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 with 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. As of June 30, 2024, Alexandria has a total market
capitalization of $32.5 billion and an asset base in North America
that includes 42.1 million RSF of operating properties and 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. 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.
Highlights (as of June 30, 2024)
Strong and flexible balance sheet
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Significant liquidity of $5.6 billion
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32% of our total debt matures in 2049 and beyond
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13.0 years weighted-average remaining debt term
High-quality operating asset base
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42.1 million RSF of operating properties with solid
occupancy across key locations of 94.6%
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Mega campuses encompass 74% of our annual rental
revenue
Visible, multiyear, highly leased value-creation
pipeline
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Delivered incremental annual net operating income of
$16 million commencing during 2Q24 and is expected
to deliver incremental annual net operating income
aggregating $480 million by 1Q28
Strong core operating metrics
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Favorable triple net lease structure with annual
rent escalations
REIT industry-leading client base of approximately
800 tenants
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High-quality and diverse tenant mix drives stable,
resilient, and long-duration cash flows
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92% of top 20 tenant annual rental revenue is from
investment-grade or publicly traded large cap
tenants
Mission-critical infrastructure
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Generic, reusable, re-leasable, and valuable
laboratory improvements
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High barriers to exit given significant investment
by tenants coupled with FDA requirements
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Financial Information
Alexandria Real Estate Equities is a Real Estate
Investment Trust (REIT) with strong cash flow and an
investment-grade balance sheet capitalizing on the
long-term growth potential of the life science industry.
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