ALEXANDRIA REAL ESTATE EQUITIES INC
For the period ended Jun 30, 2024. Filed Jul 22, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 22, 2024
ARE$44.80-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-04-22.
0001035443-24-000158
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-07-22.
0001035443-24-000225
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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153 unchanged; 247 reworded; 318 added; 50 removed; 2 previous and 555 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (318)
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armed hostilities; and
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standards.
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asset value.
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•Investment-grade or publicly traded large cap tenants represented 53% of our annual rental revenue;
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science mega campuses in AAA innovation clusters. Our mega campuses are designed for scalability, offering our tenants a clear path
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for growth, including through our future developments and redevelopments. Strategically located near top academic medical institutions
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and equipped with curated amenities, services, and transit access, our mega campuses are designed to support our tenants in
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attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties. Our strategy also includes
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and strong margins
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•Solid rental rate increases of 7.4% and 3.7% (cash basis) for thethree months ended June 30, 2024 and 26.2% and 15.0%
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(cash basis) for thesix months ended June 30, 2024.
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•Total revenue growth
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•$766.7 million, up 7.4%, for thethree months ended June 30, 2024, compared to$713.9 million for thethree months
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ended June 30, 2023.
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•$1.5 billion, up 8.6%, for thesix months ended June 30, 2024, compared to$1.4 billion for thesix months ended June 30,
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•Net operating income (cash basis) of$1.9 billion for thethree months ended June 30, 2024 annualized, increased by
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$122.7 million, or 6.9%, compared to thethree months ended June 30, 2023 annualized. Refer to “Net operating income, net
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•1.5% and 3.9% (cash basis) for thethree months ended June 30, 2024, compared to thethree months ended June 30,
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•1.1% and 3.7% (cash basis) for thesix months ended June 30, 2024, compared to thesix months ended June 30, 2023.
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June 30, 2024 annualized.
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•Significant liquidity of$5.6 billion.
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construction from July 1, 2024 through 2027.
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•Dividend yield of 4.4% as of June 30, 2024.
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•Dividend payout ratio of 55% for the three months ended June 30, 2024.
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by operating activities after dividends.
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Ongoing execution of Alexandria’s 2024 capital strategy
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sale opportunities.
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losses aggregating$284.2 million and$124.4 million, respectively.
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•Investment loss of$43.7 million for thethree months ended June 30, 2024 presented in our consolidated statement of
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operations consisted of $33.4 million of realized gains, offset by $12.8 million of impairment charges and$64.2 million of
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unrealized losses. Investment loss of$0.4 million for thesix months ended June 30, 2024 presented in our consolidated
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statement of operations consisted of$62.2 million of realized gains, offset by impairment charges of$27.5 million and$35.1
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million of unrealized losses.
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•In July 2024, we executed an agreement with the lender group to amend and restate our unsecured senior line of credit to,
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among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that
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we control. We expect that the amendment and restatement will become effective in September 2024 upon the satisfaction of
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certain conditions.
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•During thethree months ended June 30, 2024, we entered into new forward equity sales agreements aggregating
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$27.8 million to sell 230 thousand shares of common stock under our ATM program at anaverage price of$122.32 (before
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underwriting discounts). We expect to settle these forward equity sales agreements in 2024. As of June 30, 2024 and as of the
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•Strong rental rate increases of 33.0% and 19.0% (cash basis).
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•Total revenues of $769.1 million, up 9.7%, for the three months ended March 31, 2024, compared to $700.8 million for the three months ended March 31, 2023.
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•Significant liquidity of $6.0 billion.
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•Dividend yield of 3.9% as of March 31, 2024.
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•Dividend payout ratio of 54% for the three months ended March 31, 2024.
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•Investment income of $43.3 million for the three months ended March 31, 2024 presented in our consolidated statement of operations consisted of $28.8 million of realized gains, partially offset by impairment charges of $14.7 million, and $29.2 million of unrealized gains.
