2014 Q4 Form 10-Q Financial Statement

#000103544314000081 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $188.7M $185.6M $158.3M
YoY Change 11.76% 17.24% 11.06%
Cost Of Revenue $56.90M $57.40M $47.70M
YoY Change 14.26% 20.34% 7.92%
Gross Profit $131.8M $128.2M $110.6M
YoY Change 11.51% 15.91% 12.17%
Gross Profit Margin 69.86% 69.07% 69.86%
Selling, General & Admin $13.90M $12.60M $11.70M
YoY Change 9.45% 7.69% -6.4%
% of Gross Profit 10.55% 9.83% 10.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.00M $58.40M $49.10M
YoY Change 20.58% 18.94% 2.08%
% of Gross Profit 44.01% 45.55% 44.39%
Operating Expenses $71.80M $71.00M $60.50M
YoY Change 19.47% 17.36% 2.37%
Operating Profit $60.00M $57.20M $50.10M
YoY Change 3.27% 14.17% 26.84%
Interest Expense -$21.60M $20.56M $16.17M
YoY Change 21.35% 27.11% -5.39%
% of Operating Profit -36.0% 35.94% 32.28%
Other Income/Expense, Net
YoY Change
Pretax Income -$13.40M $36.10M $32.50M
YoY Change -133.25% 11.08% 44.44%
Income Tax
% Of Pretax Income
Net Earnings -$13.00M $35.94M $31.56M
YoY Change -133.25% 13.9% 45.61%
Net Earnings / Revenue -6.89% 19.36% 19.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$182.3K $486.0K $444.3K
COMMON SHARES
Basic Shares Outstanding 72.01M shares 71.75M shares 71.44M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $322.4M $244.6M $54.00M
YoY Change 62.84% 352.96% -43.16%
Cash & Equivalents $86.01M $67.02M $53.84M
Short-Term Investments $236.4M $177.6M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $11.00M $11.00M $9.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $97.00M $78.00M $63.00M
YoY Change 42.65% 23.81% -40.0%
LONG-TERM ASSETS
Property, Plant & Equipment $9.557M $7.083B $6.614B
YoY Change -99.86% 7.09% 4.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $117.4M $114.2M $6.000K
YoY Change 151.71% 1902700.0% 0.0%
Other Assets $463.0M $450.0M $393.0M
YoY Change 12.65% 14.5% 9.78%
Total Long-Term Assets $8.039B $7.942B $7.295B
YoY Change 7.74% 8.87% 6.35%
TOTAL ASSETS
Total Short-Term Assets $97.00M $78.00M $63.00M
Total Long-Term Assets $8.039B $7.942B $7.295B
Total Assets $8.136B $8.020B $7.358B
YoY Change 8.05% 9.0% 5.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $219.0M $505.0M $452.0M
YoY Change -36.71% 11.73% 19.89%
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 $278.0M $563.0M $506.0M
YoY Change -41.84% 11.26% 21.63%
LONG-TERM LIABILITIES
Long-Term Debt $3.679B $3.501B $2.871B
YoY Change 20.19% 21.94% -5.31%
Other Long-Term Liabilities $270.0M
YoY Change 2354.55%
Total Long-Term Liabilities $3.949B $3.501B $2.871B
YoY Change 28.55% 21.94% -5.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.0M $563.0M $506.0M
Total Long-Term Liabilities $3.949B $3.501B $2.871B
Total Liabilities $4.226B $4.063B $3.377B
YoY Change 19.03% 20.31% -2.06%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $715.0K $714.0K $711.0K
YoY Change 0.42% 0.42% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.828B $3.875B $3.919B
YoY Change
Total Liabilities & Shareholders Equity $8.136B $8.020B $7.358B
YoY Change 8.05% 9.0% 5.65%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$13.00M $35.94M $31.56M
YoY Change -133.25% 13.9% 45.61%
Depreciation, Depletion And Amortization $58.00M $58.40M $49.10M
YoY Change 20.58% 18.94% 2.08%
Cash From Operating Activities $79.20M $110.6M $92.30M
YoY Change 3.8% 19.83% 9.88%
INVESTING ACTIVITIES
Capital Expenditures -$175.5M -$141.6M -$175.8M
YoY Change -27.12% -19.45% 20.0%
Acquisitions
YoY Change
Other Investing Activities $15.00M -$59.60M $1.100M
YoY Change -62.96% -5518.18% -96.44%
Cash From Investing Activities -$160.5M -$201.1M -$174.6M
YoY Change -19.87% 15.18% 50.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 101.3M 98.10M -168.6M
YoY Change -22.49% -158.19% -454.2%
NET CHANGE
Cash From Operating Activities 79.20M 110.6M 92.30M
Cash From Investing Activities -160.5M -201.1M -174.6M
Cash From Financing Activities 101.3M 98.10M -168.6M
Net Change In Cash 20.00M 7.600M -250.9M
YoY Change 198.51% -103.03% -1677.99%
FREE CASH FLOW
Cash From Operating Activities $79.20M $110.6M $92.30M
Capital Expenditures -$175.5M -$141.6M -$175.8M
Free Cash Flow $254.7M $252.2M $268.1M
YoY Change -19.68% -5.93% 16.31%

Facts In Submission

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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;">Reclassifications</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;">Certain prior period amounts have been reclassified to conform to the current period presentation for discontinued operations.</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>
