Alexandria Real Estate Equities, Inc. 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 $184.00 per share. In connection with the offering, the Company entered into forward sale agreements, between the Company and each of Royal Bank of Canada, Bank of America, N.A., Citibank, N.A., Goldman Sachs & Co. LLC and JPMorgan Chase Bank, N.A. (together, the “forward purchasers”).
RBC Capital Markets, BofA Securities, Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, BTIG, Evercore ISI, Mizuho Securities, Scotiabank, SMBC Nikko, TD Securities, PNC Capital Markets LLC and Regions Securities LLC acted as joint book running managers for the offering. Barclays, BNP PARIBAS, Capital One Securities, Fifth Third Securities, 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 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.
CONTACT: Sara Kabakoff, Vice President – Communications, (626) 788-5578, email@example.com