10-Q 1 are-20240930.htm 10-Q are-20240930
0001035443false12/312024Q3xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesutr:sqftare:propertyxbrli:pureare:directFinancingLeaseare:landParcelare:investmentare:transfer00010354432024-01-012024-09-3000010354432024-10-1500010354432024-09-3000010354432023-12-310001035443are:IncomefromrentalsMember2024-07-012024-09-300001035443are:IncomefromrentalsMember2023-07-012023-09-300001035443are:IncomefromrentalsMember2024-01-012024-09-300001035443are:IncomefromrentalsMember2023-01-012023-09-300001035443us-gaap:ProductAndServiceOtherMember2024-07-012024-09-300001035443us-gaap:ProductAndServiceOtherMember2023-07-012023-09-300001035443us-gaap:ProductAndServiceOtherMember2024-01-012024-09-300001035443us-gaap:ProductAndServiceOtherMember2023-01-012023-09-3000010354432024-07-012024-09-3000010354432023-07-012023-09-3000010354432023-01-012023-09-300001035443us-gaap:CommonStockMember2024-06-300001035443us-gaap:AdditionalPaidInCapitalMember2024-06-300001035443us-gaap:RetainedEarningsMember2024-06-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001035443us-gaap:NoncontrollingInterestMember2024-06-3000010354432024-06-300001035443are:RedeemableNoncontrollingInterestsMember2024-06-300001035443us-gaap:RetainedEarningsMember2024-07-012024-09-300001035443us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001035443are:RedeemableNoncontrollingInterestsMember2024-07-012024-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001035443us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001035443us-gaap:CommonStockMember2024-07-012024-09-300001035443us-gaap:CommonStockMember2024-09-300001035443us-gaap:AdditionalPaidInCapitalMember2024-09-300001035443us-gaap:RetainedEarningsMember2024-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001035443us-gaap:NoncontrollingInterestMember2024-09-300001035443are:RedeemableNoncontrollingInterestsMember2024-09-300001035443us-gaap:CommonStockMember2023-06-300001035443us-gaap:AdditionalPaidInCapitalMember2023-06-300001035443us-gaap:RetainedEarningsMember2023-06-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001035443us-gaap:NoncontrollingInterestMember2023-06-3000010354432023-06-300001035443are:RedeemableNoncontrollingInterestsMember2023-06-300001035443us-gaap:RetainedEarningsMember2023-07-012023-09-300001035443us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001035443are:RedeemableNoncontrollingInterestsMember2023-07-012023-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001035443us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001035443us-gaap:CommonStockMember2023-07-012023-09-300001035443us-gaap:CommonStockMember2023-09-300001035443us-gaap:AdditionalPaidInCapitalMember2023-09-300001035443us-gaap:RetainedEarningsMember2023-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001035443us-gaap:NoncontrollingInterestMember2023-09-3000010354432023-09-300001035443are:RedeemableNoncontrollingInterestsMember2023-09-300001035443us-gaap:CommonStockMember2023-12-310001035443us-gaap:AdditionalPaidInCapitalMember2023-12-310001035443us-gaap:RetainedEarningsMember2023-12-310001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001035443us-gaap:NoncontrollingInterestMember2023-12-310001035443are:RedeemableNoncontrollingInterestsMember2023-12-310001035443us-gaap:RetainedEarningsMember2024-01-012024-09-300001035443us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001035443are:RedeemableNoncontrollingInterestsMember2024-01-012024-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001035443us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001035443us-gaap:CommonStockMember2024-01-012024-09-300001035443us-gaap:CommonStockMember2022-12-310001035443us-gaap:AdditionalPaidInCapitalMember2022-12-310001035443us-gaap:RetainedEarningsMember2022-12-310001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001035443us-gaap:NoncontrollingInterestMember2022-12-3100010354432022-12-310001035443are:RedeemableNoncontrollingInterestsMember2022-12-310001035443us-gaap:RetainedEarningsMember2023-01-012023-09-300001035443us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001035443are:RedeemableNoncontrollingInterestsMember2023-01-012023-09-300001035443us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001035443us