ALEXANDRIA REAL ESTATE EQUITIES INC
For the period ended Mar 31, 2025. Filed Apr 28, 2025.
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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.
Mar 31, 2025 · Filed Apr 28, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-21.
0001035443-24-000298
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-28.
0001035443-25-000136
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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578 unchanged; 329 reworded; 308 added; 401 removed; 56 previous and 30 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 (308)
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Global Trade Policies
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We have been monitoring and will continue to monitor macroeconomic trends and uncertainties. In particular, we are
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assessing how recent fluctuations in international trade relations and trade policies could adversely affect our business or the
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businesses of our tenants.
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In early March 2025, the U.S. government imposed or indicated that it would impose a series of tariffs on certain goods from
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Canada and Mexico as well as raise tariffs on Chinese imports. President Trump has also indicated his intent to impose a “major”
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pharmaceutical-specific tariff, which could adversely affect our business and/or the business of our tenants. As a result of these
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developments, the global securities and trade markets have reacted with volatility, and trade tensions remain high.
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The imposition of tariffs or the potential future imposition of additional or modified tariffs in the current geopolitical climate could
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have material adverse effects on the net profitability, revenues, or operations of Alexandria and many other companies. While we are
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evaluating the potential impacts of such tariffs, as well as our ability to mitigate such impacts, these recent trends may in the meantime
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interrupt supply chains, fragment international business relationships, and create unknown risks that would thereby affect our or our
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tenants’ business operations.
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construction.
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We develop dynamic Megacampus ecosystems that enable and inspire some of the world’s most brilliant minds and innovative
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companies to create life-changing scientific and technological innovations. We believe in the utmost professionalism, humility, and
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teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science
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product, service, and medical device companies; digital health, technology, and agtech companies; academic and medical research
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institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a longstanding and
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•Investment-grade or publicly traded large cap tenants represented 51% of our annual rental revenue;
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•Approximately 91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay
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Megacampus ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for optionality and
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scalability, offering our tenants a clear path to address their growth requirements, including through our future developments and
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redevelopments. Strategically located near top academic and medical research institutions and equipped with curated amenities and
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A sector-leading REIT with a high-quality, diverse tenant base and strong margins
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(1)Refer to “Summary of occupancy percentages in North America” in Item 2 for additional details.
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As of March 31, 2025, unless stated otherwise:
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March 31, 2025 annualized, with targets for the three months ended December 31, 2025 annualized ofless than or equal to
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5.2x and 4.0x to 4.5x, respectively.
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•Significant liquidity of$5.3 billion.
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construction from April 1, 2025 through 2027 and beyond, including$166.8 million from April 1, 2025 to December 31, 2025.
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Continued solid leasing volume and rental rate increases
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•Continued solid leasing volume aggregating 1.0 million RSF during thethree months ended March 31, 2025, thefifth
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consecutive quarter with leasing volume exceeding 1 million RSF.
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Maintained solid operating metrics
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•Total revenues of$758.2 million, down 1.4%, for thethree months ended March 31, 2025, compared to$769.1 million for the
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three months ended March 31, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have
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increased by 3.9% for the three months ended March 31, 2025, from$730.0 million for the three months ended March 31,
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•Same property net operating income changes of(3.1)% and 5.1% (cash basis) for thethree months ended March 31, 2025,
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compared to thethree months ended March 31, 2024 includes certain lease expirations during thethree months ended March
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one committed near-term project expected to commence construction in the nexttwo years. Alexandria has a longstanding and proven
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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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mega campuses in AAA life science innovation clusters. Our mega campuses are designed for scalability, offering our tenants a clear
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path for growth, including through our future developments and redevelopments. Strategically located near top academic medical
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to source additional value-creation real estate.
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Continued operational excellence and solid results amid challenging macroeconomics environment
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respectively, which rank in thetop 10% among all publicly traded U.S. REITs.
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September 30, 2024 annualized.
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•Significant liquidity of $5.4 billion.
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construction from October 1, 2024 through 2027.
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Strong leasing volume and solid rental rates
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•Strong leasing volume aggregating 1.5 million RSF for thethree months ended September 30, 2024, up 48% compared to our
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previous four-quarter average of 1.0 million RSF.
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•Rental rate changes on lease renewals and re-leasing of space were 5.1% and 1.5% (cash basis) for thethree months ended
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September 30, 2024 and 16.4% and 8.9% (cash basis) for thenine months ended September 30, 2024.
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(1)Includes a five-year lease extension to an investment-grade rated technology tenant aggregating 357,136 RSF of recently acquired tech R&D space in our
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Texas market that was renewed with rental rate changes of(33.6)% and(4.8)% (cash basis). These spaces were originally targeted for a future change in
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use at acquisition, but we instead renewed them with a lower capital investment while we continue to evaluate options to convert these spaces in the future,
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13.0% and 2.3% (cash basis).
