Dan, any other comment you would throw out? Berkley Center for Religion, Peace & World Affairs, 3307 M Street NW, Suite 200 It is just uncanny that people are still trying to put new products into the queue in a market that has a lot of vacancy. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, agtech and technology campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Joel Marcus co-founded Alexandria Real Estate Equities, Inc. in 1994 as a garage startup with $19 million in Series A capital. Okay. They were the first to focus on life science real estate and really dedicate the bulk of their business to it. I agree with that assessment. Yes. At that point in time, the U.S. was This individual is not a direct affiliate of the Berkley Center. As for long-term risk driven by instability of regional banks, unlike some tech companies that maintain significant cash and deposit accounts, our tenants largely rely on safer third-party custodial and sweep accounts to minimize cash deposits. Correct. That encompasses everything from school supplies for kids in a local underserved school to homeless shelters. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Alexandria Real Estate Equities, Inc. Reports: 1Q23 Net Income per Share - Diluted of $0.44; and 1Q23 FFO per Share - Diluted, As Adjusted, of $2.19, Alexandria Real Estate Equities, Inc. Named One of Most Trustworthy Companies in America by Newsweek. So, hopefully, that gives you just some color on how we're thinking more broadly about it. Joel Joel Marcus Our mission is to create clusters to ignite and accelerate the worlds leading innovators in their pursuit of advancing human health by curing disease and improving nutrition. Please go ahead. When it comes to upcoming lease expirations, you're typically in conversations with tenants a year or multiple years in advance. 1-202-739-9400 National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). As we all know, the rapid rise in interest rates have not only increased investors' cost of capital, but created a lot of uncertainty causing a number of investors to remain on the sidelines. There's some more coming in '24, there's more coming. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. And how much of that is potentially some place where you can sort of tap the brakes like you kind of did this quarter in deference to the current capital raising market, please? Reflecting this, in April, we've collected 100% rent from our preclinical and clinical stage public biotech tenants. This is one of two buildings that were undergoing redevelopment last quarter, one building, aggregating 131,000 rentable square feet is currently 36% pre-leased and undergoing redevelopment. I see what number you're referring to. I think we feel we're in pretty good shape. And then one other question. [3], As of December 31, 2022, the company owned or had investments in 41.7 million square feet of operating properties in addition to properties under construction. Good afternoon, everyone. We continue to refine our plan for 2024 because as I mentioned earlier, the $610 million of pipe, that pipeline does not require much more equity capital at stabilization because we have so much already in CIP, which the incremental EBITDA will allow us to debt fund leverage neutral, the wide majority of the incremental capital for that pipeline. We've got a very low and conservative FFO payout ratio, 55% for the first quarter annualized with 5.3% increases in common stock dividends over the last 12 months. Alexandria is a publicly traded real estate investment trust that builds commercial properties and leases them to life science companies. So we decided to pass on that. Many of the in-process transactions are targeted to close on or about June 30. The availability and price of commodities such as steel, copper, aluminum and concrete, continue to fluctuate due to shortages of raw materials, low yields for mines, high demand from electrification or low capability utilization rates in the mills and fabrication shops due to labor shortages. Transitioning to leasing, our strong brand loyalty, mega campus offerings and operational excellence continue to drive strong leasing numbers in a challenging market. [4] The company has several properties in Kendall Square in Cambridge, Massachusetts, where it has invested over $2.3 billion since its first investment in the neighborhood in 2002. Alexandria Depending on who you ask, demand is at slightly below or slightly above pre-COVID levels. Steven Marcus, 41, the eldest of Joel Marcuss three children, started two companies, London-based RUNLABS UK and Dublin-based RUNLABS Ireland, that plan to house life science firms in Europe. Please go ahead. You asked about the nature of underwriting. All rights reserved. www.vbprofiles.com is now www.topionetworks.com. Yes, it's somewhere around -- I think last quarter, it was somewhere around 27%. Serving growing pharmaceutical and biotech companies, Alexandria reported its highest-ever annual leasing volumein 2021 with 9.5 million square feet. Driven by a voracious appetite for space, Alexandria raised the outlook for funds from operations (FFO) per share growth to 8% for the year. These life science companies are all about trying to cure or retard disease that will help mitigate the whole healthcare burden personally and financially. How challenging is it to disrupt that model? Please, go ahead. We have meaningfully reduced uses of capital for 2023, made excellent progress on dispositions and sales of partial interest, have a conservative FFO payout ratio and a growing dividend and are the go-to brand for life science real estate. We have no peers. For decades, Alexandria has been a leader in building sustainable campuses. It's Peter. Alexandria, which celebrated its 20th anniversary as an NYSE listed REIT in May 2017, is the only publicly traded pure-play office/laboratory REIT. Joel S. Marcus. But that's just one example as a historical data point, Jamie, is -- but if you look back for now, I think this would be the third year that we're into this run rate right at about $100 million, $105 million on average, I think, for the last couple of years. Well, it's all reflected in our guidance. Now rental rate growth on lease renewals, re-lease in this space was increased 1% for both GAAP and cash to a range of 28% to 33% for GAAP and 12% to 17% on cash and occupancy was adjusted 20 basis points to reflect vacancy from 170,000 rentable square foot building located in Texas that is on hold while we lease up the adjacent building under redevelopment that is currently 36% leased. We beat guidance and we raised guidance. Joel S. Marcus, founder of Alexandria Real Estate Equities Inc. Pat Greenhouse/Globe Staff/File/2014/Globe Staff. Marcus says those four components are necessary for life science companies to flourish. I mean what's the maximum you think you could do on that number, on that line item? 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Rooted in its mission to advance human health, improve nutrition and enhance the quality of people's lives, Alexandria partners with leading local and national non-profit organizations, medical research institutions and municipalities to make a tangible positive impact in its clusters and communities. Yeah. Gross unrealized gains in our venture investments as of March 31st were $459 million on a cost basis of $1.2 billion. Right. I'll take that. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Hey, guys. And so we ended up with this kind of standalone asset, which is a really good office asset. Joel And so, a combination of settling in on activity this quarter, as well as our continued outlook for the remainder of the year, so slight improvement overall. To see all exchange delays and terms of use please see Barchart's disclaimer. There's definitely expansion needs.