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001035443us-gaap:CommonStockMember2023-01-012023-09-300001035443srt:NorthAmericaMemberare:OperatingPropertiesMember2024-09-300001035443srt:NorthAmericaMemberare:ActiveDevelopmentRedevelopmentMember2024-09-300001035443srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-09-300001035443srt:MaximumMemberus-gaap:LandImprovementsMember2024-09-300001035443country:CA2024-09-300001035443srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberare:IncomefromrentalsMember2024-07-012024-09-300001035443srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberare:IncomefromrentalsMember2023-07-012023-09-300001035443srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberare:IncomefromrentalsMember2024-01-012024-09-300001035443srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberare:IncomefromrentalsMember2023-01-012023-09-300001035443srt:NorthAmericaMember2024-09-300001035443srt:NorthAmericaMember2023-12-310001035443us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-09-300001035443us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-12-310001035443are:A285299307And345DorchesterAvenueMember2024-09-300001035443are:OthermarketsMember2024-01-012024-09-300001035443srt:NorthAmericaMember2024-01-012024-09-300001035443are:A99AStreetMember2024-09-300001035443are:A99AStreetMember2024-01-012024-09-300001035443are:A1165EastlakeAvenueEastMember2024-09-300001035443are:A1165EastlakeAvenueEastMember2024-01-012024-09-300001035443are:A219East42ndStreetMember2024-09-300001035443are:A219East42ndStreetMember2024-01-012024-09-3000010354432024-04-012024-06-300001035443country:CA2024-07-012024-09-300001035443are:AlexandriaCenterForLifeScienceNewYorkCityMember2024-09-300001035443are:AlexandriaMemberare:A50And60BinneyStreetMember2024-09-300001035443are:AlexandriaMemberare:A75125BinneyStreetMember2024-09-300001035443are:AlexandriaMemberare:A100And225BinneyStreetAnd300ThirdStreetMember2024-09-300001035443are:AlexandriaMemberare:A99CoolidgeAvenueMember2024-09-300001035443are:AlexandriaMemberare:A15NeccoStreetMember2024-09-300001035443are:AlexandriaMemberare:A285299307And345DorchesterAvenueMember2024-09-300001035443are:AlexandriaMemberare:AlexandriaCenterForScienceAndTechnologyMissionBayMember2024-09-300001035443are:AlexandriaMemberare:A1450OwensStreetMember2024-09-300001035443are:AlexandriaMemberare:A601611651681685And701GatewayBoulevardMember2024-09-300001035443are:AlexandriaMemberare:A751GatewayBoulevardMember2024-09-300001035443are:AlexandriaMemberare:A211And213EastGrandAvenueMember2024-09-300001035443are:AlexandriaMemberare:A500ForbesBoulevardMember2024-09-300001035443are:AlexandriaMemberare:AlexandriaCenterForLifeScienceMillbraeMember2024-09-300001035443are:AlexandriaMemberare:A3215MerryfieldRowMember2024-09-300001035443are:AlexandriaMemberare:CampusPointByAlexandriaMember2024-09-300001035443are:AlexandriaMemberare:A5200IlluminaWayMember2024-09-300001035443are:AlexandriaMemberare:A9625TowneCentreDriveMember2024-09-300001035443are:AlexandriaMemberare:SDTechbyAlexandriaMember2024-09-300001035443are:AlexandriaMemberare:PacificTechnologyParkMember2024-09-300001035443are:AlexandriaMemberare:SummersRidgeScienceParkMember2024-09-300001035443are:AlexandriaMemberare:A1201And1208EastlakeAvenueEastMember2024-09-300001035443are:AlexandriaMemberare:A199EastBlaineStreetMember2024-09-300001035443are:AlexandriaMemberare:A400DexterAvenueNorthMember2024-09-300001035443are:AlexandriaMemberare:A800MercerStreetMember2024-09-300001035443are:A1655and1715ThirdStreetMember2024-09-300001035443are:A14011413ResearchBoulevardMember2024-09-300001035443are:A1450ResearchBoulevardMember2024-09-300001035443are:A101WestDickmanStreetMember2024-09-300001035443are:AlexandriaMemberare:A1450OwensStreetMember2023-12-310001035443are:A1450OwensStreetMember2024-01-012024-09-300001035443are:AlexandriaMemberare:A1450OwensStreetMemberus-gaap:NoncontrollingInterestMember2024-09-300001035443are:AlexandriaMemberare:A1450OwensStreetMemberus-gaap:ParentMember2024-09-300001035443are:A285299307And345DorchesterAvenueMember2024-01-012024-09-300001035443are:A285299307And345DorchesterAvenueMember2024-01-012024-03-310001035443are:FuturedevelopmentprojectsMemberare:A285299307And345DorchesterAvenueMember2024-09-300001035443are:A1201And1208EastlakeAvenueEastMember2024-09-300001035443us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001035443us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001035443are:RedeemableNoncontrollingInterestsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001035443are:RedeemableNoncontrollingInterestsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001035443are:A1655and1715ThirdStreetMember2023-12-310001035443are:A1450ResearchBoulevardMember2023-12-310001035443are:A101WestDickmanStreetMember2023-12-310001035443are:OtherunconsolidatedrealestatejointventuresMember2024-09-300001035443are:OtherunconsolidatedrealestatejointventuresMember2023-12-310001035443are:A14011413ResearchBoulevardMemberare:SecuredDebtMaturingOn122324Member2024-01-012024-09-300001035443are:A14011413ResearchBoulevardMemberare:SecuredDebtMaturingOn122324Member2024-09-300001035443are:A1655and1715ThirdStreetMemberare:Secureddebtmaturingon31025Member2024-01-012024-09-300001035443are:A1655and1715ThirdStreetMemberare:Secureddebtmaturingon31025Member2024-09-300001035443are:A101WestDickmanStreetMemberare:SecuredDebtMaturingOn111026Member2024-01-012024-09-300001035443are:A101WestDickmanStreetMemberare:SecuredDebtMaturingOn111026Member2024-09-300001035443are:A1450ResearchBoulevardMemberare:SecuredDebtMaturingOn121026Member2024-01-012024-09-300001035443are:A1450ResearchBoulevardMemberare:SecuredDebtMaturingOn121026Member2024-09-300001035443us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-09-300001035443are:PurchaseOptionTermOneMember2024-01-012024-09-300001035443are:PurchaseOptionTermTwoMember2024-01-012024-09-300001035443are:PurchaseOptionTermThreeMember2024-01-012024-09-3000010354432017-10-012017-10-010001035443are:LandparcelssubjecttoleaseagreementthatcontainsapurchaseoptionMember2024-01-012024-09-300001035443are:A1208EastlakeAvenueEastMember2024-09-300001035443are:A1201EastlakeAvenueEastMember2024-09-300001035443are:A1201EastlakeAvenueEastMember2024-01-012024-09-300001035443are:A1208EastlakeAvenueEastMember2024-01-012024-09-300001035443are:GroundandOperatingLeasesMember2024-09-300001035443are:AlexandriaTechnologySquareMember2024-09-300001035443are:AlexandriaTechnologySquareMember2024-07-012024-09-300001035443are:AlexandriaTechnologySquareMember2024-01-012024-06-300001035443are:OperatingPropertyWithGroundLeaseMember2024-09-300001035443srt:MinimumMember2024-01-012024-09-300001035443srt:MaximumMember2024-01-012024-09-300001035443are:FundsheldinescrowrelatedtoconstructionprojectsandinvestingactivitiesMember2024-09-300001035443are:FundsheldinescrowrelatedtoconstructionprojectsandinvestingactivitiesMember2023-12-310001035443are:OtherrestrictedcashMember2024-09-300001035443are:OtherrestrictedcashMember2023-12-310001035443are:LimitedpartnershipsMember2024-01-012024-09-300001035443are:InvestmentsinpubliclytradedcompaniesMember2024-09-300001035443are:LimitedpartnershipsMember2024-09-300001035443are:EntitieswithobservablepricechangeMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2024-09-300001035443are:EntitieswithoutobservablepricechangesMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2024-09-300001035443are:InvestmentsinpubliclytradedcompaniesMember2023-12-310001035443are:LimitedpartnershipsMember2023-12-310001035443are:EntitieswithobservablepricechangeMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2023-12-310001035443are:EntitieswithoutobservablepricechangesMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2023-12-310001035443are:EntitieswithobservablepricechangeMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2024-01-012024-09-300001035443are:EntitieswithobservablepricechangeMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMember2023-01-012023-09-300001035443are:TotalInvestmentsHeldMember2024-01-012024-09-300001035443are:TotalInvestmentsHeldMember2023-01-012023-09-300001035443us-gaap:EquityMethodInvestmentsMember2024-01-012024-09-300001035443us-gaap:LineOfCreditMemberus-gaap:CommercialPaperMember2024-01-012024-06-300001035443us-gaap:LineOfCreditMemberus-gaap:CommercialPaperMember2024-07-012024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinpubliclytradedcompaniesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001035443us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberus-gaap:FairValueMeasurementsNonrecurringMemberare:EntitieswithoutobservablepricechangesMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberus-gaap:FairValueMeasurementsNonrecurringMemberare:EntitieswithoutobservablepricechangesMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberare:InvestmentsinprivatelyheldentitiesthatdonotreportNAVMemberare:EntitieswithoutobservablepricechangesMember2023-12-310001035443us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001035443us-gaap:CarryingReportedAmountFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMember2024-09-300001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001035443us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001035443us-gaap:CarryingReportedAmountFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMember2023-12-310001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberare:A22BillionUnsecuredSeniorLineOfCreditMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001035443us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommercialPaperMember2023-12-310001035443us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2023-12-310001035443us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2023-12-310001035443us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2023-12-310001035443us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPaperMember2023-12-310001035443are:SecuredNotesPayableMaturingOn111926Member2024-01-012024-09-300001035443are:SecuredNotesPayableMaturingOn111926Member2024-09-300001035443are:SecuredNotesPayableMaturingJuly12036Member2024-09-300001035443are:SecuredNotesPayableMaturingJuly12036Member2024-01-012024-09-300001035443us-gaap:SecuredDebtMember2024-09-300001035443us-gaap:LineOfCreditMemberus-gaap:CommercialPaperMember2024-09-300001035443us-gaap:LineOfCreditMemberus-gaap:CommercialPaperMember2024-01-012024-09-300001035443are:A3.45unsecuredseniornotespayableduein2025Member2024-09-300001035443are:A3.45unsecuredseniornotespayableduein2025Member2024-01-012024-09-300001035443are:A4.30UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A4.30UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A3.80UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A3.80UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A3.95UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A3.95UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A3.95UnsecuredSeniorNotesPayableDuein2028Member2024-09-300001035443are:A3.95UnsecuredSeniorNotesPayableDuein2028Member2024-01-012024-09-300001035443are:UnsecuredSeniorNotesDueinJuly2029Member2024-09-300001035443are:UnsecuredSeniorNotesDueinJuly2029Member2024-01-012024-09-300001035443are:A2.75UnsecuredSeniorNotesPayableDue2029Member2024-09-300001035443are:A2.75UnsecuredSeniorNotesPayableDue2029Member2024-01-012024-09-300001035443are:A4.70UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A4.70UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A4.90UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A4.90UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A3.375UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A3.375UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A200UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A200UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A1875UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A1875UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A295UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A295UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A475UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A475UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A5.25UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A5.25UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A4.85UnsecuredSeniorNotePayableMember2024-09-300001035443are:A4.85UnsecuredSeniorNotePayableMember2024-01-012024-09-300001035443are:A4.00UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A4.00UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A300UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A300UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A355UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A355UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A515UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A515UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443are:A5.625UnsecuredSeniorNotesPayableMember2024-09-300001035443are:A5.625UnsecuredSeniorNotesPayableMember2024-01-012024-09-300001035443us-gaap:UnsecuredDebtMember2024-09-300001035443are:A99CoolidgeAvenueMemberare:SecuredNotesPayableMaturingOn111926Member2024-09-300001035443us-gaap:LineOfCreditMember2024-09-300001035443us-gaap:CommercialPaperMember2024-09-300001035443us-gaap:SecuredDebtMember2024-01-012024-09-300001035443us-gaap:SeniorNotesMember2024-09-300001035443us-gaap:SeniorNotesMember2024-01-012024-09-300001035443us-gaap:CommercialPaperMember2024-01-012024-09-300001035443are:TotalIssuanceOfUnsecuredSeniorNotesInFeb2024Member2024-02-012024-02-290001035443are:TotalIssuanceOfUnsecuredSeniorNotesInFeb2024Member2024-02-290001035443are:A5.25UnsecuredSeniorNotesPayableMember2024-02-290001035443are:A5.625UnsecuredSeniorNotesPayableMember2024-02-290001035443us-gaap:LineOfCreditMember2024-01-012024-09-300001035443us-gaap:LineOfCreditMember2022-09-220001035443us-gaap:LineOfCreditMember2024-01-012024-03-310001035443us-gaap:LineOfCreditMember2023-01-012023-12-310001035443srt:MinimumMemberus-gaap:CommercialPaperMember2024-01-012024-09-300001035443srt:MaximumMemberus-gaap:CommercialPaperMember2024-01-012024-09-300001035443are:ATMCommonStockOfferingProgramEstablishedFebruary2024Member2024-02-150001035443are:ForwardEquitySalesAgreementsEnteredInJune2024Memberare:ATMCommonStockOfferingProgramEstablishedFebruary2024Member2024-06-252024-06-250001035443are:ForwardEquitySalesAgreementsEnteredInJune2024Memberare:ATMCommonStockOfferingProgramEstablishedFebruary2024Member2024-06-250001035443are:ATMCommonStockOfferingProgramEstablishedFebruary2024Member2024-09-3000010354432024-01-012024-03-310001035443us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2024-09-300001035443are:A14225NewbrookDriveMemberus-gaap:SubsequentEventMember2024-10-210001035443are:A14225NewbrookDriveMemberus-gaap:SubsequentEventMember2024-10-012024-10-210001035443are:A428WestlakeAvenueNorthMemberus-gaap:SubsequentEventMember2024-10-210001035443are:A428WestlakeAvenueNorthMemberus-gaap:SubsequentEventMember2024-10-012024-10-210001035443are:OneModernaWayMemberus-gaap:SubsequentEventMember2024-10-210001035443are:OneModernaWayMemberus-gaap:SubsequentEventMember2024-10-012024-10-210001035443are:OneModernaWayMember2024-01-012024-09-300001035443are:CostaVerdeAndScrippsScienceParkMemberus-gaap:SubsequentEventMember2024-10-210001035443are:OperatingPropertiesMemberare:CostaVerdeAndScrippsScienceParkMemberus-gaap:SubsequentEventMember2024-10-210001035443are:FuturedevelopmentprojectsMemberare:CostaVerdeAndScrippsScienceParkMemberus-gaap:SubsequentEventMember2024-10-210001035443are:CostaVerdeAndScrippsScienceParkMemberus-gaap:SubsequentEventMember2024-10-012024-10-21
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
(Mark One)
    ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934 
For the quarterly period ended September 30, 2024
OR
    ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-12993
ALEXANDRIA REAL ESTATE EQUITIES, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
95-4502084
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification Number)
 26 North Euclid Avenue, Pasadena, California 91101
(Address of principal executive offices) (Zip code)
(626) 578-0777
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
ARE
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files). Yes ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Smaller reporting company 
☐
Accelerated filer 
☐
Emerging growth company 
☐
Non-accelerated filer
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒
As of October 15, 2024, 174,762,259 shares of common stock, par value $0.01 per share, were outstanding.
i
TABLE OF CONTENTS
 
 
Page
 
 
 
 
Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 ..................................................
 
Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2024 and 2023:
 
Consolidated Statements of Operations ...................................................................................................................
 
 
Consolidated Statements of Comprehensive Income ............................................................................................
