ALEXANDRIA REAL ESTATE EQUITIES INC
For the period ended Dec 31, 2023. Filed Jan 29, 2024.
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FY2023 · Filed Jan 29, 2024
ARE$44.70-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Alexandria Real Estate Equities, Inc.Consolidated Statements of Cash Flows(In thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Operating Activities | |||
| Net income | $280,994 | $670,701 | $654,282 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,093,473 | 1,002,146 | 821,061 |
| Impairment of real estate | 461,114 | 64,969 | 52,675 |
| Gain on sales of real estate | (277,037) | (537,918) | (126,570) |
| Loss on early extinguishment of debt | — | 3,317 | 67,253 |
| Equity in earnings of unconsolidated real estate joint ventures | (980) | (645) | (12,255) |
| Distributions of earnings from unconsolidated real estate joint ventures | 3,257 | 3,374 | 20,350 |
| Amortization of loan fees | 15,486 | 13,549 | 11,441 |
| Amortization of debt discounts (premiums) | 1,207 | 384 | (2,041) |
| Amortization of acquired above- and below-market leases | (93,331) | (74,346) | (54,780) |
| Deferred rent | (133,917) | (118,003) | (115,145) |
| Stock compensation expense | 82,858 | 57,740 | 48,669 |
| Investment loss (income) | 195,397 | 331,758 | (259,477) |
| Changes in operating assets and liabilities: | |||
| Tenant receivables | (102) | (273) | (44) |
| Deferred leasing costs | (109,339) | (181,322) | (131,560) |
| Other assets | 798 | (18,960) | (24,591) |
| Accounts payable, accrued expenses, and other liabilities | 110,672 | 77,850 | 60,929 |
| Net cash provided by operating activities | 1,630,550 | 1,294,321 | 1,010,197 |
| Investing Activities | |||
| Proceeds from sales of real estate | 1,195,743 | 994,331 | 190,576 |
| Additions to real estate | (3,418,296) | (3,307,313) | (2,089,849) |
| Purchases of real estate | (265,750) | (2,877,861) | (5,434,652) |
| Change in escrow deposits | (5,582) | 155,968 | (161,696) |
| Sales of interest in unconsolidated real estate joint ventures | — | — | 394,952 |
| Acquisitions of interest in unconsolidated real estate joint venture | — | — | (9,048) |
| Investments in unconsolidated real estate joint ventures | (658) | (1,442) | (13,666) |
| Return of capital from unconsolidated real estate joint ventures | — | 471 | — |
| Additions to non-real estate investments | (189,472) | (242,932) | (408,564) |
| Sales of and distributions from non-real estate investments | 183,396 | 198,320 | 424,623 |
| Net cash used in investing activities | $(2,500,619) | $(5,080,458) | $(7,107,324) |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
| Alexandria Real Estate Equities, Inc.Consolidated Statements of Cash Flows(In thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Financing Activities | |||
| Borrowings under secured notes payable | $59,957 | $49,715 | $10,005 |
| Repayments of borrowings under secured notes payable | (30) | (934) | (17,979) |
| Payment for the defeasance of secured note payable | — | (198,304) | — |
| Proceeds from issuances of unsecured senior notes payable | 996,205 | 1,793,318 | 1,743,716 |
| Repayments of unsecured senior notes payable | — | — | (650,000) |
| Borrowings under unsecured senior line of credit | 1,245,000 | 1,181,000 | 3,521,000 |
| Repayments of borrowings under unsecured senior line of credit | (1,245,000) | (1,181,000) | (3,521,000) |
| Proceeds from issuance under commercial paper program | 9,234,000 | 14,641,500 | 30,951,300 |
| Repayments of borrowings under commercial paper program | (9,134,000) | (14,911,500) | (30,781,300) |
| Premium paid for early extinguishment of debt | — | — | (66,829) |
| Payments of loan fees | (16,047) | (35,612) | (18,938) |
| Taxes paid related to net settlement of equity awards | (24,592) | (47,289) | (34,338) |
| Proceeds from issuance of common stock | 103,846 | 2,346,444 | 3,529,097 |
| Dividends on common stock | (847,483) | (757,742) | (655,968) |
| Contributions from and sales of noncontrolling interests | 547,391 | 1,542,347 | 2,026,486 |
| Distributions to and purchases of noncontrolling interests | (245,091) | (192,171) | (118,891) |
| Net cash provided by financing activities | 674,156 | 4,229,772 | 5,916,361 |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,291) | (887) | (1,712) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (197,204) | 442,748 | (182,478) |
| Cash, cash equivalents, and restricted cash as of the beginning of period | 857,975 | 415,227 | 597,705 |
| Cash, cash equivalents, and restricted cash as of the end of period | $660,771 | $857,975 | $415,227 |
| Supplemental Disclosure and Non-Cash Investing and Financing Activities: | |||
| Cash paid during the period for interest, net of interest capitalized | $46,583 | $63,193 | $139,471 |
| Accrued construction for current-period additions to real estate | $629,351 | $561,538 | $474,751 |
| Contribution of assets from real estate joint venture partner | $33,250 | $19,146 | $118,750 |
| Issuance of noncontrolling interest to joint venture partner | $(33,250) | $(19,146) | $(118,750) |
| Transfer of real estate assets from tenants | $31,310 | $— | $— |
| Payable for purchase of noncontrolling interest | $(35,250) | $— | $— |
| Right-of-use asset | $— | $21,776 | $103,860 |
| Lease liability | $— | $(21,776) | $(103,860) |
| Consolidation of real estate assets in connection with our acquisition of partner’s interest in unconsolidated real estate joint venture | $— | $— | $19,613 |
| Assumption of secured note payable in connection with acquisition of partner’s interest in unconsolidated real estate joint venture | $— | $— | $(14,558) |
| Deferred purchase price in connection with acquisitions of real estate | $— | $— | $(81,119) |
| Assignment of secured notes payable in connection with sale of real estate | $— | $— | $28,200 |
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