Thanks. But I believe our early renewal statistics have been fairly strong recently. After over 25 years in the industry, our various executives have an amazing network, which we have developed through our summits and our real estate, as well as through our venture investments. Mr. Marcus serves on the boards of directors of Applied Therapeutics, Inc. (NASDAQ: APLT), Frequency Therapeutics, Inc. (NASDAQ: FREQ), Intra-Cellular Therapies, Inc. (NASDAQ: ITCI), and MeiraGTx Holdings plc (NASDAQ: MGTX). I think the way we're trying to think about it is to -- I mean, we have a very significant position in the Greater Boston market, 14 million, 15 million square feet. Or I'm just trying to piece that all together, so either we're capturing everything or not double-counting something? Patrick Gunn, a San Francisco lawyer for Alexandria, said he was disappointed in the ruling but was considering refiling the suit in the United Kingdom or Ireland. Now key highlights of our continued strong operating and financial performance Strong growth in revenues, adjusted EBITDA and FFO per share was driven by the continued strength across key areas of our unique and differentiated business. But you have to start prioritizing and that one just kind of lost some of it shine when the opportunity to expand kind of went away. Launching the niche was the first step. Learn more about Alexandria's social impact leadership on the Corporate Responsibility page of the company's website. The culmination is continued FDA approvals and 2023 has started at a fast clip. We have taken judicious measure to cut our capex, while at the same time, making strong progress on our funding plan for 2023, and you'll hear more about that from Peter. Many traditional offices during the pandemic were completely empty. Absolutely, that's helpful. Joel S. Marcus, the real estate tycoon credited with helping to turn Cambridge into one of the worlds biggest biotech hubs, has lost a key battle in a legal war against his son. Rich, it's Dean Shigenaga here. And that's just how we do things. We decided to hold on further redevelopment of the second building, aggregating 71,000 rentable square feet until we lease up the remainder of the 131,000 rentable square foot building. Briefly on a high quality tenant roster, Alexandria really is the brand for life science real estate, has built long-term trusted relationships and is a true partner to the life science industry. The next question comes from Tom Catherwood with BTIG. The next question comes from Rich Anderson with SMBC. The annual event supports the 9/11 Memorial & Museum's critical efforts to respect and preserve a place made sacred through tragic loss and serve as a refuge of remembrance for the family members of the victims, as well as for all survivors, first responders, and recovery and relief workers, and as a place for the thousands of visitors from across the nation and around the world to pay their respects and learn about the attacks and the extraordinary, heroic efforts that followed. Yeah. Now this was an exceptional rental rate growth, GAAP at the highest in the Company's history, both GAAP and cash rental rate growth higher than the strong rental rate growth for the full year of 2022 and 2021. [11], In June 2018, the company acquired an office building leased to Amazon.com in Seattle from The Blackstone Group for $95 million. Weathering a tough macro environment, ARE posted a very solid first quarter. Steven Marcuss firms issued a brief statement, saying RUNLABS is pleased to see justice rendered.. View which stocks are hot on social media with MarketBeat's trending stocks report. I would now like to turn the conference over to Paula Swartz with Investor Relations. Improving nutrition is a newer goal that were just starting to develop. We achieved attractive economics primarily from our vast tenant base, accounting for 85% of the leasing this quarter, resulting in a rental rate increase of 48.3%, which was the highest in company history and a strong cash rate of 24.2%. I mean we've always done that, but I think now it just goes to show that they're going to be the haves and the others that have not. Yeah, Rich, it's Dean here. The health of ARE's best-in-class life science tenant base and innovation is a long-term driver of life science industry growth. No, that's helpful. In Alexandrias fourth-quarter 2021 earnings call, Marcus said, Literally, [theres] no real presence of commercial life science [in Texas] today, but our intent is to create a market and really bring early-stage commercial life science to Texas, much like we did in New York.. How does that play into capitalized interest and interest expense in 2023? I think that gives a sense of how were viewing this year, Marcus says. A quarter century after it began life as a garage start-up, Alexandria Real Estate Equities, Inc.s (NYSE: ARE) decision to focus on the niche segment of life science real estate looks sounder than ever as demand for sophisticated lab space across major U.S. markets sits at an all-time high. Hi, everyone. Sorry, we could not find any results with the search parameter provided. So, we don't necessarily think that those buildings are competitive to ours. And we continue to be the dominant owner as well. So we feel good about it, and we'll keep an eye on things as we go through the next two quarters. Alexandria Real Estate Equities, Inc. Executive Chairman and Founder Joel Marcus Appointed to Emily Krzyzewski Center Board Alexandria extends its Joel Marcus co-founded Alexandria Real Estate