ALEXANDRIA REAL ESTATE EQUITIES INC
For the period ended Dec 31, 2024. Filed Jan 27, 2025.
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FY2024 · Filed Jan 27, 2025
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, | |||
| 2024 | 2023 | 2022 | |
| Operating Activities | |||
| Net income | $510,733 | $280,994 | $670,701 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,202,380 | 1,093,473 | 1,002,146 |
| Impairment of real estate | 223,068 | 461,114 | 64,969 |
| Gain on sales of real estate | (129,312) | (277,037) | (537,918) |
| Loss on early extinguishment of debt | — | — | 3,317 |
| Equity in earnings of unconsolidated real estate joint ventures | (7,059) | (980) | (645) |
| Distributions of earnings from unconsolidated real estate joint ventures | 2,982 | 3,257 | 3,374 |
| Amortization of loan fees | 17,130 | 15,486 | 13,549 |
| Amortization of debt discounts | 1,309 | 1,207 | 384 |
| Amortization of acquired above- and below-market leases | (85,679) | (93,331) | (74,346) |
| Deferred rent | (143,329) | (133,917) | (118,003) |
| Stock compensation expense | 59,634 | 82,858 | 57,740 |
| Investment loss | 53,122 | 195,397 | 331,758 |
| Changes in operating assets and liabilities: | |||
| Tenant receivables | 1,766 | (102) | (273) |
| Deferred leasing costs | (108,346) | (109,339) | (181,322) |
| Other assets | (37,052) | 798 | (18,960) |
| Accounts payable, accrued expenses, and other liabilities | (56,823) | 110,672 | 77,850 |
| Net cash provided by operating activities | 1,504,524 | 1,630,550 | 1,294,321 |
| Investing Activities | |||
| Proceeds from sales of real estate | 1,220,206 | 1,195,743 | 994,331 |
| Additions to real estate | (2,422,625) | (3,418,296) | (3,307,313) |
| Purchases of real estate | (248,699) | (265,750) | (2,877,861) |
| Change in escrow deposits | 3,864 | (5,582) | 155,968 |
| Investments in unconsolidated real estate joint ventures | (3,927) | (658) | (1,442) |
| Return of capital from unconsolidated real estate joint ventures | 2,916 | — | 471 |
| Additions to non-real estate investments | (236,357) | (189,472) | (242,932) |
| Sales of and distributions from non-real estate investments | 173,927 | 183,396 | 198,320 |
| Net cash used in investing activities | $(1,510,695) | $(2,500,619) | $(5,080,458) |
| 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, | |||
| 2024 | 2023 | 2022 | |
| Financing Activities | |||
| Borrowings under secured notes payable | $29,919 | $59,957 | $49,715 |
| Repayments of borrowings under secured notes payable | (32) | (30) | (934) |
| Payment for the defeasance of secured note payable | — | — | (198,304) |
| Proceeds from issuances of unsecured senior notes payable | 998,806 | 996,205 | 1,793,318 |
| Borrowings under unsecured senior line of credit | — | 1,245,000 | 1,181,000 |
| Repayments of borrowings under unsecured senior line of credit | — | (1,245,000) | (1,181,000) |
| Proceeds from issuances under commercial paper program | 13,010,600 | 9,234,000 | 14,641,500 |
| Repayments of borrowings under commercial paper program | (13,110,600) | (9,134,000) | (14,911,500) |
| Payments of loan fees | (35,871) | (16,047) | (35,612) |
| Taxes paid related to net settlement of equity awards | (62,413) | (24,592) | (47,289) |
| Proceeds from issuance of common stock | 27,103 | 103,846 | 2,346,444 |
| Repurchase of common stock | (50,107) | — | — |
| Dividends on common stock | (898,557) | (847,483) | (757,742) |
| Contributions from and sales of noncontrolling interests | 306,473 | 547,391 | 1,542,347 |
| Distributions to and purchases of noncontrolling interests | (308,636) | (245,091) | (192,171) |
| Net cash (used in) provided by financing activities | (93,315) | 674,156 | 4,229,772 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (1,438) | (1,291) | (887) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (100,924) | (197,204) | 442,748 |
| Cash, cash equivalents, and restricted cash as of the beginning of period | 660,771 | 857,975 | 415,227 |
| Cash, cash equivalents, and restricted cash as of the end of period | $559,847 | $660,771 | $857,975 |
| Supplemental Disclosure and Non-Cash Investing and Financing Activities: | |||
| Cash paid during the period for interest, net of interest capitalized | $160,082 | $46,583 | $63,193 |
| Accrued construction for current-period additions to real estate | $465,611 | $629,351 | $561,538 |
| Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner | $106,941 | $33,250 | $19,146 |
| Transfer of real estate assets and/or equipment from tenants | $129,154 | $31,310 | $— |
| Reallocation of additional paid-in-capital to consolidated joint venture partner’s non-controlling interest | $30,185 | $— | $— |
| Notes receivable issued in connection with sales of real estate | $104,166 | $— | $— |
| Initial recognition of right-of-use asset and lease liability | $265,203 | $— | $21,776 |
| Payable for purchase of noncontrolling interest | $— | $(35,250) | $— |
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