PASADENA, Calif., Jan. 7, 2022 /PRNewswire/ -- Alexandria Real
Estate Equities, Inc. ("Alexandria" or the "Company") (NYSE: ARE)
today announced the closing of its previously announced
underwritten public offering of 7,000,000 shares of the
Company's common stock at a public offering price of $210.00 per share. In connection with the
offering, the Company entered into forward sale agreements, 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").
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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SOURCE Alexandria Real Estate Equities, Inc.