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.35
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
1.25
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-489000 USD
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-180000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1043000 USD
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-43000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.02
CY2013Q3 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
-0.01
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2013Q3 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
0 USD
CY2014Q3 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
37190000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
25910000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
271000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
939000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
51437000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
36446000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
12228000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
11428000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-6694000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-5711000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-1243000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
CY2014Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
12125000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
46499000 USD
CY2013Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
16788000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
35440000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
92551000 USD
CY2014Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
32680000 USD
CY2013Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
32959000 USD
us-gaap Interest Costs Incurred
InterestCostsIncurred
96668000 USD
us-gaap Interest Expense
InterestExpense
50169000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
20555000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
16171000 USD
us-gaap Interest Expense
InterestExpense
57111000 USD
CY2014Q3 us-gaap Interest Income Operating
InterestIncomeOperating
2000000 USD
CY2013Q3 us-gaap Interest Income Operating
InterestIncomeOperating
1200000 USD
us-gaap Interest Income Operating
InterestIncomeOperating
3500000 USD
us-gaap Interest Income Operating
InterestIncomeOperating
3800000 USD
us-gaap Interest Paid Net
InterestPaidNet
33783000 USD
us-gaap Interest Paid Net
InterestPaidNet
34281000 USD
CY2014Q3 us-gaap Interest Rate Cash Flow Hedge Derivative At Fair Value Net
InterestRateCashFlowHedgeDerivativeAtFairValueNet
-287000 USD
CY2014Q3 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
287000 USD
CY2013Q3 us-gaap Investment Income Net
InvestmentIncomeNet
2050000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
756000 USD
CY2014Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-229000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
4187000 USD
CY2014Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
0 USD
CY2013Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
658546000 USD
CY2014Q3 us-gaap Land Available For Development
LandAvailableForDevelopment
716349000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
3550823000 USD
CY2014Q3 us-gaap Liabilities
Liabilities
4063199000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7529764000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8020314000 USD
CY2014Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
172000 USD
CY2013Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
266000 USD
CY2013Q4 us-gaap Line Of Credit
LineOfCredit
204000000 USD
CY2014Q3 us-gaap Line Of Credit
LineOfCredit
142000000 USD
CY2013Q4 us-gaap Loans Payable To Bank
LoansPayableToBank
1100000000 USD
CY2014Q3 us-gaap Loans Payable To Bank
LoansPayableToBank
975000000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
3501115000 USD
CY2014Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
3103415000 USD
CY2014Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
397700000 USD
us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
8725000 USD
us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
529000 USD
CY2013Q3 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
0 USD
CY2014Q3 us-gaap Loss On Sale Of Investments
LossOnSaleOfInvestments
3485000 USD
CY2014Q3 us-gaap Marketable Securities
MarketableSecurities
177577000 USD
CY2013Q4 us-gaap Marketable Securities
MarketableSecurities
140288000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
47708000 USD
CY2014Q3 us-gaap Minority Interest
