2014 Q3 Form 10-Q Financial Statement

#000103544314000060 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $185.6M $176.4M $153.9M
YoY Change 17.24% 14.6% 5.94%
Cost Of Revenue $57.40M $52.40M $46.30M
YoY Change 20.34% 13.17% 9.98%
Gross Profit $128.2M $124.0M $107.7M
YoY Change 15.91% 15.13% 4.06%
Gross Profit Margin 69.07% 70.29% 69.97%
Selling, General & Admin $12.60M $13.80M $12.50M
YoY Change 7.69% 10.4% 1.63%
% of Gross Profit 9.83% 11.13% 11.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.40M $57.30M $46.60M
YoY Change 18.94% 22.96% -11.07%
% of Gross Profit 45.55% 46.21% 43.27%
Operating Expenses $71.00M $71.10M $58.70M
YoY Change 17.36% 21.12% -6.83%
Operating Profit $57.20M $52.90M $49.00M
YoY Change 14.17% 7.96% 20.99%
Interest Expense $20.56M $17.43M $15.98M
YoY Change 27.11% 9.11% -10.85%
% of Operating Profit 35.94% 32.95% 32.61%
Other Income/Expense, Net
YoY Change
Pretax Income $36.10M $35.50M $32.30M
YoY Change 11.08% 9.91% 54.55%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $35.94M $34.96M $32.11M
YoY Change 13.9% 8.87% 59.92%
Net Earnings / Revenue 19.36% 19.82% 20.86%
Basic Earnings Per Share
Diluted Earnings Per Share $486.0K $478.2K $471.6K
COMMON SHARES
Basic Shares Outstanding 71.75M shares 71.65M shares 66.97K shares
Diluted Shares Outstanding 66.97K shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.6M $236.5M $302.0M
YoY Change 352.96% -21.69% 272.84%
Cash & Equivalents $67.02M $61.70M $302.2M
Short-Term Investments $177.6M $174.8M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $11.00M $11.00M $8.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.00M $73.00M $310.0M
YoY Change 23.81% -76.45% 256.32%
LONG-TERM ASSETS
Property, Plant & Equipment $7.083B $6.982B $6.453B
YoY Change 7.09% 8.2% 3.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $114.2M $223.0M $6.000K
YoY Change 1902700.0% 3716566.67% -99.99%
Other Assets $450.0M $433.0M $373.0M
YoY Change 14.5% 16.09% 6.88%
Total Long-Term Assets $7.942B $7.743B $7.069B
YoY Change 8.87% 9.53% 4.65%
TOTAL ASSETS
Total Short-Term Assets $78.00M $73.00M $310.0M
Total Long-Term Assets $7.942B $7.743B $7.069B
Total Assets $8.020B $7.816B $7.379B
YoY Change 9.0% 5.91% 7.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $505.0M $435.0M $368.0M
YoY Change 11.73% 18.21% 5.75%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $563.0M $492.0M $420.0M
YoY Change 11.26% 17.14% 8.81%
LONG-TERM LIABILITIES
Long-Term Debt $3.501B $3.335B $2.959B
YoY Change 21.94% 12.71% -1.33%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.501B $3.335B $2.959B
YoY Change 21.94% 12.71% -1.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $563.0M $492.0M $420.0M
Total Long-Term Liabilities $3.501B $3.335B $2.959B
Total Liabilities $4.063B $3.827B $3.380B
YoY Change 20.31% 13.22% -1.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $714.0K $713.0K $710.0K
YoY Change 0.42% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.875B $3.907B $3.938B
YoY Change
Total Liabilities & Shareholders Equity $8.020B $7.816B $7.379B
YoY Change 9.0% 5.91% 7.85%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $35.94M $34.96M $32.11M
YoY Change 13.9% 8.87% 59.92%
Depreciation, Depletion And Amortization $58.40M $57.30M $46.60M
YoY Change 18.94% 22.96% -11.07%
Cash From Operating Activities $110.6M $71.20M $96.90M
YoY Change 19.83% -26.52% 3.3%
INVESTING ACTIVITIES
Capital Expenditures -$141.6M -$154.7M -$159.7M
YoY Change -19.45% -3.13% -0.93%
Acquisitions
YoY Change
Other Investing Activities -$59.60M $44.20M $12.80M
YoY Change -5518.18% 245.31% -272.97%
Cash From Investing Activities -$201.1M -$110.5M -$147.0M
YoY Change 15.18% -24.83% -12.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $534.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 98.10M 25.40M 267.0M
YoY Change -158.19% -90.49% 245.85%
NET CHANGE
Cash From Operating Activities 110.6M 71.20M 96.90M
Cash From Investing Activities -201.1M -110.5M -147.0M
Cash From Financing Activities 98.10M 25.40M 267.0M
Net Change In Cash 7.600M -13.90M 216.9M
YoY Change -103.03% -106.41% 8576.0%
FREE CASH FLOW
Cash From Operating Activities $110.6M $71.20M $96.90M
Capital Expenditures -$141.6M -$154.7M -$159.7M
Free Cash Flow $252.2M $225.9M $256.6M
YoY Change -5.93% -11.96% 0.63%

Facts In Submission

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74363000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
32357000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
32316000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
76377000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
61716000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
35466000 USD
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.72
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.39
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.38
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.85
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
249000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1086000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-147000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-309000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2013Q2 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
CY2014Q2 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
17452000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
23109000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
735000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-847000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