 
 
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 ...................
 
 
Notes to Consolidated Financial Statements ....................................................................................................................
 
OPERATIONS ........................................................................................................................................................................
 
 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .........................................................
 
 
CONTROLS AND PROCEDURES .....................................................................................................................................
LEGAL PROCEEDINGS ......................................................................................................................................................
RISK FACTORS ....................................................................................................................................................................
OTHER INFORMATION .......................................................................................................................................................
EXHIBITS ...............................................................................................................................................................................
 
 
SIGNATURES .................................................................................................................................................................................................
ii
GLOSSARY
The following abbreviations or acronyms that may be used in this document
shall have the adjacent meanings set forth below:
ASU
Accounting Standards Update
ATM
At the Market
CIP
Construction in Progress
EPS
Earnings per Share
FASB
Financial Accounting Standards Board
FFO
Funds From Operations
GAAP
U.S. Generally Accepted Accounting Principles
IRS
Internal Revenue Service
JV
Joint Venture
Nareit
National Association of Real Estate Investment Trusts
NAV
Net Asset Value
NYSE
New York Stock Exchange
REIT
Real Estate Investment Trust
RSF
Rentable Square Feet/Foot
SEC
Securities and Exchange Commission
SF
Square Feet/Foot
SoDo
South of Downtown submarket of Seattle
SOFR
Secured Overnight Financing Rate
SoMa
South of Market submarket of the San Francisco Bay Area
U.S.
United States
VIE
Variable Interest Entity
1
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
Alexandria Real Estate Equities, Inc.
Consolidated Balance Sheets
(In thousands)
September 30, 2024
December 31, 2023
(Unaudited)
Assets
Investments in real estate
$32,951,777
$31,633,511
Investments in unconsolidated real estate joint ventures
40,170
37,780
Cash and cash equivalents
562,606
618,190
Restricted cash
17,031
42,581
Tenant receivables
6,980
8,211
Deferred rent
1,216,176
1,050,319
Deferred leasing costs
516,872
509,398
Investments
1,519,327
1,449,518
Other assets
1,657,189
1,421,894
Total assets
$38,488,128
$36,771,402
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$145,000
$119,662
Unsecured senior notes payable
12,092,012
11,096,028
Unsecured senior line of credit and commercial paper
454,589
99,952
Accounts payable, accrued expenses, and other liabilities
2,865,886
2,610,943
Dividends payable
227,191
221,824
Total liabilities
15,784,678
14,148,409
Commitments and contingencies
Redeemable noncontrolling interests
16,510
16,480
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,722
1,719
Additional paid-in capital
18,238,438
18,485,352
Accumulated other comprehensive loss
(22,529)
(15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
18,217,631
18,471,175
Noncontrolling interests
4,469,309
4,135,338
Total equity
22,686,940
22,606,513
Total liabilities, noncontrolling interests, and equity
$38,488,128
$36,771,402
The accompanying notes are an integral part of these consolidated financial statements.
2
Alexandria Real Estate Equities, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues:
Income from rentals
$775,744
$707,531
$2,286,457
$2,099,819
Other income
15,863
6,257
40,992
28,664
Total revenues
791,607
713,788
2,327,449
2,128,483
Expenses:
Rental operations
233,265
217,687
668,833
636,454
General and administrative
43,945
45,987
135,629
140,065
Interest
43,550
11,411
130,179
42,237
Depreciation and amortization
293,998
269,370
872,272
808,227
Impairment of real estate
5,741
20,649
36,504
189,224
Total expenses
620,499
565,104
1,843,417
1,816,207
Equity in earnings of unconsolidated real estate joint ventures
139
242
424
617
Investment income (loss)
15,242
(80,672)
14,866
(204,051)
Gain on sales of real estate
27,114
—
27,506
214,810
Net income
213,603
68,254
526,828
323,652
Net income attributable to noncontrolling interests
(45,656)
(43,985)
(141,634)
(131,584)
Net income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
167,947
24,269
385,194
192,068
Net income attributable to unvested restricted stock awards
(3,273)
(2,414)
(10,717)
(7,697)
Net income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$164,674
$21,855
$374,477
$184,371
Net income per share attributable to Alexandria Real Estate
Equities, Inc.’s common stockholders:
Basic
$0.96
$0.13
$2.18
$1.08
Diluted
$0.96
$0.13
$2.18
$1.08
The accompanying notes are an integral part of these consolidated financial statements.
