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MarketScreener Homepage  >  Equities  >  Nyse  >  Alexandria Real Estate Equities    ARE

ALEXANDRIA REAL ESTATE EQUITIES

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ALEXANDRIA REAL ESTATE EQUITIES, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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09/12/2019 | 04:39pm EDT

Item 1.01 Entry Into a Material Agreement

On September 12, 2019, Alexandria Real Estate Equities, Inc. (the "Company") issued and sold $400,000,000 aggregate principal amount of the Company's 2.750 % Senior Notes due 2029 (the "2029 Notes") and $200,000,000 aggregate principal amount of the Company's 4.000% Senior Notes due 2050 (the "2050 Notes," and together with the 2029 Notes, the "Notes") in a registered public offering pursuant to an effective shelf registration statement on Form S-3 on file with the Securities and Exchange Commission.

The 2029 Notes are governed by the terms of an Indenture, dated as of March 3, 2017 (the "Base Indenture"), by and among the Company, as issuer, Alexandria Real Estate Equities, L.P., as guarantor (the "Guarantor"), and Branch Banking and Trust Company, as trustee (the "Trustee"), as supplemented by Supplemental Indenture No. 10, dated as of September 12, 2019 (the "Tenth Supplemental Indenture"), by and among the Company, the Guarantor and the Trustee. The 2050 Notes are governed by the terms of the Base Indenture, as supplemented by Supplemental Indenture No. 9, dated as of July 15, 2019 (the "Ninth Supplemental Indenture"), by and among the Company, the Guarantor and the Trustee, and Supplemental Indenture No. 11, dated as of September 12, 2019 (the "Eleventh Supplemental Indenture" and, together with the Base Indenture, the Ninth Supplemental Indenture, and the Tenth Supplemental Indenture, the "Indenture"), by and among the Company, the Guarantor and the Trustee.

The 2029 Notes bear interest at a rate of 2.750% per year, from and including September 12, 2019 or the most recent interest payment date to which interest has been paid, and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2020. The 2029 Notes mature on December 15, 2029. The 2050 Notes bear interest at a rate of 4.000% per year, from and including July 15, 2019 or the most recent interest payment date to which interest has been paid, and are payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2020. The 2050 Notes mature on February 1, 2050. Each series of the Notes is fully and unconditionally guaranteed, on a senior basis, by the Guarantor (each, a "Guarantee"), is the unsecured senior obligations of the Company and ranks equally with the Company's existing and future unsecured senior indebtedness.

The Company has the option to redeem all or a part of the Notes at any time or from time to time.

Before September 15, 2029, the redemption price for the 2029 Notes will equal the sum of (i) 100% of the principal amount of the 2029 Notes being redeemed, (ii) accrued and unpaid interest thereon, if any, to, but excluding, the date of the redemption, and (iii) a make-whole amount. On or after September 15, 2029, the redemption price for the 2029 Notes will be equal to the sum of 100% of the principal amount of the 2029 Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption. Before August 1, 2049, the redemption price for the 2050 Notes will equal the sum of (i) 100% of the principal amount of the 2050 Notes being redeemed, (ii) accrued and unpaid interest thereon, if any, to, but excluding, the date of the redemption, and (iii) a make-whole amount. On or after August 1, 2049, the redemption price for the 2050 Notes will be equal to the sum of 100% of the principal amount of the 2050 Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption.

The Indenture contains covenants that, among other things, limit the ability of the Company, the Guarantor and the Company's subsidiaries to (i) consummate a merger, consolidation or sale of all or substantially all of the Company's assets and (ii) incur secured or unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications.

The Indenture also provides for customary events of default. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal of and accrued and unpaid interest, if any, on all outstanding Notes will become due and payable immediately without further action or notice. If any other event of default under the Indenture with respect to a series of the Notes occurs and is continuing, the Trustee or holders of not less than 25% in principal amount of the then outstanding Notes of such series may declare all the Notes of such series to be due and payable immediately.

The foregoing descriptions of the Notes and the Indenture do not purport to be complete and are qualified in their entirety by the full text of the Base Indenture, the Tenth Supplemental Indenture, the form of the 2029 Notes and Guarantee, the Ninth Supplemental Indenture, the Eleventh Supplemental Indenture and the form of the 2050 Notes and Guarantee, which are filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, and 4.6, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

          Off-Balance Sheet Arrangement of a Registrant



The information provided in Item 1.01 of this Current Report on Form 8-K pertaining to the Notes and the Indenture is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits





(d)    Exhibits



    4.1*     Indenture, dated as of March 3, 2017, among Alexandria Real Estate
           Equities, Inc., Alexandria Real Estate Equities, L.P. and Branch
           Banking and Trust Company, as trustee, filed as an exhibit to the
           Company's Current Report on Form 8-K filed with the SEC on March 3,
           2017.




    4.2     Supplemental Indenture No. 10, dated as of September 12, 2019, by and
          among Alexandria Real Estate Equities, Inc., Alexandria Real Estate
          Equities, L.P. and Branch Banking and Trust Company, as trustee.




    4.3     Form of 2.750% Senior Note due 2029 (included in Exhibit 4.2 above).




    4.4*     Supplemental Indenture No. 9, dated as of July 15, 2019, by and among
           Alexandria Real Estate Equities, Inc., Alexandria Real Estate Equities,
           L.P. and Branch Banking and Trust Company, as trustee, filed as an
           exhibit to the Company's Current Report on Form 8-K filed with the SEC
           on July 15, 2019.




    4.5     Supplemental Indenture No. 11, dated as of September 12, 2019, by and
          among Alexandria Real Estate Equities, Inc., Alexandria Real Estate
          Equities, L.P. and Branch Banking and Trust Company, as trustee.




    4.6*     Form of 4.000% Senior Note due 2050 (included in Exhibit 4.4
           above).




    5.1     Opinion of Venable LLP.




    5.2     Opinion of Morrison & Foerster LLP.




    8.1     Tax Opinion of Morrison & Foerster LLP.




    23.1     Consent of Venable LLP (included in opinion filed as Exhibit 5.1).




    23.2     Consent of Morrison & Foerster LLP (included in opinion filed as
           Exhibit 5.2).




    23.3     Consent of Morrison & Foerster LLP (included in opinion filed as
           Exhibit 8.1).




  104 Cover Page Interactive Data File (embedded within the Inline XBRL document).



(*) Incorporated by reference.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 1 521 M
EBIT 2019 384 M
Net income 2019 305 M
Debt 2019 5 847 M
Yield 2019 2,55%
P/E ratio 2019 53,2x
P/E ratio 2020 54,5x
EV / Sales2019 15,5x
EV / Sales2020 14,2x
Capitalization 17 694 M
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 156,62  $
Last Close Price 156,01  $
Spread / Highest target 8,33%
Spread / Average Target 0,39%
Spread / Lowest Target -12,8%
EPS Revisions
Managers
NameTitle
Peter M. Moglia Co-Chief Executive & Investment Officer
Stephen A. Richardson Co-Chief Executive Officer
Dean A. Shigenaga Co-President & Chief Financial Officer
Thomas J. Andrews Co-President & Director-Greater Boston Market
Joel S. Marcus Executive Chairman
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