joel marcus, alexandria

• 8 September 2023

We have a lot of agriculture technology (agtech) initiatives coming up in the pipeline, which reflects an evolution in our mission. The 1.2 million square feet leased in the first quarter is above our five-year pre-2021 average and is the 12th consecutive quarter with leasing volume above one million square feet. The buyer will fund the remaining construction costs to deliver the property to our tenant until they reach a 37% ownership, which is expected to be the remainder of the cost to deliver the project. Theyre incredibly active on the venture capital side of the business, he explains. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide its 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. Okay. And then the second question for me is on the success that you're having from asset sales and partial interest. Since life science demand exploded, new developers and property owners want a piece of the action. We were the first group that identified life science real estate as a niche, which could both garner and deploy capital to an important industry, which really had no major infrastructure capital going into it in the early 1990s, Marcus says. This demonstration of collective remembrance brings awareness to The Never Forget Fund, launched by the 9/11 Memorial & Museum to ensure the next generation continues to learn the lessons of hope, resilience and unity from that day. Alexandrias pipeline includes 8 million square feet under construction or scheduled to begin construction in the next six quarters, which is projected to generate $665 million in new annual rental revenue. So, you don't want to double count the square footage there. And altogether for the year, nearly 60 novel medicines have been scheduled for FDA approval review which mirrors 2018's record year of 59 novel FDA approvals. And today, for example, one of our greater Boston tenants, Morphic Therapeutic which has an oral drug addressing moderate to severe ulcerative colitis. And if so, how much? 2023 Berkley Center for Religion, Peace & World Affairs, The Culture of Encounter and the Global Agenda, Politicization of Religion in Global Perspective, Religion and the Crisis of Displaced Persons, Revitalizing Global Religious and Interfaith Networks, Transatlantic Policy Network on Religion and Diplomacy, Intercultural and Interreligious Dialogue. Thank you. Thank you, Paula, and welcome, everybody, to Alexandria's first quarter '23 Earnings Call. The company's actual results might differ materially from those projected in forward-looking statements. of societys most pressing issues including harnessing the agri-food ecosystem to combat hunger, addressing the mental health crisis, and accelerating groundbreaking medical research. Were almost a $20-billion market cap company, which is hard to imagine since we started with $19 million. The next question comes from Dylan Burzinski with Green Street. And I think people would be impressed when we do our second quarter call. Real-time analyst ratings, insider transactions, earnings data, and more. Thank you for indulging me on that retrospective. We also gave updates on significant dispositions and partial interest sales aggregating $865 million including significant transactions that are under executed LOIs and purchase and sale agreements. Thanks, good afternoon. And while SVB has created a niche serving the segment, it was also cultural. We will provide values and cap rates quarter-to-quarter as we close transactions since we're unable to do so sooner while transactions are in process. Thanks. The reduction in spend results in NOI from deliveries primarily commencing from the second quarter of '23 through the first quarter of '26 to be approximately $610 million. If you want to tie that to the supplemental, the $66 million price for the 18%. The result of all this is we have built a brand without here that puts us in a position where we don't rely on third parties to bring us tenants. Such relationships are a huge differentiator for us and will continue to drive solid leasing even in tough environments. So we decided to pass on that. We also absorbed $71,000 of vacancy from a building located in Texas. China of course, but many other locations. And then there are transportation and increased energy costs as well. In addition to this transaction, we have signed letters of intent or purchase and sale agreements for a number of assets, including the office campus referenced in the press release, aggregating to a total sales price of $799.3 million. Starting with pharma, which makes up 18% of our ARR, this segment continues to operate from a position of strength with strong balance sheet and significant free cash flows, pharma is less sensitive to rising rates. Thank you. It has been in the works for a long time, but it has been catapulted by the M&A activity. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. Importantly, within approximately 72 hours from the start of the bank run, companies had access to all deposits and the near-term risks such as making payroll were mitigated. About Alexandria Real Estate Equities, Inc. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 urban office REIT, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, agtech and technology campuses in AAA innovation cluster locations, with a total market capitalization of $36.3 billion as of June 30, 2021, and an asset base in North America of 58.1 million SF. And first of all, I want to send a big thank you to our entire ARE family team for an operationally and financially strong first quarter in a tough -- continuing tough macro environment. Great. Hi, guys. Were building in Seattle, San Francisco, San Diego, Boston, Maryland, and North Carolina. When it comes to upcoming lease expirations, you're typically in conversations with tenants a year or multiple years in advance. We have been involved in this sector since 1998, when we had only been a public company for one year. Alexandria [4], In October 2002, the company acquired the headquarters of ZymoGenetics for $52 million in a leaseback transaction. WebJacobs approached Joel S. Marcus, a lawyer and CPA, with the idea of representing their interests in this company to oversee the management team who intended to provide Alexandria is a publicly traded real estate investment trust that builds commercial properties and leases them to life science companies. So without any further hesitation, let me turn it over to Hallie, who's going to give you some bird's-eye view of our view on the life science industry. Alexandria Real Estate Equities, Inc. is a real estate investment trust based in Pasadena, California that invests in office buildings and laboratories leased to tenants in the life science and technology industries. We were ahead of that curve because, historically, life science companies did not want to collaborate with institutions and other companies either. Each of these tenant relationships started literally decades ago, Marcus says. For additional information on Alexandria, please visit www.are.com. Thanks for taking the question. Are you getting any sense that tenants are engaging less on their 2024 expirations or space needs given the large amount of expected deliveries between now and the end? You see that just everywhere and you certainly see it on more of a normalization of our historical leasing, which has bounced around over the last either five-year benchmark or 10-year. The companys balance sheet has $5.7 billion of liquidity as of March 31, 2022. They come to us directly as we are a trusted partner with a long successful track record of developing and operating mission-critical facilities. Now turning to outstanding financial and operating results, we had really strong growth of $342.9 million or up 13.9% in total revenues for the first quarter annualized in comparison to the first quarter of 2022. Alexandria has played a critical role in the evolution of the life science industry over the last three decades by creating and growing the ecosystems and clusters that ignite and accelerate the world's leading innovators in their pursuit to advanced human health, which is our solid mission. "I was in New York City on September 11, 2001, the day that profoundly changed the course of our nation, when we lost thousands of people to the hands of terroristsbut as the words of Virgil prominently displayed at the Museum implore us, 'No day shall erase you from the memory of time.' There's so much equity type capital that's invested in CIP today, there's very little incremental equity needed to fund that pipeline. Weve got a built-in demand driver by our own clients, which is very unusual.. An Interview with Joel S. Marcus, Joel Marcus co-founded Alexandria Real Estate Equities, Inc. in 1994 as a garage startup with $19 million in Series A capital. He was also a practicing certified public accountant and tax manager with Arthur Young & Co., where he focused on the financing and taxation of REITs. Next, transitioning to academic and institutional tenants, which constitute 12% of our ARR, it's an opportunity to remember that the life science industry's cornerstone is innovation, which is not slowing.

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