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Continued solid net operating income and internal growth
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•Total revenue growth
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•$791.6 million, up 10.9%, for thethree months ended September 30, 2024, comparedto$713.8 million for thethree
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•$2.3 billion, up 9.3%, for thenine months ended September 30, 2024, compared to$2.1 billion for thenine months ended
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•Same property net operating income growth
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•1.5% and 6.5% (cash basis) for thethree months ended September 30, 2024, compared to thethree months ended
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•1.6% and 4.6% (cash basis) for thenine months ended September 30, 2024, compared to thenine months ended
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•96% of our leases contain contractual annual rent escalations approximating 3%.
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reinvestment
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•Dividend yield of 4.4% as of September 30, 2024.
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•Dividend payout ratio of 55% for the three months ended September 30, 2024.
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annualized.
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by operating activities after dividends.
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December 31, 2024 with dispositions primarily focused on sales of properties and land parcels not integral to our mega campus
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strategy. Refer to “Dispositions” in Item 2 for additional details.
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•In September 2024, we completed the following transactions with our longstanding tenant, Fred Hutchinson Cancer Center
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(“Fred Hutch”), in the Lake Union submarket:
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•Sale of 1165 Eastlake Avenue East, a fully leased 100,086 RSF single-tenant Class A+ life science facility that was
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developed in 2021. We sold the property for$150.0 million, or$1,499 per RSF, at strong capitalization rates of 4.7% and
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4.9% (cash basis). Upon completion of the sale, we recognized a gain on sale of real estate aggregating $21.5 million.
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•Fred Hutch executed early renewals aggregating 117,479 RSF at our 1201 and 1208 Eastlake Avenue East properties,
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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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REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate
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Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative mega campuses in AAA life science
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niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in
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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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AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
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and New York City. As of September 30, 2024, Alexandria has a total market capitalization of $33.1 billion and an asset base in North
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Research Triangle, and New York City. As of March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset
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America that includes 41.8 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction, and
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base in North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing
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track record of developing Class A/A+ properties clustered in mega campuses that provide our innovative tenants with highly dynamic
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proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that
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and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity,
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enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and
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efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our
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success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We
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venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base
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believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher
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•Approximately 96% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
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•Approximately 98% of our leases (on an annual rental revenue basis) contained effective annual rent escalations
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•Approximately 92% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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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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•80% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.
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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
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A key element of our business strategy is our unique focus on Class A/A+ properties primarily located in collaborative
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institutions and equipped with curated amenities, services, and transit access, our mega campuses are designed to support our tenants
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services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining
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in 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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top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant demand for our properties. Our strategy
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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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also includes drawing upon our deep, broad, and longstanding real estate and life science industry relationships in order to retain
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•Net debt and preferred stock to Adjusted EBITDA of 5.5x and fixed-charge coverage ratio of 4.4x for thethree months ended
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•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.3x for thethree months ended
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•31% of our total debt matures in 2049 and beyond.
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•Only 13% of our total debt matures through 2027.
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•12.6 years weighted-average remaining term of debt.
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•12.2 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•Since 2020, an average of 97.7% of our debt has been fixed rate.
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•Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.
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•Total debt and preferred stock to gross assets of 29%.
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•Total debt and preferred stock to gross assets of 30%.
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•$1.0 billion of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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•$414.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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rate increases on lease renewals and re-leasing of space since January 1, 2023.
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•Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5% (cash basis) for thethree months
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•80% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•89% of our leasing activity during the three months ended March 31, 2025 was generated from our existing tenant base.
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2024 and 2023 (dollars in thousands):
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(1)As of March 31, 2025, our construction projects expected to stabilize in 2025 and 2026 were 75% leased/negotiating.
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$274.2 million, or 15.5%, compared to thethree months ended September 30, 2023 annualized. Refer to “Net operating
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$83.8 million, or 4.4%, compared to thethree months ended March 31, 2024 annualized. Refer to “Net operating income, net
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income, net operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a
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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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reconciliation of our net income to net operating income (cash basis).
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net income to net operating income (cash basis).
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operating income, ourgeneral and administrative expenses for the trailing twelve months ended September 30, 2024 and 2023 were
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•As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended
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Attractive dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for
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Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment
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•Common stock dividend declared for thethree months ended September 30, 2024 of $1.30 per common share aggregating
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•Common stock dividend declared for thethree months ended March 31, 2025 of $1.32 per share aggregating$5.24 per
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$5.14 per common share for thetwelve months ended September 30, 2024, up 24 cents, or 5%, over thetwelve months
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common share for thetwelve months ended March 31, 2025, up 22 cents, or 4%, over thetwelve months ended March 31,
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•Average annual dividend per-share growth of 5.4% from 2020 through thethree months ended September 30, 2024
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•Average annual dividend per-share growth of 4.5% from 2021 through thethree months ended March 31, 2025 annualized.