3
Alexandria Real Estate Equities, Inc.
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net income
$213,603
$68,254
$526,828
$323,652
Other comprehensive income (loss)
Unrealized gains (losses) on foreign currency
translation:
Unrealized foreign currency translation gains
(losses) arising during the period
5,056
(8,395)
(6,758)
(4,172)
Reclassification adjustment for losses included in net
income
125
—
125
—
Unrealized gains (losses) on foreign currency
translation, net
5,181
(8,395)
(6,633)
(4,172)
Total other comprehensive income (loss)
5,181
(8,395)
(6,633)
(4,172)
Comprehensive income
218,784
59,859
520,195
319,480
Less: comprehensive income attributable to
noncontrolling interests
(45,656)
(43,985)
(141,634)
(131,584)
Comprehensive income attributable to Alexandria Real
Estate Equities, Inc.’s stockholders
$173,128
$15,874
$378,561
$187,896
The accompanying notes are an integral part of these consolidated financial statements.
4
Alexandria Real Estate Equities, Inc.
Consolidated Statement of Changes in Stockholders’ Equity and Noncontrolling Interests
(Dollars in thousands)
(Unaudited)
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity
Number of
Common
Shares
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
Redeemable
Noncontrolling
Interests
Balance as of June 30, 2024
172,017,674
$1,720
$18,284,611
$—
$(27,710)
$4,391,806
$22,650,427
$16,440
Net income
—
—
—
167,947
—
45,385
213,332
271
Total other comprehensive income
—
—
—
—
5,181
—
5,181
—
Contributions from and sales of noncontrolling interests
—
—
490
—
—
91,118
91,608
—
Distributions to and redemption of noncontrolling interests
—
—
—
—
—
(59,000)
(59,000)
(201)
Issuance pursuant to stock plan
376,781
4
31,235
—
—
—
31,239
—
Taxes related to net settlement of equity awards
(150,054)
(2)
(18,654)
—
—
—
(18,656)
—
Dividends declared on common stock ($1.30 per share)
—
—
—
(227,191)
—
—
(227,191)
—
Reclassification of distributions in excess of earnings
—
—
(59,244)
59,244
—
—
—
—
Balance as of September 30, 2024
172,244,401
$1,722
$18,238,438
$—
$(22,529)
$4,469,309
$22,686,940
$16,510
The accompanying notes are an integral part of these consolidated financial statements.
5
Alexandria Real Estate Equities, Inc.
Consolidated Statement of Changes in Stockholders’ Equity and Noncontrolling Interests
(Dollars in thousands)
(Unaudited)
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity
Number of
Common
Shares
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
Redeemable
Noncontrolling
Interests
Balance as of June 30, 2023
170,869,778
$1,709
$18,812,318
$—
$(16,589)
$3,917,186
$22,714,624
$52,628
Net income
—
—
—
24,269
—
43,737
68,006
248
Total other comprehensive loss
—
—
—
—
(8,395)
—
(8,395)
—
Contributions from and sales of noncontrolling interests
—
—
6,455
—
—
130,271
136,726
—
Distributions to and redemption of noncontrolling interests
—
—
—
—
—
(57,881)
(57,881)
(1,218)
Issuance pursuant to stock plan
203,826
2
31,196
—
—
—
31,198
—
Taxes related to net settlement of equity awards
(76,765)
(1)
(8,603)
—
—
—
(8,604)
—
Dividends declared on common stock ($1.24 per share)
—
—
—
(214,450)
—
—
(214,450)
—
Reclassification of distributions in excess of earnings
—
—
(190,181)
190,181
—
—
—
—
Balance as of September 30, 2023
170,996,839
$1,710
$18,651,185
$—
$(24,984)
$4,033,313
$22,661,224
$51,658
The accompanying notes are an integral part of these consolidated financial statements.
