ALEXANDRIA REAL ESTATE EQUITIES, INC. ARE Cash Flow

Alexandria real estate equities, inc. (ARE)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating Activities
Net income (loss)
30,678	216,053	-36,003	87,179	136,818	-18,631	219,359	60,547	141,518	45,607	59,546	41,496	47,555	19,792	28,559	-108,116	9,966	42,977	39,699	38,430	25,008	-6,030	35,943	36,116	40,749	44,222	32,453	33,337	30,237	28,807	18,305	25,641	32,775	35,462	32,995	34,311	32,625	92,000	30,461	-12,224	28,785
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
175,496	140,518	135,570	134,437	134,087	124,990	119,600	118,852	114,219	107,714	107,788	104,098	97,183	95,222	77,133	70,169	70,866	72,245	67,953	62,171	58,920	57,973	58,388	57,314	50,421	48,101	49,102	46,580	46,995	48,072	48,173	52,355	43,405	40,966	39,990	40,363	36,707	34,551	32,009	30,342	29,738
Impairment of real estate
2,003	12,334	0	0	0	-	-	-	-	-	-	-	-	16,024	8,114	156,143	28,980	8,740	0	0	14,510	51,675	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt
0	0	-40,209	0	-7,361	0	-1,122	0	0	-2,781	0	0	-670	0	-3,230	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-1,602	-623	0	-2,742	-1,248	-2,495	-	-	-	-
Gain on sale of real estate - rental properties
-	-	-	-	-	-	-	-	-	0	0	0	270	3,715	0	0	0	-	-	-	-	-	-	-	-	0	0	219	-340	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of real estate - land parcels
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,864	-	-	-	-	-	-	-	24
Income (Loss) from Equity Method Investments
-3,116	4,777	2,951	1,262	1,146	1,029	40,718	1,090	1,144	376	14,100	589	361	86	273	-146	-397	-174	710	541	574	554	0	0	0	-	-	-	-	26	0	0	-26	-	-	-	-	0	0	0	48
Distributions of earnings from unconsolidated real estate joint ventures
490	189	928	821	858	0	143	143	144	1,369	0	124	125	120	105	83	98	133	92	157	491	549	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of loan fees
2,247	2,241	2,251	2,380	2,233	2,401	2,734	2,593	2,543	2,571	2,840	2,843	2,895	3,080	3,080	2,952	2,760	2,655	2,625	2,889	2,834	2,819	2,786	2,743	2,561	2,636	2,487	2,427	2,386	2,505	2,470	2,214	2,643	2,551	2,144	2,327	2,278	1,999	1,795	2,026	2,072
Amortization of debt discounts (premiums)
-888	-907	-1,287	-782	-801	-611	-614	-606	-575	-639	-652	-625	-596	-383	-5	-26	-86	-90	-100	-100	-82	17	-36	-69	205	146	146	122	115	110	112	110	179	565	750	1,169	1,335	2,032	2,092	2,849	3,026
Amortization of acquired below-market leases
-15,964	-8,837	-5,774	-8,054	-7,148	-5,350	-5,220	-5,198	-6,170	-4,147	-4,545	-5,004	-5,359	-2,818	-965	-966	-974	-997	-3,182	-1,006	-933	-654	-757	-618	-816	-826	-830	-2,490	830	-5,556	778	778	800	812	940	2,726	4,854	2,364	1,927	1,330	2,247
Deferred rent
20,597	24,400	27,394	25,476	26,965	17,923	20,070	23,259	32,631	33,281	20,865	17,905	35,592	20,994	16,111	2,430	12,138	13,062	11,228	13,292	9,901	9,215	10,892	12,737	11,882	7,928	5,570	8,239	6,198	9,240	5,225	5,195	8,796	9,558	7,647	2,885	6,707	9,092	6,300	3,305	4,135
Stock compensation expense
9,929	10,239	10,935	11,437	11,029	9,810	9,986	7,975	7,248	6,961	7,893	5,504	5,252	6,426	7,451	6,117	5,439	4,590	5,178	4,054	3,690	4,624	3,068	3,076	3,228	4,011	3,729	4,463	3,349	3,748	3,845	3,274	3,293	3,306	3,344	2,749	2,356	2,767	2,660	2,658	2,731
Distribution from unconsolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	22,250	-	-	-	-	-	-	-	-
