ALEXANDRIA REAL ESTATE EQUITIES, INC. ARE Cash Flow

Alexandria real estate equities, inc. (ARE)

CashFlow / TTM

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)
297,907	404,047	169,363	424,725	398,093	402,793	467,031	307,218	288,167	194,204	168,389	137,402	-12,210	-49,799	-26,614	-15,474	131,072	146,114	97,107	93,351	91,037	106,778	157,030	153,540	150,761	140,249	124,834	110,686	102,990	105,528	112,183	126,873	135,543	135,393	191,931	189,397	142,862	139,022	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
586,021	544,612	529,084	513,114	497,529	477,661	460,385	448,573	433,819	416,783	404,291	373,636	339,707	313,390	290,413	281,233	273,235	261,289	247,017	237,452	232,595	224,096	214,224	204,938	194,204	190,778	190,749	189,820	195,595	192,005	184,899	176,716	164,724	158,026	151,611	143,630	133,609	126,640	0	0	0
Impairment of real estate
14,337	12,334	0	0	0	-	-	-	-	-	-	-	-	209,261	201,977	193,863	37,720	23,250	66,185	66,185	66,185	51,675	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on early extinguishment of debt
-40,209	-47,570	-47,570	-8,483	-8,483	-1,122	-3,903	-2,781	-2,781	-3,451	-670	-3,900	-3,900	-3,230	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-2,225	-2,225	-4,967	-4,613	-6,485	0	0	0	-	-	-	-
Gain on sale of real estate - rental properties
-	-	-	-	-	-	-	-	-	270	3,985	3,985	3,985	3,715	0	0	0	-	-	-	-	-	-	-	-	-121	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of real estate - land parcels
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,864	0	0	0	-	-	-	-	-	-	-	0
Income (Loss) from Equity Method Investments
5,874	10,136	6,388	44,155	43,983	43,981	43,328	16,710	16,209	15,426	15,136	1,309	574	-184	-444	-7	680	1,651	2,379	1,669	1,128	554	0	0	0	-	-	-	-	0	0	0	0	-	-	-	-	48	0	0	0
Distributions of earnings from unconsolidated real estate joint ventures
2,428	2,796	2,607	1,822	1,144	430	1,799	1,656	1,637	1,618	369	474	433	406	419	406	480	873	1,289	1,197	1,040	549	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of loan fees
9,119	9,105	9,265	9,748	9,961	10,271	10,441	10,547	10,797	11,149	11,658	11,898	12,007	11,872	11,447	10,992	10,929	11,003	11,167	11,328	11,182	10,909	10,726	10,427	10,111	9,936	9,805	9,788	9,575	9,832	9,878	9,552	9,665	9,300	8,748	8,399	8,098	7,892	0	0	0
Amortization of debt discounts (premiums)
-3,864	-3,777	-3,481	-2,808	-2,632	-2,406	-2,434	-2,472	-2,491	-2,512	-2,256	-1,609	-1,010	-500	-207	-302	-376	-372	-265	-201	-170	117	246	428	619	529	493	459	447	511	966	1,604	2,663	3,819	5,286	6,628	8,308	9,999	0	0	0
Amortization of acquired below-market leases
-38,629	-29,813	-26,326	-25,772	-22,916	-21,938	-20,735	-20,060	-19,866	-19,055	-17,726	-14,146	-10,108	-5,723	-3,902	-6,119	-6,159	-6,118	-5,775	-3,350	-2,962	-2,845	-3,017	-3,090	-4,962	-3,316	-8,046	-6,438	-3,170	-3,200	3,168	3,330	5,278	9,332	10,884	11,871	10,475	7,868	0	0	0
Deferred rent
97,867	104,235	97,758	90,434	88,217	93,883	109,241	110,036	104,682	107,643	95,356	90,602	75,127	51,673	43,741	38,858	49,720	47,483	43,636	43,300	42,745	44,726	43,439	38,117	33,619	27,935	29,247	28,902	25,858	28,456	28,774	31,196	28,886	26,797	26,331	24,984	25,404	22,832	0	0	0
Stock compensation expense
42,540	43,640	43,211	42,262	38,800	35,019	32,170	30,077	27,606	25,610	25,075	24,633	25,246	25,433	23,597	21,324	19,261	17,512	17,546	15,436	14,458	13,996	13,383	14,044	15,431	15,552	15,289	15,405	14,216	14,160	13,718	13,217	12,692	11,755	11,216	10,532	10,441	10,816	0	0	0