85000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
8215000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-6110000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
5916000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-5650000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
8889000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-392000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
23315000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
29711000 USD
CY2013Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
15690000 USD
CY2014Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
11302000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
59871000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
63709000 USD
CY2013Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
31668000 USD
CY2014Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
28735000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
17433000 USD
CY2013Q2 us-gaap Interest Expense
InterestExpense
15978000 USD
us-gaap Interest Expense
InterestExpense
36556000 USD
us-gaap Interest Expense
InterestExpense
33998000 USD
CY2014Q2 us-gaap Interest Income Operating
InterestIncomeOperating
900000 USD
us-gaap Interest Income Operating
InterestIncomeOperating
2300000 USD
CY2013Q2 us-gaap Interest Income Operating
InterestIncomeOperating
1000000 USD
us-gaap Interest Income Operating
InterestIncomeOperating
1800000 USD
us-gaap Interest Paid Net
InterestPaidNet
29259000 USD
us-gaap Interest Paid Net
InterestPaidNet
31922000 USD
CY2014Q2 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
InterestRateCashFlowHedgeDerivativeAtFairValueNet
-2622000 USD
CY2014Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
2600000 USD
CY2013Q2 us-gaap Investment Income Net
InvestmentIncomeNet
2077000 USD
CY2014Q2 us-gaap Investment Income Net
InvestmentIncomeNet
-1361000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
2137000 USD
CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2014Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2013Q4 us-gaap Liabilities
Liabilities
3550823000 USD
CY2014Q2 us-gaap Liabilities
Liabilities
3826766000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7529764000 USD
CY2014Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7815649000 USD
CY2014Q2 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
135000 USD
CY2013Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
266000 USD
CY2013Q4 us-gaap Line Of Credit
LineOfCredit
204000000 USD
CY2014Q2 us-gaap Line Of Credit
LineOfCredit
571000000 USD
CY2013Q4 us-gaap Loans Payable To Bank
LoansPayableToBank
1100000000 USD
CY2014Q2 us-gaap Loans Payable To Bank
LoansPayableToBank
1100000000 USD
CY2014Q2 us-gaap Long Term Debt
LongTermDebt
3334861000 USD
CY2014Q2 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
2413965000 USD
CY2014Q2 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
920896000 USD
us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
5240000 USD
us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
529000 USD
CY2013Q2 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
143000 USD
CY2014Q2 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
3546000 USD
CY2014Q2 us-gaap Marketable Securities
MarketableSecurities
174802000 USD
CY2013Q4 us-gaap Marketable Securities
MarketableSecurities
140288000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
47708000 USD
CY2014Q2 us-gaap Minority Interest
MinorityInterest
67700000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Background</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As used in this quarterly report on Form 10-Q, references to the &#8220;Company,&#8221; &#8220;Alexandria,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; and &#8220;us&#8221; refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:115%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alexandria Real Estate Equities, Inc. (NYSE:ARE), with a total market capitalization of approximately </font><font style="font-family:inherit;font-size:10pt;">$9.3 billion</font><font style="font-family:inherit;font-size:10pt;"> as of June 30, 2014, and an asset base of </font><font style="font-family:inherit;font-size:10pt;">31.4 million</font><font style="font-family:inherit;font-size:10pt;"> square feet, including </font><font style="font-family:inherit;font-size:10pt;">17.9 million</font><font style="font-family:inherit;font-size:10pt;"> rentable square feet (&#8220;RSF&#8221;) of operating and current value-creation projects, as well as an additional </font><font style="font-family:inherit;font-size:10pt;">13.5 million</font><font style="font-family:inherit;font-size:10pt;"> square feet in future ground-up development projects, is the largest and leading real estate investment trust (&#8220;REIT&#8221;) uniquely focused on Class A assets in collaborative science and technology campuses located in urban innovation clusters. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in AAA locations including Greater Boston, the San Francisco Bay Area, San Diego, New York City, Maryland, Seattle, and Research Triangle Park. Alexandria is known for its high-quality and diverse client tenant base. Alexandria is the Landlord of Choice to the Life Science Industry</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, and approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52%</font><font style="font-family:inherit;font-size:10pt;"> of its total annualized base rent (&#8220;ABR&#8221;) results from investment-grade client tenants (a REIT industry-leading percentage). Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban collaborative science and technology campuses that provide its client tenants with a highly collaborative, 24/7, live/work/play environment, as well as the critical ability to successfully recruit and retain best-in-class talent. We believe these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For additional information on Alexandria, please visit our website at www.are.com.</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our asset base consisted of&#160;the following, as of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td width="81%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="17%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Square Feet</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating properties</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,804,327</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Development properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,879,492</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Redevelopment properties</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">197,289</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total operating and current value-creation projects</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,881,108</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Near-term value-creation projects in North America (CIP)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,474,163</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Future value-creation projects</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,760,108</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Land subject to sale negotiations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">262,950</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,378,329</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:Wingdings;font-size:10pt;">&#159;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment-grade client tenants represented approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52%</font><font style="font-family:inherit;font-size:10pt;"> of our total ABR;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:Wingdings;font-size:10pt;">&#159;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approximately </font><font style="font-family:inherit;font-size:10pt;">96%</font><font style="font-family:inherit;font-size:10pt;"> of our leases (on an RSF basis) contained effective annual rent escalations that were either fixed (generally ranging from </font><font style="font-family:inherit;font-size:10pt;">3%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">3.5%</font><font style="font-family:inherit;font-size:10pt;">) or indexed based on a consumer price index or other index;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:Wingdings;font-size:10pt;">&#159;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approximately </font><font style="font-family:inherit;font-size:10pt;">94%</font><font style="font-family:inherit;font-size:10pt;"> of our leases (on an RSF basis) were triple net leases, requiring client tenants to pay substantially all real estate taxes, insurance, utilities, common area, and other operating expenses (including increases thereto) in addition to base rent and;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:Wingdings;font-size:10pt;">&#159;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Approximately </font><font style="font-family:inherit;font-size:10pt;">93%</font><font style="font-family:inherit;font-size:10pt;"> of our leases (on an RSF basis) provided for the recapture of certain capital expenditures (such as heating, ventilation, and air conditioning (&#8220;HVAC&#8221;) systems maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would typically be borne by the landlord in traditional office leases.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Any references to the number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of our independent registered public accounting firm&#8217;s review of our interim consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.</font></div></div>
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Proceeds From Sale Of Property Held For Sale
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Repayments Of Long Term Lines Of Credit
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CY2013Q2 us-gaap Tenant Reimbursements
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us-gaap Tenant Reimbursements
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period.&#160; Actual results could materially differ from those estimates.</font></div></div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2014Q2 are Cost Method Investment Ownership Percentage
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0.10
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CostMethodInvestmentOwnershipPercentage
0.10
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are Debt Instrument Weighted Average Remaining Period
DebtInstrumentWeightedAverageRemainingPeriod
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are Disposal Group Including Discontinued Operation Operating Properties Held For Sale Number
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4 property
are Disposal Group Including Discontinued Operation Properties Sold Number