Investment income
-21,821	152,667	-63,076	21,500	83,556	-83,531	122,203	12,530	85,561	-678	1,045	-525	1,487	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment gains
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,115	14,715	5,891	12,667	8,658	7,773	5,937	2,132	3,256	2,185	4,040	2,334	2,050	2,220	446	2,702	1,190	9,127	1,999	1,291	976	925	1,654	1,039	501	234	528
Investment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,849	5,039	1,782	4,936	3,280	5,652	2,225	562	3,485	3,546	1,694	951	0	143	386	1,030	518	1,088	1	555	-528	377	1,391	148	134	14	7
Changes in operating assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	510	439	-671	-36	86	-161	51	-4,141	0	0	0	344	-851	1,114	-1,506	702	-1,051	1,472	-862	954	-379	-73	-37	579	-303	224	-2,179
Tenant receivables
4,874	11	1,459	-406	-167	-1,242	2,359	-2,540	988	278	1,578	-1,589	235	1,128	434	-756	-521	373	863	-1,345	102	-266	204	45	690	1,248	1,118	-1,665	818	-1,656	4,003	-2,603	1,237	1,031	2,333	-2,501	1,496	525	1,870	93	-1,187
Deferred leasing costs
9,085	20,081	10,903	12,192	11,279	14,267	13,116	15,886	13,819	22,714	13,114	10,739	16,072	13,652	7,763	6,775	7,083	17,690	23,222	17,372	7,131	12,372	8,458	9,880	7,572	17,635	14,081	11,352	11,757	21,502	9,806	6,780	7,011	4,645	11,157	26,063	14,361	-	-	-	-
Other assets
10,893	15,839	5,546	-9,244	8,684	-780	6,574	776	14,279	7,560	6,008	667	3,987	-3,393	8,882	3,406	2,525	-4,642	8,800	1,674	3,247	-4,762	6,312	-11,399	17,315	-5,130	17,538	-13,412	7,302	839	-6,101	6,920	2,411	13,624	17,274	-7,252	-1,287	-25,636	20,365	-7,642	14,752
Accounts payable, accrued expenses, and tenant security deposits
7,788	24,710	35,574	-5,028	-16,244	12	13,777	-10,296	18,416	-5,046	17,336	-4,640	17,923	-841	31,370	-34,206	8,999	12,377	33,033	-28,731	27,121	-9,794	36,361	-16,631	16,716	5,521	43,222	18,937	-10,722	24,319	16,153	35,229	-10,004	15,498	27,307	5,989	-6,971	3,667	-3,303	5,067	3,289
Net cash provided by operating activities
191,267	178,291	197,226	171,610	136,730	156,251	155,847	129,320	128,921	93,640	133,496	116,102	107,644	101,636	119,743	70,326	101,782	96,200	95,011	44,559	106,841	79,201	110,633	71,232	73,259	76,351	92,235	96,900	47,241	78,043	83,963	93,842	49,685	66,988	69,744	65,760	44,468	64,554	36,488	74,684	51,280
Investing Activities
Proceeds from sales of real estate
-	-	-	-	-	-	-	-	-	11,169	735	701	2,827	95,749	10,427	16,905	0	37,344	0	24,839	67,616	53,202	10,510	17,868	0	52,153	0	21,612	80,203	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated real estate entity related to sale of land parcel
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-10,668	0	0	10,514
Additions to real estate
373,499	309,819	337,400	336,273	241,049	263,480	232,463	224,821	206,404	232,808	224,500	217,904	218,473	183,122	275,507	203,560	159,501	201,991	135,913	121,670	104,632	152,699	134,282	99,205	111,587	143,249	151,213	159,682	139,245	142,964	146,586	138,895	120,585	136,350	131,926	87,475	74,287	96,482	108,207	122,919	96,322
Payments to Acquire Real Estate
482,409	970,459	574,289	296,672	418,358	90,167	258,315	385,542	303,156	84,700	110,341	262,900	217,643	721,570	18,108	0	0	0	111,440	43,555	93,938	30,102	0	55,447	42,338	97,532	24,537	0	0	0	0	22,225	19,946	-2,809	0	300,381	7,458	-	-	-	-
