,823
Interest	164,249			—		9,426			—			173,675
Depreciation and amortization	6,949			—		537,663			—			544,612
Impairment of real estate	—			—		12,334			—			12,334
Loss on early extinguishment of debt	40,209			—		7,361			—			47,570
Total expenses	317,930			—		1,037,559			(22,983		)	1,332,506

Equity in earnings of unconsolidated real estate JVs	—			—		10,136			—			10,136
Equity in earnings of affiliates	658,364			490,393		9,644			(1,158,401		)	—
Investment income	—			34		194,613			—			194,647
Gain on sales of real estate	—			—		474			—			474
Net income	363,165			490,427		708,856			(1,158,401		)	404,047
Net income attributable to noncontrolling interests	—			—		(40,882		)	—			(40,882		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	363,165			490,427		667,974			(1,158,401		)	363,165
Dividends on preferred stock	(3,204		)	—		—			—			(3,204		)
Preferred stock redemption charge	(2,580		)	—		—			—			(2,580		)
Net income attributable to unvested restricted stock awards	(6,386		)	—		—			—			(6,386		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	350,995		$	490,427	$	667,974		$	(1,158,401	)	$	350,995



	Alexandria Real Estate Equities, Inc. (Issuer)				Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—			$	—	$	1,314,781		$	—		$	1,314,781
Other income	19,275				—		14,941			(21,538		)	12,678
Total revenues	19,275				—		1,329,722			(21,538		)	1,327,459

Expenses:
Rental operations	—				—		381,120			—			381,120
General and administrative	88,707				—		23,236			(21,538		)	90,405
Interest	136,036				—		21,459			—			157,495
Depreciation and amortization	6,339				—		471,322			—			477,661
Impairment of real estate	—				—		6,311			—			6,311
Loss on early extinguishment of debt	823				—		299			—			1,122
Total expenses	231,905				—		903,747			(21,538		)	1,114,114

Equity in earnings of unconsolidated real estate JVs	—				—		43,981			—			43,981
Equity in earnings of affiliates	591,942				455,574		9,057			(1,056,573		)	—
Investment income	—				528		136,235			—			136,763
Gain on sales of real estate	—				—		8,704			—			8,704
Net income	379,312				456,102		623,952			(1,056,573		)	402,793
Net income attributable to noncontrolling interests	—				—		(23,481		)	—			(23,481		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	379,312				456,102		600,471			(1,056,573		)	379,312
Dividends on preferred stock	(5,060		)		—		—			—			(5,060		)
Preferred stock redemption charge	(4,240		)	—	—		—			—			(4,240		)
Net income attributable to unvested restricted stock awards	(6,029		)		—		—			—			(6,029		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	363,983			$	456,102	$	600,471		$	(1,056,573	)	$	363,983



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Income from rentals	$	—		$	—		$	1,122,325		$	—		$	1,122,325
Other income (loss)	15,238			(2,575		)	11,278			(18,169		)	5,772
Total revenues	15,238			(2,575		)	1,133,603			(18,169		)	1,128,097

Expenses:
Rental operations	—			—			325,609			—			325,609
General and administrative	73,897			—			19,281			(18,169		)	75,009
Interest	101,876			—			26,769			—			128,645
Depreciation and amortization	7,625			—			409,158			—			416,783
Impairment of real estate	—			—			203			—			203
Loss on early extinguishment of debt	670			—			2,781			—			3,451
Total expenses	184,068			—			783,801			(18,169		)	949,700

Equity in losses of unconsolidated real estate JVs	—			—			15,426			—			15,426
Equity in earnings of affiliates	337,923			328,230			6,384			(672,537		)	—
Gain on sale of real estate – rental properties	—			—			270			—			270
Gain on sales of real estate – land parcels	—			—			111			—			111
Net income	169,093			325,655			371,993			(672,537		)	194,204
Net income attributable to noncontrolling interests	—			—			(25,111		)	—			(25,111		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	169,093			325,655			346,882			(672,537		)	169,093
Dividends on preferred stock	(7,666		)	—			—			—			(7,666		)
Preferred stock redemption charge	(11,279		)	—			—			—			(11,279		)
Net income attributable to unvested restricted stock awards	(4,753		)	—			—			—			(4,753		)
Net income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders	$	145,395		$	325,655		$	346,882		$	(672,537	)	$	145,395