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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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•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion for
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years ended December 31,2020 through 2023 and including the midpoint of our 2024 guidance range for net cash provided
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the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range for net cash provided by
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Ongoing successful execution of Alexandria’s 2024 capital strategy
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Ongoing execution of Alexandria’s 2025 capital recycling strategy
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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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We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2025 through
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•$33.1 billion in total market capitalization.
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•$28.8 billion in total market capitalization.
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•$20.5 billion in total equity capitalization, which ranks in thetop 10% among all publicly traded U.S. REITs.
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•$15.7 billion in total equity capitalization.
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•Unrealized gains presented in our consolidated balance sheet were$166.2 million, comprising gross unrealized gains and
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•Unrealized gains presented in our consolidated balance sheet were$31.9 million, comprising gross unrealized gains and
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tenants, identify and attract new and leading tenants, and source additional real estate.
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projects expected to stabilize in 2027 and beyond.
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of ARE’s Top 20 Tenant Annual Rental Revenue
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GROWTH IN ANNUAL NET OPERATING INCOME
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are described in further detail in Item 2. Key items included in net income attributable to Alexandria’s common stockholders for thethree
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Refer to Note 3 – “Investments in real estate,” Note 5 – “Leases,” and Note 7 – “Investments” to our unaudited consolidated
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leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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thethree months ended March 31, 2025 (in thousands):
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four key active and future Megacampus development projects.
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(3)Refer to Note 16 – “Subsequent events” to our unaudited consolidated financial statements in Item 1 for additional information.
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(4)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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and reconciliations” in Item 2 for additional information.
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(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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Based upon our ability to achieve certain annual sustainability targets, the interest rate and facility fee rate are also subject to upward or
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Expenditures for repairs and maintenance are expensed as incurred.
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2065 to December 31, 2088. The amendment required that we prepay our entire rent obligation for the extended lease term
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credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations
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amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of
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construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time
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required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and
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and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and
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financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate
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Investment-grade or publicly traded large cap tenants
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forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of
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dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized
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investors as an additional measure of operating performance because it eliminates straight-line rent revenue and the amortization of
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“Stockholders’ equity” to our unaudited consolidated financial statements in Item 1 for additional information.
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•Approximately 93% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay
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•As of September 30, 2024, our credit ratings from Moody’s Ratings and S&P Global Ratings were Baa1 and BBB+,
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the remaining aggregate amount available for future sales of common stock was$1.47 billion.
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(1)Based on annual rental revenue in effect as of September 30, 2024.
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for Life Science – Waltham mega campus. This mega campus project is expected to capture demand in our Route 128 submarket.
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Our real estate asset acquisitions during thenine months ended September 30, 2024 and pending as of the date of this report consisted of the following (dollars in thousands):
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Expected to Be Placed Into Service
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New Class A/A+ development and redevelopment properties: recent deliveries (continued)
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(1)Image represents 500 North Beacon Street on The Arsenal on the Charles mega campus.
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included in net income attributable to Alexandria’s common stockholders for thethree and nine months ended September 30, 2024 and
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Refer to Note 3 – “Investments in real estate” and Note 7 – “Investments” to our unaudited consolidated financial statements in
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our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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incremental expenses related to our Same Properties, as discussed below.
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realized losses. For more information about our investments, refer to Note 7 – “Investments” to our unaudited consolidated financial
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Gain on sales of real estate
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The following table presents a comparison of the components of net operating income for our Same Properties and Non-Same
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thousands). Refer to “Definitions and reconciliations” in Item 2 for definitions of “Tenant recoveries” and “Net operating income” and
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their reconciliations from the most directly comparable financial measures presented in accordance with GAAP, income from rentals and
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during thenine months ended September 30, 2024, as discussed under “Rental operations” below. As of September 30, 2024,93% of
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our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in
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(1)Represents the average debt balance outstanding during the respective periods.
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(2)Represents annualized total interest incurred divided by the average debt balance outstanding during the respective periods.
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The net change in interest expense during thenine months ended September 30, 2024, compared to thenine months ended
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September 30, 2023, resulted from the following (dollars in thousands):
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(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and
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to non-real estate investments in privately held entities that do not report NAV.
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in Item 1. For our impairments accounting policy, refer to “Investments” in Note 2 – “Summary of significant accounting policies” to our
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unaudited consolidated financial statements in Item 1.
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Gain on sales of real estate
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currency translation related to our operations in Canada.
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conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 2 for additional details, including development and
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redevelopment square feet currently included in rental properties.
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(1)Represents contractual capital commitments from existing consolidated real estate joint venture partners to fund construction.
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to our unaudited consolidated financial statements in Item 1 for additional details.
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(3)Refer to “Definitions and reconciliations” in Item 2 for additional information.
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statements in Item 1 for additional information.
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0.145% based on the aggregate commitments outstanding. Based upon our ability to achieve certain annual sustainability targets, the
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interest rate and up toone basis point with respect to the facility fee rate.
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months ended September 30, 2024 (dollars in thousands):
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