Deposits for investing activities
-4,834	20,006	-10,899	9,500	-500	4,500	3,000	-13,286	7,786	7,000	-4,250	2,750	-3,200	-54,548	54,923	75	0	-1,206	-8,794	-12,499	28,000	2,990	7,292	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of interest in unconsolidated joint venture
-	-	-	-	-	0	0	0	35,922	60,291	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash related to construction projects
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,029	-1,044	-5,790	140	-1,944	-14,600	8,872	17	-2,076	-79	10,132	1,400	-708	2,887	263	-259	-3,146	-2,326	-3,658	-9,048
Investments in unconsolidated real estate joint ventures
2,592	2,126	4,005	43,316	52,634	38,507	33,015	22,161	22,325	17,628	85	163	0	4,605	978	5,497	449	1,048	4,797	643	2,539	3,233	66,120	658	747	4,106	8,992	2,815	2,074	1,658	124	1,004	3,914	2,000	1,218	1,281	757	717	749	786	764
Return of capital from unconsolidated real estate joint ventures
20,224	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer of cash to unconsolidated real estate entity upon deconsolidation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	154
Additions to investments
31,060	56,912	28,964	55,910	48,992	61,748	55,420	68,488	50,287	43,691	46,998	37,218	43,974	33,900	16,018	30,281	22,085	27,980	15,227	37,620	15,118	24,746	10,126	13,453	11,905	13,243	8,002	4,470	10,363	14,297	5,653	10,906	5,438	8,336	6,942	6,207	6,514	2,958	3,920	3,728	4,201
Sales of non-real estate investments
30,910	62,239	35,126	23,767	26,200	46,349	12,623	16,865	27,842	11,587	6,319	6,870	5,707	3,651	13,752	10,630	10,913	27,546	17,116	20,129	2,345	5,090	5,089	4,796	3,998	3,775	3,206	7,572	1,972	7,138	2,346	12,774	4,785	2,353	5,915	6,086	2,495	1,187	868	1,588	1,071
Proceeds from repayment of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18	17	33	4,214	17	15	29,851	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-833,592	-1,290,450	-898,633	-717,904	-734,333	-397,611	-495,250	-670,861	-598,038	-423,362	-332,044	-513,364	-468,356	-783,105	-341,337	-202,842	-171,122	-164,905	-241,450	-145,988	-170,052	-160,490	-201,162	-110,458	-162,719	-200,258	-174,645	-146,948	-69,524	-149,705	-115,664	-168,483	-124,248	-138,077	-119,719	-389,521	-86,262	-102,187	-139,563	-122,187	-80,808
Financing Activities
Borrowings from secured notes payable
-	-	-	-	-	0	8,740	2,902	6,142	8,133	27,606	44,265	73,401	76,070	66,608	83,800	64,922	122,379	4,508	13,282	29,585	17,589	30,864	26,732	51,030	2,170	205	8,899	17,215	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings from secured notes payable
1,479	1,744	1,577	1,535	301,343	1,733	151,993	1,973	1,189	393,358	1,205	848	829	76,807	928	174,511	58,657	77,598	2,142	2,141	7,934	2,142	9,482	8,583	210,844	2,099	2,684	28,687	2,749	18,242	3,600	1,837	2,688	36,668	13,884	13,306	2,991	66,070	25,222	24,932	13,714
Proceeds from issuance of unsecured senior notes payable
699,531	0	1,866,960	0	854,209	0	0	899,321	0	598,878	0	0	424,384	0	0	348,604	0	-	-	-	-	-	-	-	-	-	-	-	-	-4,883	4,884	0	544,649	-	-	-	-	-	-	-	-
Borrowings from unsecured senior line of credit
783,000	988,000	1,954,000	709,000	1,405,000	847,000	1,425,000	1,434,000	1,035,000	1,224,000	565,000	930,000	1,139,000	1,768,000	863,000	931,000	555,000	713,000	517,000	748,000	167,000	278,000	253,000	277,000	360,000	410,000	14,000	126,000	179,000	224,000	94,000	281,147	248,000	-584,317	282,000	1,248,317	460,000	1,309,000	-183,000	-192,000	-80,000