Distribution from unconsolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,250	0	0	0	-	-	-	-	-	-	-	-
Investment income
89,270	194,647	-41,551	143,728	134,758	136,763	219,616	98,458	85,403	1,329	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment gains
-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,388	41,931	34,989	35,035	24,500	19,098	13,510	11,613	11,815	10,609	10,644	7,050	7,418	6,558	13,465	15,018	13,607	13,393	5,191	4,846	4,594	4,119	3,428	2,302	0	0	0
Investment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,606	15,037	15,650	16,093	11,719	11,924	9,818	9,287	9,676	6,191	2,788	1,480	1,559	2,077	3,022	2,637	2,162	1,116	405	1,795	1,388	2,050	1,687	303	0	0	0
Changes in operating assets and liabilities:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	242	-182	-782	-60	-4,165	-4,251	-4,090	-4,141	344	-507	607	-899	-541	-741	-383	261	513	1,185	-360	465	90	166	463	-1,679	0	0	0
Tenant receivables
5,938	897	-356	544	-1,590	-435	1,085	304	1,255	502	1,352	208	1,041	285	-470	-41	-630	-7	-646	-1,305	85	673	2,187	3,101	1,391	1,519	-1,385	1,500	562	981	3,668	1,998	2,100	2,359	1,853	1,390	3,984	1,301	0	0	0
Deferred leasing costs
52,261	54,455	48,641	50,854	54,548	57,088	65,535	65,533	60,386	62,639	53,577	48,226	44,262	35,273	39,311	54,770	65,367	65,415	60,097	45,333	37,841	38,282	43,545	49,168	50,640	54,825	58,692	54,417	49,845	45,099	28,242	29,593	48,876	56,226	0	0	0	-	-	-	-
Other assets
23,034	20,825	4,206	5,234	15,254	20,849	29,189	28,623	28,514	18,222	7,269	10,143	12,882	11,420	10,171	10,089	8,357	9,079	8,959	6,471	-6,602	7,466	7,098	18,324	16,311	6,298	12,267	-11,372	8,960	4,069	16,854	40,229	26,057	22,359	-16,901	-13,810	-14,200	1,839	0	0	0
Accounts payable, accrued expenses, and tenant security deposits
63,044	39,012	14,314	-7,483	-12,751	21,909	16,851	20,410	26,066	25,573	29,778	43,812	14,246	5,322	18,540	20,203	25,678	43,800	21,629	24,957	37,057	26,652	41,967	48,828	84,396	56,958	75,756	48,687	64,979	65,697	56,876	68,030	38,790	41,823	29,992	-618	-1,540	8,720	0	0	0
Net cash provided by operating activities
738,394	683,857	661,817	620,438	578,148	570,339	507,728	485,377	472,159	450,882	458,878	445,125	399,349	393,487	388,051	363,319	337,552	342,611	325,612	341,234	367,907	334,325	331,475	313,077	338,745	312,727	314,419	306,147	303,089	305,533	294,478	280,259	252,177	246,960	244,526	211,270	220,194	227,006	0	0	0
Investing Activities
Proceeds from sales of real estate
-	-	-	-	-	-	-	-	-	15,432	100,012	109,704	125,908	123,081	64,676	54,249	62,183	129,799	145,657	156,167	149,196	81,580	80,531	70,021	73,765	153,968	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated real estate entity related to sale of land parcel
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-154	0	0	0
Additions to real estate
1,356,991	1,224,541	1,178,202	1,073,265	961,813	927,168	896,496	888,533	881,616	893,685	843,999	895,006	880,662	821,690	840,559	700,965	619,075	564,206	514,914	513,283	490,818	497,773	488,323	505,254	565,731	593,389	593,104	588,477	567,690	549,030	542,416	527,756	476,336	430,038	390,170	366,451	401,895	423,930	0	0	0
Payments to Acquire Real Estate
2,323,829	2,259,778	1,379,486	1,063,512	1,152,382	1,037,180	1,031,713	883,739	761,097	675,584	1,312,454	1,220,221	957,321	739,678	18,108	111,440	154,995	248,933	279,035	167,595	179,487	127,887	195,317	219,854	164,407	122,069	24,537	0	22,225	42,171	39,362	39,362	317,518	305,030	0	0	0	-	-	-	-
Deposits for investing activities