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	363,165		$	490,427	$	708,856		$	(1,158,401	)	$	404,047
Other comprehensive (loss) income
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge losses arising during the period	(1,763		)	—		—			—			(1,763		)
Reclassification adjustment for amortization to interest expense included in net income	(1,777		)	—		—			—			(1,777		)
Reclassification of losses related to terminated interest rate hedge instruments to interest expense included in net income	1,702			—		—			—			1,702
Unrealized losses on interest rate hedge agreements, net	(1,838		)	—		—			—			(1,838		)

Unrealized gains on foreign currency translation:
Unrealized foreign currency translation gains arising during the period	—			—		2,524			—			2,524
Unrealized gains on foreign currency translation, net	—			—		2,524			—			2,524

Total other comprehensive (loss) income	(1,838		)	—		2,524			—			686
Comprehensive income	361,327			490,427		711,380			(1,158,401		)	404,733
Less: comprehensive income attributable to noncontrolling interests	—			—		(40,882		)	—			(40,882		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	361,327		$	490,427	$	670,498		$	(1,158,401	)	$	363,851



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations				Consolidated
Net income	$	379,312		$	456,102	$	623,952		$	(1,056,573	)	402,793	$	402,793
Other comprehensive loss
Unrealized losses on interest rate hedge agreements:
Unrealized interest rate hedge gains arising during the period	1,622			—		—			—				1,622
Reclassification adjustment for amortization to interest expense included in net income	(4,941		)	—		—			—				(4,941		)
Unrealized losses on interest rate hedge agreements, net	(3,319		)	—		—			—				(3,319		)

Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the period	—			—		(7,369		)	—				(7,369		)
Unrealized losses on foreign currency translation, net	—			—		(7,369		)	—				(7,369		)

Total other comprehensive loss	(3,319		)	—		(7,369		)	—				(10,688		)
Comprehensive income	375,993			456,102		616,583			(1,056,573		)		392,105
Less: comprehensive income attributable to noncontrolling interests	—			—		(23,481		)	—				(23,481		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	375,993		$	456,102	$	593,102		$	(1,056,573	)		$	368,624



	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	169,093	$	325,655		$	371,993		$	(672,537	)	$	194,204
Other comprehensive income (loss)
Unrealized (losses) gains on available-for-sale equity securities:
Unrealized holding (losses) gains arising during the period	—		(5		)	24,365			—			24,360
Reclassification adjustment for losses included in net income	—		2			6,116			—			6,118
Unrealized (losses) gains on available-for-sale equity securities, net	—		(3		)	30,481			—			30,478

Unrealized gains (losses) on interest rate hedge agreements:
Unrealized interest rate hedge gains (losses) arising during the period	3,025		—			(188		)	—			2,837
Reclassification adjustment for amortization to interest expense included in net income	1,914		—			1			—			1,915
Unrealized gains (losses) on interest rate hedge agreements, net	4,939		—			(187		)	—			4,752

Unrealized gains on foreign currency translation:
Unrealized foreign currency translation gains arising during the period	—		—			7,774			—			7,774
Reclassification adjustment for cumulative foreign currency translation losses included in net income upon sale or liquidation	—		—			1,599			—			1,599
Unrealized gains on foreign currency translation, net	—		—			9,373			—			9,373

Total other comprehensive income (loss)	4,939		(3		)	39,667			—			44,603
Comprehensive income	174,032		325,652			411,660			(672,537		)	238,807
Less: comprehensive income attributable to noncontrolling interests	—		—			(25,045		)	—			(25,045		)
Comprehensive income attributable to Alexandria Real Estate Equities, Inc.’s stockholders	$	174,032	$	325,652		$	386,615		$	(672,537	)	$	213,762



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	363,165		$	490,427		$	708,856		$	(1,158,401	)	$	404,047
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,949			—			537,663			—			544,612
Loss on early extinguishment of debt	40,209			—			7,361			—			47,570
Impairment of real estate	—			—			12,334			—			12,334
Gain on sales of real estate – rental properties	—			—			(474		)	—			(474		)
Equity in earnings of unconsolidated real estate JVs	—			—			(10,136		)	—			(10,136		)
Distributions of earnings from unconsolidated real estate JVs	—			—			2,796			—			2,796
Amortization of loan fees	8,780			—			325			—			9,105
Amortization of debt premiums	(573		)	—			(3,204		)	—			(3,777		)
Amortization of acquired below-market leases	—			—			(29,813		)	—			(29,813		)
Deferred rent	—			—			(104,235		)	—			(104,235		)
Stock compensation expense	43,640			—			—			—			43,640
Equity in earnings of affiliates	(658,364		)	(490,393		)	(9,644		)	1,158,401			—
Investment income	—			(34		)	(194,613		)	—			(194,647		)
Changes in operating assets and liabilities:
Tenant receivables	—			—			(897		)	—			(897		)
Deferred leasing costs	—			—			(54,455		)	—			(54,455		)
Other assets	(7,171		)	—			(13,654		)	—			(20,825		)
Accounts payable, accrued expenses, and other liabilities	22,076			—			16,936			—			39,012
Net cash (used in) provided by operating activities	(181,289		)	—			865,146			—			683,857

