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. With our founding in 1994, Alexandria pioneered the life
science real estate niche. Alexandria is the preeminent and
longest-tenured owner, operator, and developer of collaborative
Megacampus™ ecosystems in AAA life science innovation cluster
locations, including Greater Boston, the San Francisco Bay Area, San
Diego, Seattle, Maryland, Research Triangle, and New York City. As of March 31,
2025, Alexandria has a total market capitalization of $28.8 billion and an asset
base in North America that includes 39.6 million RSF of operating properties
and 4.0 million RSF of Class A/A+ properties undergoing construction.
Alexandria has a longstanding and
proven track record of developing Class A/A+ properties clustered in
highly dynamic and collaborative Megacampus environments that enhance
our tenants’ 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.
Key Highlights (as of March 31, 2025)
Largest, highest-quality asset base clustered in the best locations
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39.6 million RSF of operating properties with occupancy of 91.7% across key locations
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Megacampus™ properties accounts for 75% of our annual rental revenue and 71% of our operating RSF
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Megacampus™ properties have an average occupancy of 95% since 2021, outperforming non-megacampus properties by 4%
Sector-leading client base of approximately 750 tenants
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High-quality and diverse tenant base drives stable, resilient, and long-duration cash flows
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87% of top 20 tenant annual rental revenue and 51% of all annual rental revenue is from
investment-grade or publicly traded large cap tenants
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89% of leasing activity during 1Q25 was generated from Alexandria’s existing client base
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99.8% average tenant collections 1Q21–1Q25
High-quality cash flows
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Strong operating and adjusted EBITDA margins of 70% and 71%, respectively
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Long-duration lease terms with a weighted-average remaining lease term of 9.6 years among the top 20 tenants
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Favorable triple net lease structure with annual rent escalations
Strong and flexible balance sheet with significant liquidity
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Top 10% credit rating ranking among all publicly traded U.S. REITs
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Significant liquidity of $5.3 billion
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Only 13% of total debt matures through 2027
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12.2 years weighted-average remaining debt term, longest among S&P 500 REITs
Development and redevelopment deliveries deliver incremental annual net operating income
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Delivered incremental annual net operating income of $37 million
commencing during 1Q25, with an additional $171 million of incremental
annual net operating income anticipated to deliver by 4Q26
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71% of our total development and redevelopment pipeline RSF is within our Megacampus™ ecosystems
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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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