13,773	18,107	2,601	16,500	-6,286	2,000	4,500	-2,750	13,286	2,300	-59,248	-75	-2,750	450	53,792	-9,925	-22,499	5,501	9,697	25,783	38,282	10,282	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of interest in unconsolidated joint venture
-	-	-	-	-	35,922	96,213	96,213	96,213	60,291	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash related to construction projects
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,665	-8,638	-22,194	-7,532	-7,655	-7,787	6,734	7,994	9,377	10,745	13,711	3,842	2,183	-255	-5,468	-9,389	-18,178	0	0	0
Investments in unconsolidated real estate joint ventures
52,039	102,081	138,462	167,472	146,317	116,008	95,129	62,199	40,201	17,876	4,853	5,746	11,080	11,529	7,972	11,791	6,937	9,027	11,212	72,535	72,550	70,758	71,631	14,503	16,660	17,987	15,539	6,671	4,860	6,700	7,042	8,136	8,413	5,256	3,973	3,504	3,009	3,016	0	0	0
Return of capital from unconsolidated real estate joint ventures
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer of cash to unconsolidated real estate entity upon deconsolidation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	154	0	0	0
Additions to investments
172,846	190,778	195,614	222,070	234,648	235,943	217,886	209,464	178,194	171,881	162,090	131,110	124,173	102,284	96,364	95,573	102,912	95,945	92,711	87,610	63,443	60,230	48,727	46,603	37,620	36,078	37,132	34,783	41,219	36,294	30,333	31,622	26,923	27,999	22,621	19,599	17,120	14,807	0	0	0
Sales of non-real estate investments
152,042	147,332	131,442	108,939	102,037	103,679	68,917	62,613	52,618	30,483	22,547	29,980	33,740	38,946	62,841	66,205	75,704	67,136	44,680	32,653	17,320	18,973	17,658	15,775	18,551	16,525	19,888	19,028	24,230	27,043	22,258	25,827	19,139	16,849	15,683	10,636	6,138	4,714	0	0	0
Proceeds from repayment of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,282	4,281	4,279	34,097	29,883	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-3,740,579	-3,641,320	-2,748,481	-2,345,098	-2,298,055	-2,161,760	-2,187,511	-2,024,305	-1,866,808	-1,737,126	-2,096,869	-2,106,162	-1,795,640	-1,498,406	-880,206	-780,319	-723,465	-722,395	-717,980	-677,692	-642,162	-634,829	-674,597	-648,080	-684,570	-591,375	-540,822	-481,841	-503,376	-558,100	-546,472	-550,527	-771,565	-733,579	-697,689	-717,533	-450,199	-444,745	0	0	0
Financing Activities
Borrowings from secured notes payable
-	-	-	-	-	17,784	25,917	44,783	86,146	153,405	221,342	260,344	299,879	291,400	337,709	275,609	205,091	169,754	64,964	91,320	104,770	126,215	110,796	80,137	62,304	28,489	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings from secured notes payable
6,335	306,199	306,188	456,604	457,042	156,888	548,513	397,725	396,600	396,240	79,689	79,412	253,075	310,903	311,694	312,908	140,538	89,815	14,359	21,699	28,141	231,051	231,008	224,210	244,314	36,219	52,362	53,278	26,428	26,367	44,793	55,077	66,546	66,849	96,251	107,589	119,215	129,938	0	0	0
Proceeds from issuance of unsecured senior notes payable
2,566,491	2,721,169	2,721,169	854,209	1,753,530	899,321	1,498,199	1,498,199	598,878	1,023,262	424,384	424,384	772,988	348,604	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	544,650	0	0	0	-	-	-	-	-	-	-	-
Borrowings from unsecured senior line of credit
4,434,000	5,056,000	4,915,000	4,386,000	5,111,000	4,741,000	5,118,000	4,258,000	3,754,000	3,858,000	4,402,000	4,700,000	4,701,000	4,117,000	3,062,000	2,716,000	2,533,000	2,145,000	1,710,000	1,446,000	975,000	1,168,000	1,300,000	1,061,000	910,000	729,000	543,000	623,000	778,147	847,147	38,830	226,830	1,194,000	1,406,000	3,299,317	2,834,317	1,394,000	854,000	0	0	0
