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 mega campuses 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 September 30, 2024, Alexandria has a total market capitalization of $33.1 billion and an asset base in North America that includes 41.8 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. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in 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 September 30, 2024)
Strong and flexible balance sheet
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Significant liquidity of $5.4 billion
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31% of our total debt matures in 2049 and beyond
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12.6 years weighted-average remaining debt term
High-quality operating asset base
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41.8 million RSF of operating properties with solid
occupancy across key locations of 94.7%
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Mega campuses encompass 76% of our annual rental
revenue
Visible, multiyear development and redevelopment
pipeline
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Delivered incremental annual net operating income of
$21 million commencing during 3Q24 and is expected
to deliver incremental annual net operating income
aggregating $510 million primarily 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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