MinorityInterest
67569000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2594000 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;ARE,&#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 </font><font style="font-family:inherit;font-size:10pt;">$9.1 billion</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, and an asset base of </font><font style="font-family:inherit;font-size:10pt;">31.6 million</font><font style="font-family:inherit;font-size:10pt;"> square feet, including </font><font style="font-family:inherit;font-size:10pt;">18.5 million</font><font style="font-family:inherit;font-size:10pt;"> RSF of operating and current value-creation projects, as well as an additional </font><font style="font-family:inherit;font-size:10pt;">13.1 million</font><font style="font-family:inherit;font-size:10pt;"> square feet in future ground-up development projects, is the largest and leading REIT 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, New York City, San Diego, Seattle, Maryland, 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;">53%</font><font style="font-family:inherit;font-size:10pt;"> of its total ABR results from investment-grade client tenants. 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 ecosystems, 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 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;">September 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;">16,373,416</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;">1,941,186</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;">143,777</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;">18,458,379</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;">1,926,331</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;">10,983,108</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 under sales contract</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;">250,000</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;">31,617,818</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;">53%</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;">95%</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;">95%</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 HVAC 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 Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Minority Shareholders
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Real Estate Revenue Net
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CY2014Q3 us-gaap Real Estate Revenue Net
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us-gaap Real Estate Revenue Net
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us-gaap Repayments Of Convertible Debt
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us-gaap Repayments Of Convertible Debt
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Straight Line Rent
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us-gaap Tenant Reimbursements
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CY2014Q3 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>
CY2014Q3 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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67040000 shares
CY2013Q3 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
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2014Q3 are Cost Method Investment Ownership Percentage
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0.10
CY2013Q4 are Cost Method Investment Ownership Percentage
CostMethodInvestmentOwnershipPercentage
0.10
CY2014Q3 are Debt Instrument Percentage Of Outstanding Balance
DebtInstrumentPercentageOfOutstandingBalance
1.000
are Debt Instrument Weighted Average Remaining Period
DebtInstrumentWeightedAverageRemainingPeriod
P5Y11M
CY2013Q4 are Deferred Costs Leasing And Finance Net
DeferredCostsLeasingAndFinanceNet
192658000 USD
CY2014Q3 are Deferred Costs Leasing And Finance Net
DeferredCostsLeasingAndFinanceNet
199835000 USD
are Disposal Group Including Discontinued Operation Operating Properties Held For Sale Number
DisposalGroupIncludingDiscontinuedOperationOperatingPropertiesHeldForSaleNumber
4 property
are Disposal Group Including Discontinued Operation Properties Sold Number
DisposalGroupIncludingDiscontinuedOperationPropertiesSoldNumber
7 property
CY2014Q3 are Effective Portion Of Interest Rate Cash Flow Hedge Derivatives
EffectivePortionOfInterestRateCashFlowHedgeDerivatives
950000000 USD
CY2014Q3 are Effective Portionof Interest Rate Cash Flow Hedgein Year Three
EffectivePortionofInterestRateCashFlowHedgeinYearThree
500000000 USD
CY2014Q3 are Effective Portionof Interest Rate Cash Flow Hedgein Year Two
EffectivePortionofInterestRateCashFlowHedgeinYearTwo
500000000 USD
CY2014Q3 are Effective Portionof Interest Rate Cash Flow Hedgeinthe Next Twelve Months
EffectivePortionofInterestRateCashFlowHedgeintheNextTwelveMonths
950000000 USD
CY2014Q3 are Fixed Interest Rate Debt As Percentage Of Total Outstanding Balance
FixedInterestRateDebtAsPercentageOfTotalOutstandingBalance
0.890
CY2013Q3 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
32496000 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
94212000 USD
CY2014Q3 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
36115000 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
112492000 USD
are Increase Decrease In Due To Due From Affiliates
IncreaseDecreaseInDueToDueFromAffiliates
0 USD
CY2014Q3 are Investment Grade Client Tenants As Percentage Of Total Annualized Base Rent
InvestmentGradeClientTenantsAsPercentageOfTotalAnnualizedBaseRent
0.53
are Maximum Expected Period Of Sale Of Property
MaximumExpectedPeriodOfSaleOfProperty
P1Y
are Maximum Expected Periodfor Collectionof Receivables
MaximumExpectedPeriodforCollectionofReceivables
P1Y
are Minimum Percentage Of Taxable Income To Be Distributed
MinimumPercentageOfTaxableIncomeToBeDistributed
1.0
CY2014Q3 are Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
7496000 USD
CY2013Q4 are Net Assets Of Disposal Group Including Discontinued Operation
NetAssetsOfDisposalGroupIncludingDiscontinuedOperation
7481000 USD
are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
72504000 USD
CY2014Q3 are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
27626000 USD
are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
88267000 USD
CY2013Q3 are Net Income Loss Attributable To Common Stockholders
NetIncomeLossAttributableToCommonStockholders
24579000 USD
are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
71461000 USD
CY2014Q3 are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
27806000 USD
are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
88756000 USD
CY2013Q3 are Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
24622000 USD
are Note Receivable From Sale Of Real Estate
NoteReceivableFromSaleOfRealEstate
38820000 USD
are Note Receivable From Sale Of Real Estate
NoteReceivableFromSaleOfRealEstate
0 USD
are Numberof Land Parcels Sold
NumberofLandParcelsSold
4 property
are Percent Of Taxable Income Generally Distributed As Dividend
PercentOfTaxableIncomeGenerallyDistributedAsDividend
1.0
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
CY2014Q3 are Percentage Of Leases Containing Effective Annual Rent Escalation
PercentageOfLeasesContainingEffectiveAnnualRentEscalation
0.95
CY2014Q3 are Percentage Of Leases Providing For Recapture Of Capital Expenditures
PercentageOfLeasesProvidingForRecaptureOfCapitalExpenditures
0.93
are Preferred Stock Shares Additional Shares Authorized
PreferredStockSharesAdditionalSharesAuthorized
200000000 shares
CY2014Q3 are Preferred Stock Shares Additional Shares Authorized Issued And Outstanding
PreferredStockSharesAdditionalSharesAuthorizedIssuedAndOutstanding
0 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q3 are Square Footageof Real Estate Property Future Development
SquareFootageofRealEstatePropertyFutureDevelopment
13100000 sqft
CY2014Q3 are Total Market Capitalization
TotalMarketCapitalization
9100000000 USD
CY2014Q3 are Total Rentable Square Footageof Asset Base
TotalRentableSquareFootageofAssetBase
31617818 sqft
CY2014Q3 are Total Square Footageof Asset Base
TotalSquareFootageofAssetBase
31617818 sqft
are Transfers Due To Due From Parent Entity
TransfersDueToDueFromParentEntity
0 USD
are Transfers Due To Due From Parent Entity
TransfersDueToDueFromParentEntity
0 USD
are Transfersin Fair Value Hierarchy
TransfersinFairValueHierarchy
0
are Transfersin Fair Value Hierarchy
TransfersinFairValueHierarchy
0
CY2014Q3 are Triple Net Leases Percentage
TripleNetLeasesPercentage
0.95
CY2014Q3 are Unrealized Lossin Investmentin Privately Held Entities
UnrealizedLossinInvestmentinPrivatelyHeldEntities
0 USD
CY2013Q4 are Unrealized Lossin Investmentin Privately Held Entities
UnrealizedLossinInvestmentinPrivatelyHeldEntities
0 USD
CY2014Q3 are Variable Interest Rate Debt As Percentage Of Total Outstanding Balance
VariableInterestRateDebtAsPercentageOfTotalOutstandingBalance
0.110
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001035443
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
72007833 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ALEXANDRIA REAL ESTATE EQUITIES INC.

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