Repayments of borrowings from unsecured senior line of credit
4,213,000	4,880,000	4,985,000	3,872,000	5,601,000	4,583,000	5,019,000	4,558,000	3,264,000	3,836,000	4,504,000	4,472,000	5,000,000	4,240,000	3,489,000	3,268,000	2,655,000	2,298,000	1,009,000	1,393,000	1,060,000	1,068,000	1,172,000	490,000	958,000	1,091,000	942,000	1,002,000	391,147	651,147	1,189,830	672,830	1,956,000	1,784,000	1,379,317	2,161,317	846,000	582,000	0	0	0
Proceeds from Issuance of Commercial Paper
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings from commercial paper program
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of unsecured senior bank term loan
-	-	-	-	-	-	-	-	-	200,000	200,000	400,000	400,000	200,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	250,000	0	0	0	-	-	-	-	-	-	-	-
Proceeds from issuance of Series E Cumulative Redeemable Preferred Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	124,868	0	0	0	-	-	-	-	-	-	-	-
Change in restricted cash related to financings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,321	15,944	13,527	3,842	-6,521	-4,141	-3,837	-1,409	1,998	-12,876	-5,051	2,546	3,971	16,920	17,183	-7,428	-5,756	-5,227	-6,456	7,311	8,894	11,019	-1,255	-1,853	0	0	0
Payments of loan fees
19,911	27,182	34,080	27,085	34,517	19,292	24,742	13,678	5,684	10,019	4,525	13,098	20,639	16,681	22,901	14,952	10,398	10,584	4,292	11,348	8,654	8,099	11,670	18,781	19,890	19,928	4,171	-1,057	7,971	13,225	32,349	24,929	17,366	27,316	25,044	18,703	20,377	5,273	0	0	0
Taxes paid related to net settlement of equity awards
26,641	25,477	25,150	4,086	89	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of Series D preferred stock
0	9,240	23,216	23,216	23,216	13,976	0	0	0	17,934	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of unsecured senior convertible notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	84,801	84,801	207,650	206,650	221,439	0	0	0	-	-	-	-
Redemption of 6.45% Series E redeemable preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	25,618	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
1,720,783	1,216,445	832,256	978,488	1,193,932	1,293,301	1,266,538	1,215,997	1,157,007	1,275,397	1,769,766	1,523,982	1,624,658	1,432,177	441,213	441,213	103,741	78,463	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	155	1,107	1,107	1,433	2,117	1,369	2,199	-1,521	2,877	0	0	0
Dividends on common stock
463,965	447,029	432,458	416,506	398,914	380,632	362,949	345,875	329,486	312,131	292,195	274,054	257,562	240,347	233,790	227,090	221,299	218,104	214,126	210,122	206,967	202,386	199,249	194,011	182,103	169,076	154,122	139,639	131,799	126,498	121,845	117,784	112,352	106,889	97,158	86,764	77,316	67,874	0	0	0
Dividends on preferred stock
3,015	4,141	4,440	4,735	5,031	5,207	5,207	5,208	7,304	9,619	13,244	17,343	19,784	22,414	23,733	24,579	24,986	24,986	25,211	25,435	25,661	25,885	25,885	25,886	25,885	25,885	25,885	26,583	27,201	27,819	28,437	28,357	28,357	28,357	28,357	28,356	28,357	28,357	0	0	0
Financing costs paid for sales of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-10,044	-8,093	-8,093	-6,420	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to redeemable noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,249	1,267	1,271	1,263	1,263	1,253	1,265	1,298	1,331	0	0	0
Contributions from and sales of noncontrolling interests