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•In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes include:
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•$400.0 million of 5.25% unsecured senior notes due 2036; and
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•$600.0 million of 5.625% unsecured senior notes due 2054.
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•In January 2024, our ATM program became inactive upon expiration of the associated shelf registration. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of the date of this report, the full amount remained available for future sales of our common stock.
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•100,624 RSF at 500 North Beacon Street located on The Arsenal on the Charles mega campus in our Cambridge/Inner Suburbs submarket;
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•115,598 RSF at the Alexandria Center® for Advanced Technologies – Monte Villa Parkway in our Bothell submarket; and
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•72,846 RSF at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket.
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Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society
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•In March 2024, Alexandria was named one of Newsweek’s Most Trustworthy Companies in America for the second consecutive year based on three touchpoints of trust: customer trust, investor trust, and employee trust. On the 2024 list, Alexandria holds the top rank among the three S&P 500 REITs recognized in the real estate and housing category.
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•In March 2024, Alexandria’s executive chairman and founder, Joel S. Marcus, was selected to receive the inaugural Bisnow Life Sciences Icon & Influencer Award. This prestigious award highlights Mr. Marcus and the company's significant contributions to and lasting impact on the life science real estate sector and broader life science industry. Mr. Marcus will accept the award on behalf of Alexandria at Bisnow's International Life Sciences & Biotech Conference in September 2024.
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•During three months ended March 31, 2024, Alexandria earned several awards in recognition of operational excellence in asset management, leasing, real estate transactions, and sustainability across our regions:
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•In our Greater Boston market, Alexandria won two 2023 Commercial Broker Association Achievement Awards: Life Science Deal of the Year for our lease with Novo Nordisk at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham mega campus and Investment Sale of the Year – Urban for our strategic sale of partial interest in 15 Necco Street.
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•In our San Francisco Bay Area market, the Alexandria Center® for Life Science – San Carlos mega campus won a TOBY (The Outstanding Building of the Year) Award from BOMA (Building Owners and Managers Association) in the region’s new Life Science category. Alexandria also received a San Francisco Business Times’ 2024 Real Estate Deal of the Year Award for our lease with CARGO Therapeutics, a clinical-stage biotechnology company, at 835 Industrial Road on this mega campus.
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•In our Seattle market, Alexandria was an honoree in the Water Stewardship category of the Puget Sound Business Journal’s 2024 Environmental and Sustainability Awards in recognition of our implementation of an innovative energy district at the Alexandria Center® for Life Science – South Lake Union mega campus featuring one of the largest wastewater heat recovery systems in North America. This wastewater heat recovery system, which will provide an alternative energy source to heat our buildings and enhance building resilience and operating performance, demonstrates our continued focus on reducing greenhouse gas emissions in our laboratory facilities.
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•In our Research Triangle market, we earned the Top Life Sciences/Laboratory Lease in the Triangle Business Journal’s 2024 SPACE Awards for our lease with Pairwise, a health-focused food and agriculture company, at 110 and 112 TW Alexander Drive on the Alexandria Center® for Sustainable Technologies mega campus. The annual SPACE Awards recognize the Research Triangle’s top commercial real estate developments and transactions.
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•In February 2024, Alexandria, in partnership with former congressman Patrick J. Kennedy and The Kennedy Forum, held its second Alexandria Summit® on Mental Health in Washington, DC. Alexandria convened a diverse set of key decision makers, influential life science industry thought leaders, members of Congress, regulatory agency executives, and other key policymakers to advance the development of novel, effective psychiatric therapies to address vast unmet need.
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•During the three months ended December 31, 2023, we retired our 2025 environmental goals, which had previously been set to decrease carbon emissions, energy use, and potable water consumption and to improve waste diversion by 2025 compared to 2015 baselines. We are currently considering establishing new targets for reducing greenhouse gas emissions.
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(1)For the three months ended March 31, 2024.