Repayments of borrowings from unsecured senior line of credit
946,000	947,000	2,125,000	195,000	1,613,000	1,052,000	1,012,000	1,924,000	595,000	1,488,000	551,000	630,000	1,167,000	2,156,000	519,000	1,158,000	407,000	1,405,000	298,000	545,000	50,000	116,000	682,000	212,000	58,000	220,000	0	680,000	191,000	71,000	60,000	69,147	451,000	609,683	-457,000	1,352,317	279,000	205,000	325,000	37,000	15,000
Proceeds from Issuance of Commercial Paper
2,158,900	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings from commercial paper program
2,158,900	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of unsecured senior bank term loan
-	-	-	-	-	-	-	-	-	0	0	0	200,000	0	200,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	250,000	-	-	-	-	-	-	-	-
Proceeds from issuance of Series E Cumulative Redeemable Preferred Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	124,868	-	-	-	-	-	-	-	-
Change in restricted cash related to financings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,840	2,266	8,316	8,579	-3,217	-151	-1,369	-1,784	-837	153	1,059	1,623	-15,711	7,978	8,656	3,048	-2,762	8,241	-15,955	4,720	-2,233	7,012	-2,188	6,303	-108	-5,262	-2,786
Payments of loan fees
7,954	-6,672	18,058	571	15,225	226	11,063	8,003	0	5,676	-1	9	4,335	182	8,572	7,550	377	6,402	623	2,996	563	110	7,679	302	8	3,681	14,790	1,411	46	-12,076	9,562	10,439	5,300	7,048	2,142	2,876	15,250	4,776	-4,199	4,550	146
Taxes paid related to net settlement of equity awards
1,253	327	21,064	3,997	89	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of Series D preferred stock
0	0	0	0	9,240	13,976	0	0	0	0	0	0	17,934	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of unsecured senior convertible notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,000	83,801	0	122,849	0	98,590	-	-	-	-
Redemption of 6.45% Series E redeemable preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-25,618	25,618	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
504,338	980,958	150,093	85,394	0	596,769	296,325	300,838	99,369	570,006	245,784	241,848	217,759	1,064,375	0	342,524	25,278	73,411	0	5,052	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	43	112	952	0	369	796	204	830	-3,351	5,194
Dividends on common stock
126,278	114,571	113,544	109,572	109,342	100,000	97,592	91,980	91,060	82,317	80,518	75,591	73,705	62,381	62,377	59,099	56,490	55,824	55,677	53,308	53,295	51,846	51,673	50,153	48,714	48,709	46,435	38,245	35,687	33,755	31,952	30,405	30,386	29,102	27,891	24,973	24,923	19,371	17,497	15,525	15,481
Dividends on preferred stock
0	1,003	1,006	1,006	1,126	1,302	1,301	1,302	1,302	1,302	1,302	3,398	3,617	4,927	5,401	5,839	6,247	6,246	6,247	6,246	6,247	6,471	6,471	6,472	6,471	6,471	6,472	6,471	6,471	6,471	7,170	7,089	7,089	7,089	7,090	7,089	7,089	7,089	7,089	7,090	7,089
Financing costs paid for sales of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-1,951	0	-1,673	-6,420	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to redeemable noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	306	313	315	315	324	317	307	315	314	329	340	348
Contributions from and sales of noncontrolling interests