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7 property
CY2014Q2 are Effective Portion Of Interest Rate Cash Flow Hedge Derivatives
EffectivePortionOfInterestRateCashFlowHedgeDerivatives
950000000 USD
CY2014Q2 are Effective Portionof Interest Rate Cash Flow Hedgein Year Three
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500000000 USD
CY2014Q2 are Effective Portionof Interest Rate Cash Flow Hedgein Year Two
EffectivePortionofInterestRateCashFlowHedgeinYearTwo
500000000 USD
CY2014Q2 are Effective Portionof Interest Rate Cash Flow Hedgeinthe Next Twelve Months
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950000000 USD
CY2014Q2 are Fixed Interest Rate Debt As Percentage Of Total Outstanding Balance
FixedInterestRateDebtAsPercentageOfTotalOutstandingBalance
0.72
CY2014Q2 are Income Loss From Continuing Operations Before Income Taxes Minority Interest Equity In Earnings Of Affiliates And Gain Loss On Early Extinguishment Of Debt
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestEquityInEarningsOfAffiliatesAndGainLossOnEarlyExtinguishmentOfDebt
35466000 USD
are Income Loss From Continuing Operations Before Income Taxes Minority Interest Equity In Earnings Of Affiliates And Gain Loss On Early Extinguishment Of Debt
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestEquityInEarningsOfAffiliatesAndGainLossOnEarlyExtinguishmentOfDebt
76377000 USD
are Income Loss From Continuing Operations Before Income Taxes Minority Interest Equity In Earnings Of Affiliates And Gain Loss On Early Extinguishment Of Debt
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestEquityInEarningsOfAffiliatesAndGainLossOnEarlyExtinguishmentOfDebt
61716000 USD
CY2013Q2 are Income Loss From Continuing Operations Before Income Taxes Minority Interest Equity In Earnings Of Affiliates And Gain Loss On Early Extinguishment Of Debt
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestEquityInEarningsOfAffiliatesAndGainLossOnEarlyExtinguishmentOfDebt
32316000 USD
are Increase Decrease In Due To Due From Affiliates
IncreaseDecreaseInDueToDueFromAffiliates
0 USD
CY2014Q2 are Investment Grade Client Tenants As Percentage Of Total Annualized Base Rent
InvestmentGradeClientTenantsAsPercentageOfTotalAnnualizedBaseRent
0.52
are Maximum Expected Period Of Sale Of Property
MaximumExpectedPeriodOfSaleOfProperty
P1Y
are Minimum Percentage Of Taxable Income To Be Distributed
MinimumPercentageOfTaxableIncomeToBeDistributed
1
CY2013Q4 are Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
7481000 USD
CY2014Q2 are Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
7551000 USD
CY2014Q2 are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
27932000 USD
are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
47925000 USD
CY2013Q2 are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
25483000 USD
are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
60641000 USD
CY2014Q2 are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
28079000 USD
are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
60950000 USD
CY2013Q2 are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
25234000 USD
are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
46839000 USD
are Note Receivable From Sale Of Real Estate
NoteReceivableFromSaleOfRealEstate
38820000 USD
are Note Receivable From Sale Of Real Estate
NoteReceivableFromSaleOfRealEstate
0 USD
are Percent Of Taxable Income Generally Distributed As Dividend
PercentOfTaxableIncomeGenerallyDistributedAsDividend
1
are Percentage Of Effective Portion Of Interest Rate Hedge Agreements
PercentageOfEffectivePortionOfInterestRateHedgeAgreements
1.00
are Percentage Of Effective Portion Of Interest Rate Hedge Agreements
PercentageOfEffectivePortionOfInterestRateHedgeAgreements
1.00
CY2014Q2 are Percentage Of Leases Containing Effective Annual Rent Escalation
PercentageOfLeasesContainingEffectiveAnnualRentEscalation
0.96
CY2014Q2 are Percentage Of Leases Providing For Recapture Of Capital Expenditures
PercentageOfLeasesProvidingForRecaptureOfCapitalExpenditures
0.93
are Preferred Stock Shares Additional Shares Authorized
PreferredStockSharesAdditionalSharesAuthorized
200000000 shares
CY2014Q2 are Preferred Stock Shares Additional Shares Authorized Issued And Outstanding
PreferredStockSharesAdditionalSharesAuthorizedIssuedAndOutstanding
0 shares
CY2013Q4 are Unrealized Lossin Investmentin Privately Held Entities
UnrealizedLossinInvestmentinPrivatelyHeldEntities
0 USD
CY2013Q4 are Rental Properties Net
RentalPropertiesNet
5490102000 USD
CY2014Q2 are Rental Properties Net
RentalPropertiesNet
5628648000 USD
CY2014Q2 are Square Footageof Real Estate Property Future Development
SquareFootageofRealEstatePropertyFutureDevelopment
13497221 sqft
CY2014Q2 are Total Market Capitalization
TotalMarketCapitalization
9300000000 USD
CY2014Q2 are Total Rentable Square Footageof Asset Base
TotalRentableSquareFootageofAssetBase
31378329 sqft
are Transfers Due To Due From Parent Entity
TransfersDueToDueFromParentEntity
0 USD
are Transfers Due To Due From Parent Entity
TransfersDueToDueFromParentEntity
0 USD
CY2014Q2 are Variable Interest Rate Debt As Percentage Of Total Outstanding Balance
VariableInterestRateDebtAsPercentageOfTotalOutstandingBalance
0.28
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001035443
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
71749433 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ALEXANDRIA REAL ESTATE EQUITIES INC.

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