ALEXANDRIA REAL ESTATE EQUITIES, INC.

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ALEXANDRIA REAL ESTATE EQUITIES : ANNOUNCES UNDERWRITERS' EXERCISE AND CLOSING OF OPTION TO PURCHASE ADDITIONAL 1,050,000 SHARES OF COMMON STOCK - Form 8-K

01/18/2022 | 04:22pm EDT

ALEXANDRIA REAL ESTATE EQUITIES, INC.

ANNOUNCES UNDERWRITERS' EXERCISE AND CLOSING OF OPTION TO PURCHASE ADDITIONAL 1,050,000 SHARES OF COMMON STOCK

PASADENA, Calif. - January 18, 2022 - Alexandria Real Estate Equities, Inc. ("Alexandria" or the "Company") (NYSE: ARE) today announced that the underwriters of its previously announced underwritten public offering of 7,000,000 shares of the Company's common stock fully exercised their option to purchase an additional 1,050,000 shares of the Company's common stock at a public offering price of $210.00 per share. In connection with the offering and exercise of the option, the Company entered into forward sale agreements, each as amended, between the Company and each of JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Goldman Sachs & Co. LLC and Royal Bank of Canada (together, the "forward purchasers"). The exercise of the option to purchase an additional 1,050,000 shares closed on January 18, 2022.

J.P. Morgan, BofA Securities, Citigroup, Goldman Sachs & Co. LLC, RBC Capital Markets, BTIG, Evercore ISI, Mizuho Securities, Scotiabank, SMBC Nikko, TD Securities, Barclays, Capital One Securities and PNC Capital Markets LLC acted as joint book running managers for the offering. Baird, BNP PARIBAS, Fifth Third Securities, Regions Securities LLC, Truist Securities and Ramirez & Co., Inc. acted as co-managers for the offering.

The Company will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers or their affiliates in the offering. The Company expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to fund pending acquisitions and the construction of highly leased development and redevelopment projects, with remaining proceeds, if any, to be used for general working capital and other corporate purposes, which may include the reduction of the outstanding balance, if any, on the Company's unsecured senior line of credit and the outstanding indebtedness, if any, under the Company's commercial paper program. Selling common stock through the forward sale agreements enables the Company to set the price of such shares upon the pricing of the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company until the expected funding is required.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Alexandria, an S&P 500® urban office real estate investment trust, 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. 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.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding the Company's intended use of the proceeds. These forward-looking statements are based on the Company's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by the Company's forward-looking statements as a result of a variety of factors, including, without limitation, the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

CONTACT: Sara Kabakoff, Vice President - Communications, (626) 788-5578, skabakoff@are.com

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Disclaimer

Alexandria Real Estate Equities Inc. published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2022 21:20:52 UTC.


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Financials (USD)
Sales 2022 2 569 M - -
Net income 2022 206 M - -
Net Debt 2022 9 523 M - -
P/E ratio 2022 124x
Yield 2022 2,93%
Capitalization 26 161 M 26 161 M -
EV / Sales 2022 13,9x
EV / Sales 2023 12,6x
Nbr of Employees 559
Free-Float 99,1%
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Number of Analysts 11
Last Close Price 160,28 $
Average target price 226,82 $
Spread / Average Target 41,5%
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Peter M. Moglia Co-Chief Executive & Investment Officer
Stephen A. Richardson Senior Vice President & Regional Market Director
Dean A. Shigenaga Chief Financial Officer
Joel S. Marcus Chief Executive Officer & Director
Lynne Zydowsky Chief Science Officer
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