Profile: Alexandria Real Estate Equities Inc (ARE)
27 Mar 2015
Alexandria Real Estate Equities, Inc., incorporated on October 27, 1994, is a real estate investment trust (REIT). The Company is an owner and REIT, and life science real estate company, focused on science-driven cluster development through the ownership, operation, management, selective acquisition, development, and redevelopment of properties containing life science laboratory space. The Company is a provider of real estate, technical infrastructure, and services to the life science industry. Client tenants include institutional (universities and independent non-profit institutions), pharmaceutical, biotechnology, medical device, product, and service entities and government agencies, medical device companies, industrial biotech companies, venture capital firms, and life science product and service companies. During fiscal year 2013, it had 180 properties aggregating approximately 17.5 million rentable square feet, composed of approximately 15.0 million rentable square feet of operating properties, approximately 1.6 million rentable square feet undergoing active development, and approximately 0.5 million rentable square feet undergoing active redevelopment. The Company’s operating properties were approximately 94.9% leased. Investment-grade client tenants represented 89.1% of its total annualized base rent as of December 31, 2013.
The Company’s primary sources of revenues are rental income and tenant recoveries from leases of its properties. During 2013, the Company executed a total of 212 leases for approximately 3,645,056 rentable square feet at 84 different properties. As of December 31, 2013, Alexandria’s asset base consisted of 30.9 million square feet, including 17.5 million rentable square feet (RSF) of operating and value-creation development/redevelopment assets, as well as land supporting an additional 13.4 million square feet of ground-up development projects. The occupancy percentage of the Company’s operating properties was approximately 94.4% as of December 31, 2013. Investment-grade client tenants represented 51% of its total annualized base rent (ABR) as of December 31, 2013. The comparability of financial data from period to period is affected by the timing of its property acquisition, development and redevelopment activities.
Alexandria Real Estate Equities Inc
385 E Colorado Blvd Ste 299
PASADENA CA 91101-6104