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9.7 Years
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7.5 Years
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(4)Includes 160,053 RSF, which was an acquired in-place lease, at 311 Arsenal Street in our Cambridge/Inner Suburbs submarket that commenced redevelopment during the three months ended March 31, 2024 with initial occupancy expected in 2027.
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(2)Excludes month-to-month leases aggregating 142,020 RSF as of March 31, 2024.
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(3)Excludes month-to-month leases aggregating 142,020 RSF as of March 31, 2024.
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(5)Represents 159,884 RSF at 4161 Campus Point Court in our University Town Center submarket that is targeted for future development into a 492,570 RSF building at 4165 Campus Point Court, which is 51% leased/negotiating and expected to commence construction in the next two years subject to leasing the project and overall market conditions.
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(7)Includes 966,964 RSF in our Cambridge/Inner Suburbs submarket, with the largest remaining contractual lease expiration aggregating 171,945 RSF at the Alexandria Technology Square®mega campus.
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(1)Represents one committed near-term project expected to commence construction during the next two years after March 31, 2024.
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Our real estate asset acquisitions consisted of the following (dollars in thousands):
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(3)Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in Item 2 for additional details.
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From 1Q24 Deliveries Aggregated $26 Million
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(3)Image represents 9810 Darnestown Road.
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Income from rentals
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Total income from rentals for the three months ended March 31, 2024 increased by $67.6 million, or 9.8%, to $755.6 million, compared to $687.9 million for the three months ended March 31, 2023, as a result of an increase in rental revenues and tenant recoveries, as discussed below.
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Tenant recoveries
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Tenant recoveries for the three months ended March 31, 2024 increased by $4.5 million, or 2.7%, to $174.2 million, compared to $169.6 million for the three months ended March 31, 2023. The increase was primarily due to our Same Properties related to tenant recoveries from higher operating expenses, as described below.
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This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of operations” in our annual report on Form 10-K for the year ended December 31, 2023 and under respective sections in this quarterly report on Form 10-Q. Readers of this quarterly report on Form 10-Q should also read our other documents filed publicly with the SEC for further discussion regarding such factors.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Certain information and statements included in this quarterly report on Form 10-Q, including, without limitation, statements containing the words “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the following:
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Certain information and statements included in this quarterly report on Form 10-Q, including, without limitation, statements
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•Operating factors, such as a failure to operate our business successfully in comparison to market expectations or in comparison to our competitors, our inability to obtain capital when desired or refinance debt maturities when desired, and/or a failure to maintain our status as a REIT for federal tax purposes;
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•Operating factors, such as a failure to operate our business successfully in comparison to market expectations or in
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•Government factors, such as any unfavorable effects resulting from federal, state, local, and/or foreign government policies, laws, and/or funding levels;
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•Government factors, such as any unfavorable effects resulting from federal, state, local, and/or foreign government
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•Global factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional armed hostilities; and
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•Global factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional
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•Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards.
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•Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting
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We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science mega campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
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We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax
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•Approximately 96% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3.0% that were either fixed or indexed based on a consumer price index or other index;
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approximating 3.0% that were either fixed or indexed based on a consumer price index or other index;
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•Approximately 94% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent; and
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•Approximately 94% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay
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•Approximately 93% of our leases (on an annual rental revenue basis) provided for the recapture of capital expenditures (such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would typically be borne by the landlord in traditional office leases.
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•Approximately 93% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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Our primary business objective is to maximize long-term asset value and stockholder returns based on a multifaceted platform of internal and external growth. A key element of our strategy is our unique focus on Class A/A+ properties located in collaborative life science mega campuses in AAA innovation clusters. These key campus locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space. They generally represent highly desirable locations for tenancy by life science entities because of their close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. Our strategy also includes drawing upon our deep and broad real estate and life science relationships in order to identify and attract new and leading tenants and to source additional value-creation real estate.