584,797	1,022,712	1,028,312	454,962	462,367	28,275	50,891	50,990	44,622	44,931	162,743	198,972	228,375	221,487	522,031	484,430	453,410	453,750	340	340	340	19,410	0	0	0	-	-	-	-	1,875	0	0	0	-	-	-	-	-	-	-	-
Proceeds from Contributions from Affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to and redemption of noncontrolling interests
55,502	48,225	45,225	37,002	34,742	32,253	30,839	31,411	24,259	22,361	24,505	22,471	73,073	69,678	63,698	60,174	56,147	64,066	64,463	64,884	13,835	4,977	4,390	4,347	3,564	3,003	2,243	954	971	913	1,393	1,837	2,326	2,707	2,806	2,914	2,895	2,895	0	0	0
Net cash provided by financing activities
3,176,351	2,927,482	2,306,303	1,641,165	1,777,920	1,588,433	1,768,295	1,716,072	1,482,970	1,420,341	1,595,907	1,520,971	1,391,685	1,093,775	575,208	605,566	442,235	419,126	402,970	346,577	292,509	331,312	360,693	93,899	335,553	197,570	185,513	401,817	212,000	314,860	278,031	292,374	520,807	479,156	414,952	493,605	237,732	237,912	0	0	0
Effect of foreign exchange rate changes on cash and cash equivalents
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of foreign exchange rate changes on cash and cash equivalents
-	-	-	-	-	-	-	-182	1,132	1,723	1,559	73	-934	-1,460	-1,508	-1,183	-766	-255	-1,242	-3,203	-2,583	-2,493	-4,387	600	-1,759	-2,197	-175	-4,855	-2,073	139	-4,189	-2,094	-2,254	-5,230	0	0	0	-	-	-	-
Net increase (decrease) in cash, cash equivalents, and restricted cash
172,566	-29,441	219,090	-83,616	56,823	-5,056	87,605	176,962	89,453	135,820	-40,525	-139,993	-5,540	-12,604	81,545	187,383	55,556	39,087	9,360	6,916	15,671	28,315	13,184	-240,504	-12,031	-83,275	-41,065	221,268	9,640	62,432	21,848	20,012	-835	-12,693	-37,755	-12,329	7,216	20,604	0	0	0
Supplemental Disclosures and Non-Cash Investing and Financing Activities:
Cash paid during the period for interest, net of interest capitalized
162,065	146,165	152,619	129,546	141,200	127,093	125,519	127,188	117,526	112,113	112,319	101,061	100,919	84,907	88,479	87,180	92,410	93,856	88,380	70,376	67,387	57,966	59,359	62,520	55,986	59,857	56,357	59,127	50,549	52,561	0	0	0	-	-	-	-	-	-	-	-
Supplemental Disclosure and Non-Cash Investing and Financing Activities:
Note receivable issued in connection with sale of real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	38,820	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Change in accrued construction
221,685	220,773	67,433	79,526	195,114	81,177	253,168	197,677	121,420	-11,034	15,058	-8,161	45,958	76,848	20,258	77,270	11,878	-10,070	58,776	2,969	31,067	29,846	0	0	0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-
Assumption of secured notes payable in connection with purchase of properties
0	28,200	28,200	28,200	28,200	0	0	0	0	-	-	-	-	-	-	-	-	82,000	82,000	82,000	-82,000	48,329	48,329	48,329	48,329	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use asset
62,236	269,189	267,559	239,653	239,653	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease liability
62,237	275,175	273,545	245,638	245,638	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contribution of assets from real estate joint ventures
-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of noncontrolling interest to joint venture partner
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payable for redemption of preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payable for purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,092	51,887	52,672	-113,967	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-