Alexandria Real Estate Equities, Inc. (NYSE:ARE) Q3 2023 Earnings Conference Call October 24, 2023 3:00 PM ET Company Participants Paula Schwartz - Investor Relations Joel Marcus - Executive Chairman and Founder Marc Binda - Chief Financial Officer and Treasurer Hallie Kuhn - SVP of Science and Technology and Capital Markets Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President Conference Call Participants Joshua Dennerlein - BoA Georgi Dinkov - Mizuho Michael Grif ...

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2023 September 30, 2023 COMPANY HIGHLIGHTS Page Page Our Mission and Cluster Model ............................................................. iii Environmental, Social, and Governance Matters ............................... xxxii EARNINGS PRESS RELEASE Page Page Third Quarter Ended September 30, 2023 Financial and Operating Results ................................................................................ 1 Earnings Call Information and A ...

Real Estate Investments - As of September 30, 2023, the company's net investments in real estate amounted to $31,712.7 million, an increase from $29,945.4 million as of December 31, 2022, reflecting a growth of approximately 5.7%[119] - During the nine months ended September 30, 2023, the company acquired five properties for a total purchase price of $251.0 million, with in-place lease assets recorded at $15.3 million and below-market lease liabilities at $5.8 million[122] - The company completed the sale of real estate assets during the nine months ended September 30, 2023, with total sales proceeds of $875.4 million, including a gain on sales of $214.8 million[124] - The company reported gross investments in real estate in North America of $36,565.0 million as of September 30, 2023, up from $34,283.5 million at the end of 2022, indicating a growth of approximately 6.7%[119] - The company’s real estate asset acquisitions included properties with a total future development square footage of 1,089,349 RSF, indicating a focus on growth and expansion[120] - The company’s net investments in real estate in Asia were recorded at $0 as of September 30, 2023, down from $11.8 million at the end of 2022, reflecting a strategic shift[119] Financial Performance - Income from rentals for the three months ended September 30, 2023, was $707.5 million, an increase of 7.7% compared to $656.9 million for the same period in 2022[162] - The net income attributable to common stockholders for the three months ended September 30, 2023, was $21.86 million, down from $341.44 million in the same period of 2022[226] - The company recognized impairment charges totaling $189.2 million during the nine months ended September 30, 2023, primarily due to a significant decline in the value of a three-building office campus acquired in January 2020[127] - The company recognized an investment loss of $80.7 million for the three months ended September 30, 2023, which included realized losses of $3.5 million and unrealized losses of $77.2 million[187] - The company reported a total investment loss of $204.1 million for the nine months ended September 30, 2023, compared to a loss of $312.1 million for the same period in 2022[187] Debt and Liabilities - Total liabilities increased to $713,412,000 from $489,011,000, representing a rise of 45.9%[149] - As of September 30, 2023, the total outstanding debt was $11.20 billion, with 99.0% being unsecured senior notes payable[212] - The company issued $1.0 billion of unsecured senior notes in February 2023, with a weighted-average interest rate of 4.95% and a maturity of 21.2 years[214] - The company has secured loans related to unconsolidated joint ventures with a total debt balance of $649.4 million, with a commitment of $668.3 million as of September 30, 2023[152] - Total liabilities, including accounts payable and accrued expenses, amounted to $2.65 billion as of September 30, 2023, compared to $2.47 billion at the end of 2022[222] Cash and Equivalents - Cash and cash equivalents increased to $288,969,000 from $246,931,000, reflecting a growth of 17%[149] - Cash and cash equivalents decreased to $532.4 million as of September 30, 2023, down from $825.2 million as of December 31, 2022[173] - The company’s total cash and cash equivalents, including restricted cash, were reconciled in the consolidated statements of cash flows, ensuring transparency in financial reporting[114] Investments - As of September 30, 2023, the total investments in real estate joint ventures amounted to $7,823,076,000, an increase of 15.5% from $6,771,842,000 as of December 31, 2022[149] - The company’s investments in entities that report NAV had a carrying amount of $658.8 million as of September 30, 2023, with unrealized gains of $191.4 million[186] - The fair value of investments in publicly traded companies was $129.6 million as of September 30, 2023, down from $207.1 million as of December 31, 2022[196] - The total carrying amounts of equity investments in privately held entities, including those with observable price changes, were $1.4 billion as of September 30, 2023, down from $1.6 billion as of December 31, 2022[200] Future Projections - Future lease payments under operating lease agreements are projected to total $19.4 billion, with $1.9 billion expected in 2024[157] - The company plans to adopt new accounting standards related to joint ventures and fair value measurements effective January 1, 2024, which may impact future financial reporting[116] Market Risks - A 1% increase in interest rates would decrease future earnings from variable-rate debt by $1,093,000, while a decrease of 1% would increase earnings by the same amount[579] - A 1% increase in interest rates would reduce the fair value of total consolidated debt by $658,254,000, while a decrease of 1% would increase fair value by $745,712,000[579] - Market risk exposure for the nine months ended September 30, 2023 remained consistent with previous assessments, including interest rates, equity prices, and foreign currency exchange rates[582]

Alexandria Real Estate Equities, Inc. (NYSE:ARE) Q2 2023 Results Conference Call July 25, 2023 3:00 PM ET Company Participants Paula Schwartz - Investor Relations Jenna Foger - Senior Vice President and Co-Lead, Science and Technology Joel Marcus - Executive Chairman and Founder Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief Financial Officer Dan Ryan - Co-Chief Investment Officer Conference Call Participants Steve Sakwa - Evercore Joshua Dennerlein - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 1-12993 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 ...