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Our primary business objective is to maximize long-term asset value and stockholder returns based on a multifaceted platform
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An operationally excellent, industry-leading REIT with a high-quality, diverse client base to support growing revenues, stable cash flows, and strong margins
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An operationally excellent, industry-leading REIT with a high-quality, diverse client base to support growing revenues, stable cash flows,
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Strong leasing volume and rental rate increases
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Strong leasing volume and solid rental rate increases
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•Strong leasing volume aggregating 1.1 million RSF for the three months ended March 31, 2024.
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•Strong leasing volume aggregating 1.1 million RSF for thethree months ended June 30, 2024.
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•77% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•79% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•Net operating income (cash basis) of $1.9 billion for the three months ended March 31, 2024 annualized, increased by $132.7 million, or 7.6%, compared to the three months ended March 31, 2023 annualized. Refer to “Net operating income, net operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a reconciliation of our net income to net operating income (cash basis).
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operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a reconciliation of our
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•Same property net operating income growth 1.0% and 4.2% (cash basis) for the three months ended March 31, 2024, compared to the three months ended March 31, 2023.
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•Same property net operating income growth
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•As of March 31, 2024, our credit ratings from S&P Global Ratings and Moody’s Investors Service were BBB+ and Baa1, respectively, which rank in thetop 10% among all publicly traded U.S. REITs.
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•As of June 30, 2024, our credit ratings from S&P Global Ratings and Moody’s Investors Service were BBB+ and Baa1,
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•Net debt and preferred stock to Adjusted EBITDA of 5.2x and fixed-charge coverage ratio of 4.7x for the three months ended March 31, 2024 annualized.
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•Net debt and preferred stock to Adjusted EBITDA of 5.4x and fixed-charge coverage ratio of 4.5x for thethree months ended
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•13.4 years weighted-average remaining term of debt.
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•13.0 years weighted-average remaining term of debt.
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•98.9% of our debt has a fixed rate.
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•97.3% of our debt has a fixed rate.
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•Total debt and preferred stock to gross assets of 28%.
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•Total debt and preferred stock to gross assets of 29%.
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•$1.3 billion of expected capital contribution commitments from existing consolidated real estate joint venture partners to fund construction from April 1, 2024 through 2027.
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•$1.1 billion of expected capital contribution commitments from existing consolidated real estate joint venture partners to fund
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•Common stock dividend declared for the three months ended March 31, 2024 of $1.27 per common share, aggregating $5.02 per common share for the twelve months ended March 31, 2024, up 24 cents, or 5%, over the twelve months ended March 31, 2023.
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•Common stock dividend declared for thethree months ended June 30, 2024 of $1.30 per common share aggregating$5.08
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•Average annual dividend per-share growth of 5% from 2020 through the three months ended March 31, 2024 annualized.
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•Average annual dividend per-share growth of 5% from 2020 through thethree months ended June 30, 2024 annualized.
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•Significant net cash flows from operating activities after dividends retained for reinvestment aggregating$2.1 billion for the years ended December 31, 2020 through 2023 and for the midpoint of our 2024 guidance range for net cash provided by operating activities after dividends.
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•Significant net cash flows from operating activities after dividends retained for reinvestment aggregating$2.1 billion for the
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(1)Refer to “Dispositions and sales of partial interests” in Item 2 for additional detail. We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions and sales of partial interests and are actively pursuing several dispositions and partial interest sale opportunities. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of the date of this report, the full amount remained available for future sales of our common stock.
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We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending
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Key capital metrics as of or for the three months ended March 31, 2024
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Key capital metrics as of or for thethree months ended June 30, 2024
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•$34.4 billion in total market capitalization.
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•$32.5 billion in total market capitalization.
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•$22.2 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.
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•$20.1 billion in total equity capitalization, which ranks in thetop 10% among all publicly traded U.S. REITs.
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•As of March 31, 2024, our non-real estate investments aggregated $1.5 billion:
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•As of June 30, 2024, our non-real estate investments aggregated$1.5 billion:
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•Unrealized gains presented in our consolidated balance sheet were $220.2 million, comprising gross unrealized gains and losses aggregating $320.4 million and $100.2 million, respectively.
