Stockholders' equity (Notes)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' equity

STOCKHOLDERS’ EQUITY

Common equity transactions    

During the year ended December 31, 2021, we completed issuances and executed forward equity sales agreements for an aggregate 20.8 million shares of common stock, including the exercise of underwriters’ option, for an aggregate net proceeds of approximately $3.5 billion, as follows:

•In January 2021 and June 2021, we entered into forward equity sales agreements aggregating $1.1 billion and $1.5 billion, respectively, to sell an aggregate of 6.9 million and 8.1 million of our common stock, respectively, including the exercise of underwriters’ options, at pubic offering price of $164.00 and $184.00, respectively, before underwriting discounts and commissions. During 2021, we issued all 15.0 million shares under these forward equity sales agreements and received net proceeds of $2.5 billion.

•In March 2021, we issued the remaining 362 thousand shares of common stock to settle our forward equity sales agreements that were outstanding as of December 31, 2020 and received net proceeds of $56.2 million.

•In February 2021, we entered into a new ATM common stock offering program, which allowed us to sell up to an aggregate of $1.0 billion of our common stock.

•We issued 5.5 million shares under our ATM program and received net proceeds of $984.6 million.

•As of December 31, 2021, we have no amounts remaining under this ATM program.

•In December 2021, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.0 billion of our common stock. As of December 31, 2021, the full amount remains available for future sales of our common stock.

In January 2022, we entered into forward equity sales agreements to sell 8.1 million shares of our common stock (including the exercise of underwriters’ option) aggregating $1.7 billion at a public offering price of $210.00 per share, before underwriting discounts and commissions.

7.00% Series D cumulative convertible preferred stock repurchases and conversion

As of December 31, 2021, 2020, and 2019, we had no outstanding shares of our Series D Convertible Preferred Stock. During the year ended December 31, 2019, we repurchased, in privately negotiated transactions, 275,000 outstanding shares of our Series D Convertible Preferred Stock at an aggregate price of $9.2 million, or $33.60 per share. We recognized a preferred stock redemption charge of $2.6 million during the year ended December 31, 2019, including the write-off of original issuance costs of approximately $215 thousand. In September 2019, we had elected to convert the remaining 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock. The Series D Convertible Preferred Stock became eligible for mandatory conversion at our discretion, at a set conversion rate of 0.2513 shares of common stock to one share of preferred stock, upon our common stock price’s exceeding $149.46 per share for the specified period of time required to cause the mandatory conversion. In October 2019, we converted the Series D Convertible Preferred Stock into 578 thousand shares of common stock. This conversion was accounted for as an equity transaction, and we did not recognize a gain or loss.

Accumulated other comprehensive loss

The change in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders during the year ended December 31, 2021, was entirely due to net unrealized losses of $669 thousand on foreign currency translation related to our operations in Canada and China.

Common stock, preferred stock, and excess stock authorizations

Our charter authorizes the issuance of 200.0 million shares of common stock, of which 158.0 million shares were issued and outstanding as of December 31, 2021. Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, none of which were issued and outstanding as of December 31, 2021. In addition, 200.0 million shares of “excess stock” (as defined in our charter) are authorized, none of which were issued and outstanding as of December 31, 2021.