Investing Activities
Proceeds from sales of real estate	—			—			6,619			—			6,619
Additions to real estate	—			—			(1,224,541		)	—			(1,224,541		)
Purchases of real estate	—			—			(2,259,778		)	—			(2,259,778		)
Deposits for investing activities	—			—			(18,107		)	—			(18,107		)
Investments in subsidiaries	(2,604,416		)	(2,510,826		)	(51,580		)	5,166,822			—
Investments in unconsolidated real estate JVs	—			—			(102,081		)	—			(102,081		)
Return of capital from unconsolidated real estate JVs	—			—			14			—			14
Additions to non-real estate investments	—			—			(190,778		)	—			(190,778		)
Sales of non-real estate investments	—			282			147,050			—			147,332
Net cash used in investing activities	$	(2,604,416	)	$	(2,510,544	)	$	(3,693,182	)	$	5,166,822		$	(3,641,320	)



	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	$	—		$	—	$	(306,199	)	$	—		$	(306,199	)
Proceeds from issuance of unsecured senior notes payable	2,721,169			—		—			—			2,721,169
Repayments of unsecured senior notes payable	(950,000		)	—		—			—			(950,000		)
Borrowings from unsecured senior line of credit	5,056,000			—		—			—			5,056,000
Repayments of borrowings from unsecured senior line of credit	(4,880,000		)	—		—			—			(4,880,000		)
Proceeds from issuance of commercial paper program	2,233,000			—		—			—			2,233,000
Repayments of borrowings from commercial paper program	(2,233,000		)	—		—			—			(2,233,000		)
Repayments of borrowings from unsecured senior bank term loan	(350,000		)	—		—			—			(350,000		)
Premium paid for early extinguishment of debt	(34,677		)	—		(6,674		)	—			(41,351		)
Transfer to/from parent company	404,556			2,510,544		2,251,722			(5,166,822		)	—
Payments of loan fees	(26,774		)	—		(408		)	—			(27,182		)
Taxes paid related to net settlement of equity awards	(25,477		)	—		—			—			(25,477		)
Repurchases of 7.00% Series D cumulative convertible preferred stock	(9,240		)	—		—			—			(9,240		)
Proceeds from the issuance of common stock	1,216,445			—		—			—			1,216,445
Dividends on common stock	(447,029		)	—		—			—			(447,029		)
Dividends on preferred stock	(4,141		)	—		—			—			(4,141		)
Contributions from and sales of noncontrolling interests	—			—		1,022,712			—			1,022,712
Distributions to and purchase of noncontrolling interests	—			—		(48,225		)	—			(48,225		)
Net cash provided by financing activities	2,670,832			2,510,544		2,912,928			(5,166,822		)	2,927,482

Effect of foreign exchange rate changes on cash and cash equivalents	—			—		540			—			540

Net (decrease) increase in cash, cash equivalents, and restricted cash	(114,873		)	—		85,432			—			(29,441		)
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	$	4,432		$	—	$	238,257		$	—		$	242,689

Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	$	133,033		$	—	$	13,132		$	—		$	146,165
Change in accrued construction	$	—		$	—	$	(24	)	$	—		$	(24	)
Accrued construction for current-period additions to real estate	$	—		$	—	$	220,773		$	—		$	220,773
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—	$	(28,200	)	$	—		$	(28,200	)
Right-of-use asset	$	—		$	—	$	269,189		$	—		$	269,189
Lease liability	$	—		$	—	$	(275,175	)	$	—		$	(275,175	)
Contribution of real estate from noncontrolling interests	$	—		$	—	$	115,167		$	—		$	115,167
Issuance of common stock for conversion of 7.00% Series D preferred stock	$	57,461		$	—	$	—		$	—		$	57,461