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•Unrealized gains presented in our consolidated balance sheet were$159.8 million, comprising gross unrealized gains and
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Alexandria’s highly leased value-creation pipeline delivered incremental annual net operating income of $26 million, commencing during the three months ended March 31, 2024, and will drive future incremental annual net operating income aggregating $480 million
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Alexandria’s highly leased value-creation pipeline delivered incremental annual net operating income of$16 million, commencing during
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•During the three months ended March 31, 2024, we placed into service development and redevelopment projects aggregating 343,445 RSF that are 100% leased across multiple submarkets and delivered incremental annual net operating income of $26 million. Deliveries during the three months ended March 31, 2024 include:
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•During thethree months ended June 30, 2024, we placed into service development and redevelopment projects aggregating
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•Annual net operating income (cash basis) is expected to increase by $101 million upon the burn-off of initial free rent from recently delivered projects. Initial free rent has a weighted-average burn-off period of approximately seven months.
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•Annual net operating income (cash basis) is expected to increase by$80 million upon the burn-off of initial free rent, with a
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(1)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years, including partial deliveries of projects that stabilize in future years.
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(1)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction andone committed
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(3)In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active construction in 2024 and may have initial delivery in 2025.
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to stabilize in 2026 and beyond. In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active
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(2)Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in Item 2 for additional details.
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construction in the second half of 2024 and may have initial delivery in 2025. Refer to the initial and stabilized occupancy years under “New Class A/A+
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(4)72% of the leased RSF of our value-creation projects was generated from our existing tenant base.
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(3)71% of the leased RSF of our value-creation projects was generated from our existing tenant base.
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Refer to “Same properties” and “Definitions and reconciliations” in Item 2 for additional details. “Definitions and reconciliations” contains the definitions of “Fixed-charge coverage ratio,” “Net debt and preferred stock to Adjusted EBITBA,” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
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Refer to “Same properties” and “Definitions and reconciliations” in Item 2 for additional details. “Definitions and reconciliations” contains the definitions of “Fixed-charge
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containing the words “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,”
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“seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words, constitute “forward-looking statements” within the
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meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
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amended. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that
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may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors
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could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including,
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but not limited to, the following:
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comparison to our competitors, our inability to obtain capital when desired or refinance debt maturities when desired, and/
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or a failure to maintain our status as a REIT for federal tax purposes;
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policies, laws, and/or funding levels;
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This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included
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under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of
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operations” in our annual report on Form 10-K for the year ended December 31, 2023 and under respective sections in this quarterly
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report on Form 10-Q. Readers of this quarterly report on Form 10-Q should also read our other documents filed publicly with the SEC
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for further discussion regarding such factors.
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purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science
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REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche with our founding in 1994,
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Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA
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innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle,
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and New York City. As of June 30, 2024, Alexandria has a total market capitalization of $32.5 billion and an asset base in North America
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that includes 42.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction andone
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committed near-term project expected to commence construction in the nexttwo years. Alexandria has a longstanding and proven track
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record of developing Class A/A+ properties clustered in life science mega campuses that provide our innovative tenants with highly
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dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire
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productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies
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through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse
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tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term
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•Approximately 96% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
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substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other
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operating expenses (including increases thereto) in addition to base rent; and
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(such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would
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typically be borne by the landlord in traditional office leases.
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of internal and external growth. A key element of our strategy is our unique focus on Class A/A+ properties located in collaborative life
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drawing upon our deep and broad real estate and life science relationships in order to identify and attract new and leading tenants and
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to source additional value-creation real estate.
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For additional information, refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria
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Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” and to the tabular presentation of these items
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in “Results of operations” in Item 2.
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net income to net operating income (cash basis).
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respectively, which rank in the top 10% among all publicly traded U.S. REITs.
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(2)Image represents 3755 Monte Villa Parkway.
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Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders