Profile: Alexandria Real Estate Equities Inc (ARE)
11 Mar 2014
Alexandria Real Estate Equities, Inc., 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.
As of December 31, 2012, it had 178 properties aggregating approximately 17.1 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. As of December 31, 2012, the Company’s operating properties were approximately 93.4% leased. Investment-grade client tenants represented 47% of its total annualized base rent as of December 31, 2012. Its primary sources of revenues are rental income and tenant recoveries from leases of its properties. During 2012, the Company executed a total of 187 leases for approximately 3,281,000 rentable square feet at 84 different properties. Of this total, approximately 1,475,000 rentable square feet related to new or renewal leases of previously leased space and approximately 1,806,000 rentable square feet related to developed, redeveloped, or previously vacant space. Of the 1,806,000 rentable square feet, approximately 1,135,000 rentable square feet related to its development or redevelopment programs, and the remaining approximately 671,000 rentable square feet related to previously vacant space.
The Company focuses its property operations and investment activities in the life science markets Greater Boston; San Francisco Bay Area; San Diego; Greater NYC; Suburban Washington, D.C.; Seattle; Research Triangle Park; Canada, and China. As of December 31, 2012, the Company had 494 leases with a total of 396 client tenants, and 74, or 42%, of its 178 properties were single-tenant properties.
Alexandria Real Estate Equities Inc
Suite 299, 385 East Colorado Bou
PASADENA CA 91101