Equities, Inc. in 1994 as a garage startup with $19 million in Series A capital. Clearly, demand is overall down from the peak of 2020 and 2021. Plus after having been in real estate for about eight years at that point, I could see a tremendous value in offering mission-critical facilities over commodity product. And I mean it's a world-class building with a world-class tenant. There are less tenants actively seeking space in the market today, which we believe is being significantly driven by uncertainty in the economy. I said, Well, in 10 or 15 years, maybe we could be a $1 billion company. And lo and behold, we passed $44 billion in enterprise value at the end of 2021., In May, the company celebrated the 25th anniversary of its IPO. From dusk to dawn, Alexandria will light up the facades of the East and West Towers at the Alexandria Center for Life Science NYC in "Memorial Blue" to help illuminate the Manhattan skyline, joining numerous organizations across the city in a tribute to the power of the human spirit displayed in the aftermath. So, hopefully, that gives you just some color on how we're thinking more broadly about it. And if you've ever had it, it is a tough condition, a major GI indication announced that it hit its Phase 2a clinical trial endpoint and their stock has been up 75% this year. I work specifically on our philanthropy and volunteerism efforts. Alexandria has successfully utilized Harvard Business Professor Michael Porters cluster theory as the foundation for its proven cluster model, which identifies four critical components for life science clusters to thrive: location, innovation, talent, and capital. With its core focus on real estate, Alexandria has a proven track record of developing Class A buildings on urban life science and technology campuses in AAA innovation cluster locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. And then just one -- second question, maybe a bit of detail. They generally have good and deep backers, whether it's venture or institutional. Thanks. Do you see enough demand today to absorb the space that's coming online in the next couple of years? We were ahead of that curve because, historically, life science companies did not want to collaborate with institutions and other companies either. Alexandria boasts more than 1,000 tenants including Moderna, Bristol-Myers Squibb, Sanofi, Illumina, and Takeda. We have a lot of agriculture technology (agtech) initiatives coming up in the pipeline, which reflects an evolution in our mission. One of the more interesting programs we launched when we revamped our philanthropy and volunteerism program a year and a half ago is a program we call Alexandria Access. Got it. The 71,000 rentable square foot building is vacant and is classified in operating properties. Please go ahead. And the companies with tenured management teams and strong differentiated technologies and near-term value inflection milestones are the ones that rise above the fray. Please go ahead. Bipartisan support for life science research remains strong. Last October, life sciences developer Alexandria Real Estate Equities infamously pulled out of a partnership with industrial giant Prologis to develop a 600,000 Of course, this is also not work that can be done from home. The legal war between Joel Marcus, 72, and his son may not be over, however. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. Kids dont have computer science classes even through high school its shocking. And I guess just on that line of thought, like our markets like in the non-cluster markets, like RTP, suburban Maryland, are those sort of seeing similar kind of normalization demand trends as San Francisco versus maybe like your core mark submarkets like Cambridge, BTC, Torrey Pines in San Diego. Our focus on advancing human health is made up of fighting disease and it is now increasingly including nutrition. The Academic and medical institutions continue to be highly productive, a key metric being the pace of new intellectual property. There are three key takeaways here. And where could equity play into that? Such relationships are a huge differentiator for us and will continue to drive solid leasing even in tough environments. So, great locations, great facilities, and I think our operational excellence and our brand puts us in a great position to capture mark-to-market on most of these spaces that have come back. Accordingly, we're tracking direct vacancy in Greater Boston to be 2.8%. Get daily stock ideas from top-performing Wall Street analysts. As an active supporter of the Memorial & Museum since it opened in 2014, Mr. Marcus has been a member of its board of trustees since 2018. Literally every day, we hear of great progress. Copyright Nareit 2023. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission. And then the second question for me is on the success that you're having from asset sales and partial interest. Thanks for taking the question. Joel S. Marcus - Foundation for the National Institutes of We just don't want you to double count the square footage as you go towards the future pipeline. However, the elements of the cluster model, such as having access to top talent, are attractive to the industry and they do want to be on our campuses. In the first quarter of 2022, the company leased another 2.5 million square feet. Technology Square (Cambridge, Massachusetts), "Alexandria Real Estate Equities, Inc. 2022 Form 10-K Annual Report", "Alexandria Sets up Incubator, $25M Seed Fund For NY Bio Startups", "Alexandria Real Estate Equities: More Than Just a Landlord", "The #1 Real Estate Stock To Own Is Built On Trends", "A real estate empire grows in Kendall Square", "Take a look inside the stunning offices where companies are reinventing NYC's biotech scene", "Alexandria Real Estate Equities, Inc.: People, Passion, Purpose", "ZymoGenetics sells headquarters in $52 million lease-back deal", "MaRS selects Alexandria Real Estate Equities to expand the MaRS Centre in the Discovery District of Toronto", "Ontario government bails out MaRS building for $309m", "Trammell Crow Co. back in the game in Seattle with $42.6 million acquisition", "Another Amazon-leased building sells for $95 million", "Alexandria Real Estate Equities, Inc. Marcus teaches New Testament with an emphasis on the Gospels and the context of early Christianity within Judaism. We are seeing very little that is starting new today. Continued innovation in medicine is an absolute Well, I don't know that -- I mean, it's interesting the way you posed the question. That's why we net down the square footage in that disclosure to $30 million -- roughly $34 million. Now we've got continued consistency and growth in dividends from really high quality cash flows we generate in our business. In the ag business, you mentioned that two or three companies control that business globally. But as Hallie mentioned, BCs are more discriminate disciplined in demanding of future investments and companies with tenured management teams, strong differentiated technologies and near-term value inflection milestones are the ones that will rise above the fray. So we're giving away not too much upside by selling part of it, right? So, Hallie? But they're all basically shutting down in the near term in the scheme of things, they're relatively small. Thank you, Paula, and welcome, everybody, to Alexandria's first quarter '23 Earnings Call. All right. It owns and manages more than 22 million square feet of lab and office space across the country, including 4.8 million in Cambridge. This conference call contains forward-looking statements within the meaning of the federal securities laws. Joel S. Marcus; Founder & Executive Chairman; Alexandria Real Estate Equities, Inc. Peter M. Moglia; CEO & Co-CIO; Alexandria Real Estate Equities, Inc. Yes, it's somewhere around -- I think last quarter, it was somewhere around 27%. Public asset : 49,278,736 USD. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). Prometheus Biosciences, while not a tenant exemplify how data drives the lifeblood of the industry. The U.S. Department of Agriculture and the related departments spend less than $1 billion on ag research. Is it difficult to make long-term investments with the short-term, quarter-to-quarter pressure for results? Mr. Marcusand Alexandria virtually joined thousands of patriots, partners, colleagues and friends to remember those that the nation lost in the attacks and honor the courage of everyday heroes in the aftermath. Great. Chief Executive Officer and Co-Chief Investment Officer, Co-Chief Investment Officer and Regional Market Director - San Diego, Managing Director at Alexandria Real Estate Equities, Executive Chairman and Founder at Alexandria Real Estate Equities, Vice President, Science and Technology at Alexandria Real Estate Equities, Chief Executive Officer and Co-Chief Investment Officer at Alexandria Real Estate Equities, President and Chief Financial Officer at Alexandria Real Estate Equities, Co-Chief Investment Officer and Regional Market Director - San Diego at Alexandria Real Estate Equities, How to Invest in the Top Grocery Stocks for This Year, Best Bank Stocks to Invest in Ahead of Rising Interest Rates, Lucid Group, Inc. (NASDAQ:LCID) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank, 10 E-commerce Stocks to Consider for Long-Term Buys, United Parcel Service Delivers A Warning To The Market, Get 30 Days of MarketBeat All Access Free, By creating a free account, you agree to our, First Republic up in air as regulators juggle bank's fate, Stock market today: Tokyo gains, most Asian markets closed, 'Super Mario Bros. Movie' hits $1B, is No. of societys most pressing issues including harnessing the agri-food ecosystem to combat hunger, addressing the mental health crisis, and accelerating groundbreaking medical research. And we're mindful of your question, but we have so much coming online and that we have completed in recent years. China of course, but many other locations. And then there are transportation and increased energy costs as well. There are a handful of dominant companies that control the whole global ag effort. Additionally, he is a member of the MIT Corporation Visiting Committee for the Department of Biology. During that time, he acquired an expertise in the biopharmaceutical industry and was one of the principal architects of the Kirin-Amgen EPO joint venture in 1984. We reported excellent operating and financial results that exceeded consensus with strong core results, and our team is off to a strong start towards a solid growth for 2023. Thanks for taking the question. When families or their loved ones are facing illness or injury and can benefit from some guidance, we have a mechanism here for them to reach out and be connected with an expert who can, hopefully, offer them a second opinion or help them get in to see a doctor they might not otherwise have been able to see. His publications include two monographs on Mark, a two-volume commentary on the same Gospel in the Anchor Bible series (2000, 2009), Jesus and the Holocaust: Reflections on Suffering and Hope (1997), John the Baptist in History and Theology (2018), and several articles about the parting of the ways between Judaism and the Christianity of the first three centuries of the Christian era. I think the way to think about at a high level is that we just close the conversation about the pipeline. In-depth profiles and analysis for 20,000 public companies. But we also agreed to credit our partner $5.5 million in fees payable, because we sold 33% of the total 37% our partner purchased those fees equate to approximately $15 million in value. We beat guidance and we raised guidance. Reflecting this, in April, we've collected 100% rent from our preclinical and clinical stage public biotech tenants. The under-construction Moderna Science Center, at 325 Binney Street, will house the mRNA pioneers headquarters and research and development operations. For example, for Prometheus Bio was originally spun out of Cedars-Sinai, which is set to receive nearly $800 million from the recently announced M&A. In sum, with the majority of our academic and institutional ARR from investment-grade tenants and funding cycles that are based on multiyear grant funding time lines, this segment continues to be sheltered from larger macroeconomic conditions. Joel S. Marcus Executive Chairman and Founder at Alexandria Real Estate Equities Well, and also, historically, if you go back to my comments, I said we have tried to shape the Company and allocate our capital as much as possible the high barrier to entry markets and mega campuses. Meanwhile, both labor and material costs have increased, Marcus says, but the biggest wildcard has been the supply chains throughout the world. With a focus on sustainability and philanthropy, Alexandrias corporate responsibility business vertical affirms the companys commitment to making a positive impact on the world. Joe, look, I can appreciate that you still haven't closed a lot of these deals, but I think the market would certainly appreciate just any range of commentary you could provide on how to think about cap rates? Alexandria Real Estate Equities (are.com) is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations. Ismail agrees: Theres some concern with biotech stocks, but overall, thats more of a potential change in the rate of growth rather than something that appears likely to upset or end the party.. WebMarcus co-founded Alexandria in 1994 as a garage startup with $19 million in series A capital and, as chief executive officer from March 1997 to April 2018, has led its growth into an S&P 500 company with an approximately $18 billion total market capitalization and a total shareholder return of approximately 1,300 percent since the companys IPO I dont like a view that is focused on pure quotas. So I guess, a long way of saying, Rich, I think we feel comfortable with what we've rightsized for the pipeline of activity. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Good afternoon. Alexandria Real Estate Equities, Inc. pioneered the life science realestate niche and continues to break new ground in the sector. Dean Shigenaga here. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. Diversity is fundamental to our culture. There's some more coming in '24, there's more coming. Now we have also identified other dispositions and sales of partial interest to bring our total for the year to $1.5 billion. Yeah. No, I think not Peter said it perfectly. And I think we see in Maryland, it's still pretty good. We dont focus on hiring a certain number of people in certain groups, we focus on hiring the most qualified candidates. Our per share outlook for 2023 was updated to plus or minus $0.05 of a range from the midpoint of guidance, down from the plus or minus $0.10 range last quarter. So that's just two examples. For instance, in New York City, were a founding supporter of Computer Science for All. And so we ended up with this kind of standalone asset, which is a really good office asset. Alexandria is designing it to be the most sustainable commercial lab building in Cambridge. Thank you. ", "I am deeply honored and incredibly moved to receive this honor from the 9/11 Memorial & Museum, especially as we commemorate the 20th anniversary of the 9/11 attacks," said Mr. Marcus. To be clear, in the process of developing novel medicines, there will always be some that fail no matter what the market conditions. Its easier than one thinks. I thought you were asking about the $38 million right above it. This is a really scalable effort and it is being run by Fred Wilson of Union Square Ventures and is a really effective program. Its a really fabulous benefit for people when theyre unfortunately in need of something like that. That was almost all of the change in the tenancy from roughly 1,000 to 850. But if it's stable, high-quality assets going to have a five handle on it just like this one did. But I suspect that maybe some of them are not retail. The cluster model has worked well for life science companies because they innovate together and theyre purpose-driven around therapies there are 10,000 diseases that have been identified and only 500 therapies to date, so were in the early innings. Our range of guidance for EPS is $2.21 to $2.31 and a range for FFO per share diluted as adjusted is $8.91 to $9.01 with no change at the midpoint of $8.96. And obesity is estimated to account for over $480 billion in direct health care costs in the US with an additional $1.2 trillion in indirect costs due to lost economic productivity.

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