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	379,312		$	456,102		$	623,952		$	(1,056,573	)	$	402,793
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,339			—			471,322			—			477,661
Loss on early extinguishment of debt	823			—			299			—			1,122
Impairment of real estate	—			—			6,311			—			6,311
Gain on sales of real estate – rental properties	—			—			(8,704		)	—			(8,704		)
Equity in earnings from unconsolidated real estate JVs	—			—			(43,981		)	—			(43,981		)
Distributions of earnings from unconsolidated real estate JVs	—			—			430			—			430
Amortization of loan fees	8,777			—			1,494			—			10,271
Amortization of debt discounts (premiums)	797			—			(3,203		)	—			(2,406		)
Amortization of acquired below-market leases	—			—			(21,938		)	—			(21,938		)
Deferred rent	—			—			(93,883		)	—			(93,883		)
Stock compensation expense	35,019			—			—			—			35,019
Equity in earnings of affiliates	(591,942		)	(455,574		)	(9,057		)	1,056,573			—
Investment income	—			(528		)	(136,235		)	—			(136,763		)
Changes in operating assets and liabilities:
Tenant receivables	—			—			435			—			435
Deferred leasing costs	—			—			(57,088		)	—			(57,088		)
Other assets	(14,701		)	—			(6,148		)	—			(20,849		)
Accounts payable, accrued expenses, and other liabilities	20,663			—			1,246			—			21,909
Net cash (used in) provided by operating activities	(154,913		)	—			725,252			—			570,339

Investing Activities
Proceeds from sales of real estate	—			—			20,190			—			20,190
Additions to real estate	—			—			(927,168		)	—			(927,168		)
Purchases of real estate	—			—			(1,037,180		)	—			(1,037,180		)
Deposits for investing activities	—			—			(2,000		)	—			(2,000		)
Investments in subsidiaries	(1,693,774		)	(1,463,063		)	(30,076		)	3,186,913			—
Acquisitions of interest in unconsolidated real estate JVs	—			—			(35,922		)	—			(35,922		)
Investments in unconsolidated real estate JVs	—			—			(116,008		)	—			(116,008		)
Return of capital from unconsolidated real estate JVs	—			—			68,592			—			68,592
Additions to non-real estate investments	—			—			(235,943		)	—			(235,943		)
Sales of non-real estate investments	—			956			102,723			—			103,679
Net cash used in investing activities	$	(1,693,774	)	$	(1,462,107	)	$	(2,192,792	)	$	3,186,913		$	(2,161,760	)



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Financing Activities
Borrowings from secured notes payable	$	—		$	—		$	17,784		$	—		$	17,784
Repayments of borrowings from secured notes payable	—			—			(156,888		)	—			(156,888		)
Proceeds from issuance of unsecured senior notes payable	899,321			—			—			—			899,321
Borrowings from unsecured senior line of credit	4,741,000			—			—			—			4,741,000
Repayments of borrowings from unsecured senior line of credit	(4,583,000		)	—			—			—			(4,583,000		)
Repayment of borrowings from unsecured senior bank term loan	(200,000		)	—			—			—			(200,000		)
Transfer to/from parent company	105,961			1,462,098			1,618,854			(3,186,913		)	—
Payments of loan fees	(19,292		)	—			—			—			(19,292		)
Repurchases of 7.00% Series D cumulative convertible preferred stock	(13,976		)	—			—			—			(13,976		)
Proceeds from the issuance of common stock	1,293,301			—			—			—			1,293,301
Dividends on common stock	(380,632		)	—			—			—			(380,632		)
Dividends on preferred stock	(5,207		)	—			—			—			(5,207		)
Contributions from and sales of noncontrolling interests	—			—			28,275			—			28,275
Distributions to and purchase of noncontrolling interests	—			—			(32,253		)	—			(32,253		)
Net cash provided by financing activities	1,837,476			1,462,098			1,475,772			(3,186,913		)	1,588,433

Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(2,068		)	—			(2,068		)

Net (decrease) increase in cash, cash equivalents, and restricted cash	(11,211		)	(9		)	6,164			—			(5,056		)
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	$	119,305		$	—		$	152,825		$	—		$	272,130

Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	$	104,935		$	—		$	22,158		$	—		$	127,093
Change in accrued construction	$	—		$	—		$	81,177		$	—		$	81,177
Accrued construction for current-period additions to real estate	$	—		$	—		$	244,147		$	—		$	244,147
Payable for purchase of real estate	$	—		$	—		$	(65,000	)	$	—		$	(65,000	)