Alexandria Real Estate Equities, Inc. (NYSE:ARE) Q1 2023 Results Conference Call April 25, 2023 3:00 PM ET Company Participants Paula Schwartz - Investor Relations Joel Marcus - Executive Chairman and Founder Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief Financial Officer Hallie Kuhn - Vice President, Science & Technology Dan Ryan - Co-Chief Investment Officer Conference Call Participants Steve Sakwa - Evercore Anthony Paolone - JPMorgan Nick Joseph ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Maryland 95-4502084 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 26 Nor ...

Alexandria Real Estate Equities, Inc. (NYSE:ARE) Q4 2022 Earnings Conference Call January 31, 2022 3:00 PM ET Company Participants Paula Schwartz - Investor Relations Joel Marcus - Executive Chairman and Founder Hallie Kuhn - Vice President, Science & Technology Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief Financial Officer Conference Call Participants Steve Sakwa - Evercore ISI Georgi Dinkov - Mizuho Securities Michael Griffin - Citigroup Global Ma ...

Market Overview - Alexandria Real Estate Equities, Inc. has a total market capitalization of $35.0 billion and an asset base of 74.6 million square feet as of December 31, 2022[17]. - The occupancy percentage of operating properties in North America was 94.8% as of December 31, 2022, with a 10-year average occupancy of 96%[18]. - Investment-grade or publicly traded large cap tenants represented 48% of total annual rental revenue as of December 31, 2022[18]. - Approximately 93% of leases are triple net leases, allowing the company to pass through most operating expenses to tenants[81]. - The company expects to recover increases in operating expenses during inflationary periods, minimizing adverse effects on net operating income and cash flows[91]. Property Strategy - The company focuses on acquiring high-quality Class A properties in AAA innovation clusters, characterized by high barriers to entry and limited supply[20]. - Alexandria's redevelopment strategy includes significant pre-leasing of projects prior to commencement, aiming to lease high-quality, reusable office/laboratory spaces at higher rental rates[25]. - The company has a disciplined approach to capital allocation, focusing on high-quality properties in urban innovation clusters to achieve attractive returns[29]. Financial Management - Alexandria aims to maximize balance sheet liquidity and flexibility, cash flows, and cash available for distribution to stockholders through selective acquisitions and developments[28]. - The company maintains significant liquidity through various capital sources, including unsecured senior lines of credit and marketable securities[29]. - The company may face economic harm from unsuccessful acquisitions in new markets, affecting financial condition and cash flows[65]. - The company may not complete development projects on schedule or within budget, impacting leasing and financial performance[68]. - Debt service obligations could adversely affect business operations, particularly if revenues do not cover operating expenses and debt service[122]. Employee Engagement and Benefits - As of December 31, 2022, the company had 593 employees, with a low voluntary turnover rate of 3.6% and a total turnover rate of 7.7% over the last five years, significantly lower than the industry averages of 16.0% and 19.0% respectively[42]. - The executive management team averages 18 years of experience with the company, contributing to its competitive advantages in attracting new business opportunities in the life science, agtech, and technology sectors[44]. - The company provides a comprehensive benefits package covering 100% of premiums for employees and their dependents, including a high-coverage PPO medical plan and additional mental health support[48]. - Employee engagement surveys conducted in 2022 had a response rate of 91.4%, indicating strong employee involvement in feedback processes[52]. - The company invests in professional development programs, including mentoring and on-demand learning resources, to enhance employee engagement and effectiveness[50]. Diversity and Inclusion - The company is committed to diversity at the board level, actively considering qualified women and minority candidates for director positions[45]. - The company has implemented a ban on inquiries into an applicant's salary history to address pay discrimination and incorporates fair pay reviews into compensation decisions[47]. - The company offers paid volunteer time off up to 16 hours per year and matching gifts up to $5,000 per person annually to encourage employee charitable giving[53]. Risks and Challenges - Significant risks are associated with development projects, including competition leading to increased purchase prices and potential financing challenges[67]. - Increased costs from commodity and labor price volatility may adversely affect construction project returns[70]. - The company may face higher operating costs due to compliance with new laws in California and other states[84]. - Supply chain disruptions could hinder the company's ability to access necessary materials and labor for construction projects[75]. - The company may struggle to refinance debt due to a potential shortage of available funds from lenders and stricter credit underwriting guidelines[116]. Industry-Specific Risks - The company is heavily reliant on the life science, agtech, and technology industries, making it vulnerable to fluctuations in these sectors[178]. - Unique risks in the life science industry, such as regulatory challenges and funding requirements, could impact tenants' ability to meet lease obligations[186]. - The agtech industry is characterized by rapid technological changes, and failure to adapt may impair operations and affect the ability to meet rental payments[203]. - Regulatory changes and government shutdowns can impede the growth of technology and agtech industry tenants, affecting their operational capabilities[192][198]. Economic Factors - Rising interest rates, with the federal funds rate increasing to a range between 4.25% and 4.50% by December 2022, may negatively impact real estate valuations and financial condition[93]. - Economic downturns in key markets could adversely affect operations and the ability to distribute dividends to stockholders[173]. - Changes to U.S. tax laws could adversely affect the overall economy and the financial condition of tenants, impacting their ability to pay rent[214]. - The U.S. Federal Reserve's monetary policy actions, including interest rate increases, could raise borrowing costs and decrease the value of real estate and common stock[212].