2,756	6,838	574,623	580	440,671	12,438	1,273	7,985	6,579	35,054	1,372	1,617	6,888	152,866	37,601	31,020	0	453,410	0	0	340	0	0	0	19,410	-	-	-	-	249	501	500	625	-	-	-	-	-	-	-	-
Proceeds from Contributions from Affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to and redemption of noncontrolling interests
16,986	9,343	14,292	14,881	9,709	6,343	6,069	12,621	7,220	4,929	6,641	5,469	5,322	7,073	4,607	56,071	1,927	1,093	1,083	52,044	9,846	1,490	1,504	995	988	903	1,461	212	427	143	172	229	369	623	616	718	750	722	724	699	750
Net cash provided by financing activities
889,675	901,806	916,458	468,412	640,806	280,627	251,320	605,167	451,319	460,489	199,097	372,065	388,690	636,055	124,161	242,779	90,780	117,488	154,519	79,448	67,671	101,332	98,126	25,380	106,474	130,713	-168,668	267,034	-31,509	118,656	47,636	77,217	71,351	81,827	61,979	305,650	29,700	17,623	140,632	49,777	29,880
Effect of foreign exchange rate changes on cash and cash equivalents
-1,668	-	-	-	472	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of foreign exchange rate changes on cash and cash equivalents
-	-	-	-	-	-	-	-767	-406	144	847	547	185	-20	-639	-460	-341	-68	-314	-43	170	-1,055	-2,275	577	260	-2,949	2,712	-1,782	-178	-927	-1,968	1,000	2,034	-5,255	127	840	-942	-	-	-	-
Net increase (decrease) in cash, cash equivalents, and restricted cash
245,682	-210,281	214,745	-77,580	43,675	38,250	-87,961	62,859	-18,204	130,911	1,396	-24,650	28,163	-45,434	-98,072	109,803	21,099	48,715	7,766	-22,024	4,630	18,988	5,322	-13,269	17,274	3,857	-248,366	215,204	-53,970	46,067	13,967	3,576	-1,178	5,483	12,131	-17,271	-13,036	-19,579	37,557	2,274	352
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized
65,500	21,001	53,826	21,738	49,600	27,455	30,753	33,392	35,493	25,881	32,422	23,730	30,080	26,087	21,164	23,588	14,068	29,659	19,865	28,818	15,514	24,183	1,861	25,829	6,093	25,576	5,022	19,295	9,964	22,076	7,792	10,717	11,976	-	-	-	-	-	-	-	-
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Note receivable issued in connection with sale of real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	38,820	-	-	-	-	-	-	-	-	-	-	-	-
Change in accrued construction
134,414	9,082	29,769	48,420	133,502	-144,258	41,862	164,008	19,565	27,733	-13,629	-23,445	-1,693	53,825	-36,848	30,674	29,197	-2,765	20,164	-34,718	7,249	66,081	-35,643	-6,620	6,028	-	-	11,153	37,045	-	-	-5,026	9,396	-	-	-	-	-	-	-	-
Assumption of secured notes payable in connection with purchase of properties
0	0	0	0	28,200	0	0	0	0	-	-	-	-	-	-	-	-	0	0	164,000	-82,000	0	0	0	48,329	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use asset
32,700	1,630	27,906	0	239,653	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease liability
32,700	1,630	27,907	0	245,638	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contribution of assets from real estate joint ventures
-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of noncontrolling interest to joint venture partner
292,930	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payable for redemption of preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	130,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payable for purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-795	-785	166,639	-113,967	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-