Alexandria Real Estate Equities, Inc. announced the closing of its previously announced underwritten public offering of 6,900,000 shares of the Company’s common stock at a public offering price of $164.00 per share, including the 900,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares of the Company’s common stock. 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 and RBC Capital Markets acted as joint book-running managers for the offering. BTIG, Mizuho Securities, Scotiabank, SMBC Nikko, Barclays, BNP PARIBAS and Truist Securities acted as book running managers for the offering. Baird, Evercore ISI, JMP Securities, LLC, BBVA, Capital One Securities, Fifth Third Securities, PNC Capital Markets LLC, Regions Securities LLC, TD 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, including 401 Park Drive, 201 Brookline Avenue and a related future development opportunity in the heart of the Company’s Greater Boston life science cluster market, 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.
CONTACT: Sara Kabakoff, Vice President – Corporate Communications, (626) 788-5578, firstname.lastname@example.org