6
Alexandria Real Estate Equities, Inc.
Consolidated Statement of Changes in Stockholders’ Equity and Noncontrolling Interests
(Dollars in thousands)
(Unaudited)
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity
Number of
Common
Shares
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
Redeemable
Noncontrolling
Interests
Balance as of December 31, 2023
171,910,599
$1,719
$18,485,352
$—
$(15,896)
$4,135,338
$22,606,513
$16,480
Net income
—
—
—
385,194
—
140,820
526,014
814
Total other comprehensive loss
—
—
—
—
(6,633)
—
(6,633)
—
Contributions from and sales of noncontrolling interests
—
—
8,190
—
—
350,003
358,193
—
Distributions to and redemption of noncontrolling interests
—
—
(8,084)
—
—
(186,787)
(194,871)
(1,034)
Transfer of noncontrolling interests
—
—
—
—
—
(250)
(250)
250
Reallocation of capital to joint venture partner
—
—
(30,185)
—
—
30,185
—
—
Issuance pursuant to stock plan
555,959
6
101,302
—
—
—
101,308
—
Taxes related to net settlement of equity awards
(222,157)
(3)
(26,598)
—
—
—
(26,601)
—
Dividends declared on common stock ($3.87 per share)
—
—
—
(676,733)
—
—
(676,733)
—
Reclassification of distributions in excess of earnings
—
—
(291,539)
291,539
—
—
—
—
Balance as of September 30, 2024
172,244,401
$1,722
$18,238,438
$—
$(22,529)
$4,469,309
$22,686,940
$16,510
The accompanying notes are an integral part of these consolidated financial statements.
7
Alexandria Real Estate Equities, Inc.
Consolidated Statement of Changes in Stockholders’ Equity and Noncontrolling Interests
(Dollars in thousands)
(Unaudited)
Alexandria Real Estate Equities, Inc.’s Stockholders’ Equity
Number of
Common
Shares
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
Redeemable
Noncontrolling
Interests
Balance as of December 31, 2022
170,748,395
$1,707
$18,991,492
$—
$(20,812)
$3,701,248
$22,673,635
$9,612
Net income
—
—
—
192,068
—
130,934
323,002
650
Total other comprehensive loss
—
—
—
—
(4,172)
—
(4,172)
—
Contributions from and sales of noncontrolling interests
—
—
30,400
—
—
400,993
431,393
35,250
Distributions to and redemption of noncontrolling interests
—
—
—
—
—
(192,096)
(192,096)
(1,620)
Transfer of noncontrolling interests
—
—
—
—
—
(7,766)
(7,766)
7,766
Issuance pursuant to stock plan
412,755
4
96,648
—
—
—
96,652
—
Taxes related to net settlement of equity awards
(164,311)
(1)
(21,072)
—
—
—
(21,073)
—
Dividends declared on common stock ($3.69 per share)
—
—
—
(638,351)
—
—
(638,351)
—
Reclassification of distributions in excess of earnings
—
—
(446,283)
446,283
—
—
—
—
Balance as of September 30, 2023
170,996,839
$1,710
$18,651,185
$—
$(24,984)
$4,033,313
$22,661,224
$51,658
The accompanying notes are an integral part of these consolidated financial statements.
8
Alexandria Real Estate Equities, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2024
2023
Operating Activities:
Net income
$526,828
$323,652
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
872,272
808,227
Impairment of real estate
36,504
189,224
Gain on sales of real estate
(27,506)
(214,810)
Equity in earnings of unconsolidated real estate joint ventures
(424)
(617)
Distributions of earnings from unconsolidated real estate joint ventures
2,637
2,590
Amortization of loan fees
12,510
11,427
Amortization of debt discounts
976
898
Amortization of acquired above- and below-market leases
(70,167)
(69,647)
Deferred rent
(125,676)
(92,331)
Stock compensation expense
47,157
48,266
Investment (income) loss
(14,866)
204,051
Changes in operating assets and liabilities:
Tenant receivables
1,216