	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	169,093		$	325,655		$	371,993		$	(672,537	)	$	194,204
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,625			—			409,158			—			416,783
Loss on early extinguishment of debt	670			—			2,781			—			3,451
Impairment of real estate	—			—			203			—			203
Gains on sales of real estate – rental properties	—			—			(270		)	—			(270		)
Gains on sales of real estate – land parcels	—			—			(111		)	—			(111		)
Equity in earnings from unconsolidated real estate JVs	—			—			(15,426		)	—			(15,426		)
Distributions of earnings from unconsolidated real estate JVs	—			—			1,618			—			1,618
Amortization of loan fees	7,627			—			3,522			—			11,149
Amortization of debt discounts (premiums)	608			—			(3,120		)	—			(2,512		)
Amortization of acquired below-market leases	—			—			(19,055		)	—			(19,055		)
Deferred rent	—			—			(107,643		)	—			(107,643		)
Stock compensation expense	25,610			—			—			—			25,610
Equity in earnings of affiliates	(337,923		)	(328,230		)	(6,384		)	672,537			—
Investment income	—			2,575			(3,904		)	—			(1,329		)
Changes in operating assets and liabilities:
Tenant receivables	—			—			(502		)	—			(502		)
Deferred leasing costs	—			—			(62,639		)	—			(62,639		)
Other assets	(9,343		)	—			(8,879		)	—			(18,222		)
Accounts payable, accrued expenses, and other liabilities	(10,524		)	—			36,097			—			25,573
Net cash (used in) provided by operating activities	(146,557		)	—			597,439			—			450,882

Investing Activities
Proceeds from sales of real estate	—			—			15,432			—			15,432
Additions to real estate	—			—			(893,685		)	—			(893,685		)
Purchases of real estate	—			—			(675,584		)	—			(675,584		)
Deposits for investing activities	—			—			(2,300		)	—			(2,300		)
Investments in subsidiaries	(1,458,973		)	(1,257,845		)	(25,872		)	2,742,690			—
Acquisition of interest in unconsolidated real estate JVs	—			—			(60,291		)	—			(60,291		)
Investments in unconsolidated real estate joint ventures	—			—			(17,876		)	—			(17,876		)
Return of capital from unconsolidated real estate JVs	—			—			38,576			—			38,576
Additions to non-real estate investments	—			—			(171,881		)	—			(171,881		)
Sales of non-real estate investments	—			208			30,275			—			30,483
Net cash used in investing activities	$	(1,458,973	)	$	(1,257,637	)	$	(1,763,206	)	$	2,742,690		$	(1,737,126	)



	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	$	—		$	—	$	153,405		$	—		$	153,405
Repayments of borrowings from secured notes payable	—			—		(396,240		)	—			(396,240		)
Proceeds from issuance of unsecured senior notes payable	1,023,262			—		—			—			1,023,262
Borrowings from unsecured senior line of credit	3,858,000			—		—			—			3,858,000
Repayments of borrowings from unsecured senior line of credit	(3,836,000		)	—		—			—			(3,836,000		)
Repayment of borrowings from unsecured senior bank term loan	(200,000		)	—		—			—			(200,000		)
Transfer to/from parent company	64,156			1,257,646		1,420,888			(2,742,690		)	—
Payments of loan fees	(9,440		)	—		(579		)	—			(10,019		)
Repurchases of 7.00% Series D cumulative convertible preferred stock	(17,934		)	—		—			—			(17,934		)
Redemption of 6.45% Series E cumulative redeemable preferred stock	(130,350		)	—		—			—			(130,350		)
Proceeds from the issuance of common stock	1,275,397			—		—			—			1,275,397
Dividends on common stock	(312,131		)	—		—			—			(312,131		)
Dividends on preferred stock	(9,619		)	—		—			—			(9,619		)
Contributions from and sales of noncontrolling interests	—			—		44,931			—			44,931
Distributions to and purchases of noncontrolling interests	—			—		(22,361		)	—			(22,361		)
Net cash provided by financing activities	1,705,341			1,257,646		1,200,044			(2,742,690		)	1,420,341

Effect of foreign exchange rate changes on cash and cash equivalents	—			—		1,723			—			1,723

Net increase in cash, cash equivalents, and restricted cash	99,811			9		36,000			—			135,820
Cash, cash equivalents, and restricted cash as of the beginning of period	30,705			—		110,661			—			141,366
Cash, cash equivalents, and restricted cash as of the end of period	$	130,516		$	9	$	146,661		$	—		$	277,186

Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized	$	85,705		$	—	$	26,408		$	—		$	112,113
Change in accrued construction	$	—		$	—	$	(11,034	)	$	—		$	(11,034	)
Accrued construction for current-period additions to real estate	$	—		$	—	$	179,154		$	—		$	179,154
Contribution of real estate from noncontrolling interests	$	—		$	—	$	8,597		$	—		$	8,597
Contribution of real estate to an unconsolidated real estate JV	$	—		$	—	$	6,998		$	—		$	6,998