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joel marcus, alexandria

    joel marcus, alexandria

    He was also a practicing certified public accountant and tax manager with Arthur Young & Co., where he focused on the financing and taxation of REITs. With me today are Peter, Dean, Hallie and Dan. These were individually very significant gains. Next question comes from Jamie Feldman with Wells Fargo. Biotech is also not reliant on venture debt to the same extent as the tech industry. And then as technology developments or take hold that you are informed about. "Their contributions continue to fund the Memorial & Museum's vital exhibitions and programming, such as Revealed: The Hunt for Bin Laden. The next question comes from Anthony Paolone with JPMorgan. Please go ahead. Improving nutrition is a newer goal that were just starting to develop. This demonstration of collective remembrance brings awareness to The Never Forget Fund, launched by the 9/11 Memorial & Museum to ensure the next generation continues to learn the lessons of hope, resilience and unity from that day. [4], In October 2002, the company acquired the headquarters of ZymoGenetics for $52 million in a leaseback transaction. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Good day, and welcome to the Alexandria Real Estate Equities First Quarter 2023 Conference Call. [Operator Instructions] The first question today comes from Steve Sakwa with Evercore. We reported excellent operating and financial results that exceeded consensus with strong core results, and our team is off to a strong start towards a solid growth for 2023. Yes, that's a good example. What was that a function of just market rent growth or just leases you actually signed in 1Q? Today, I'm going to comment on the life science industry following the collapse of Silicon Valley Bank. They generally have good and deep backers, whether it's venture or institutional. Public asset : 49,278,736 USD. As noted in our press release, we were pleased to transfer an 18% interest in our current JV at 15 Necco, which we control and owned 90% prior to the sale. Some private and preclinical clinical stage companies are making do with the space they have today until they can better understand their ability to raise capital on its cost. I guess what I'm trying to just make sure if I'm putting a cap rate on ARE's NOI and getting a value, what from that slide do I need to add to that to kind of capture the totality? That's that we'd be out--. And then, we've also had a few tenants that have come back, as you guys are well aware and have come back to and their lease a little bit early. Thus, the office component cannot be broken out or compared to traditional office, but is an adjacent, highly integrated and critical component of laboratory design and workflows. Focusing on sustainability and philanthropy, Alexandrias corporate responsibility business vertical affirms the companys commitment to making a positive impact on the world. I work specifically on our philanthropy and volunteerism efforts. But that's been filled in by some other new folks coming in that want exposure that are also high-quality institutional investors. 1-202-739-9400 Today, Alexandria, which celebrated its 20th anniversary as an NYSE listed REIT in May 2017, is the only publicly traded pure-play office/laboratory REIT. Alexandria, which celebrated its 20th anniversary as an NYSE listed REIT in May 2017, is the only publicly traded pure-play office/laboratory REIT. There are less tenants actively seeking space in the market today, which we believe is being significantly driven by uncertainty in the economy. We have a lot of agriculture technology (agtech) initiatives coming up in the pipeline, which reflects an evolution in our mission. Mr. Marcus has built Alexandrias unique business model around four business verticals real estate, venture investments, thought leadership, and corporate responsibility. Continued innovation in medicine is an absolute View which stocks are hot on social media with MarketBeat's trending stocks report. We actually have a number of choices still in the market. [6][1], The company's San Diego properties are primarily in Torrey Pines, San Diego, University City, San Diego, and Sorrento Mesa, San Diego. To be clear, in the process of developing novel medicines, there will always be some that fail no matter what the market conditions. SOURCE Alexandria Real Estate Equities, Inc. Cision Distribution 888-776-0942 How has the mission of Alexandria Real Estate Equities evolved since the founding of the company in 1994? So put off a piece of the portfolio makes sense. And then maybe just on that kind of reduction in development spend. WebJoel S. Marcus is the executive chairman and founder of Alexandria Real Estate Equities Inc., an urban office REIT uniquely focused on collaborative life science and technology Diversity is fundamental to our culture. Marcus teaches New Testament with an emphasis on the Gospels and the context of Joel Marcus, who lives in Beverly Hills, Calif., is executive chairman and co-founder of the Pasadena-based firm. Its not hard to do it because were uniquely focused. And to put this in perspective, nearly one out of every $4 of US health care spend is deployed to care for people with diabetes. We were the first group that identified life science real estate as a niche, which could both garner and deploy capital to an important industry, which really had no major infrastructure capital going into it in the early 1990s, Marcus says. Occupancy across Alexandrias portfolio was 94.7% in the first quarter while rent growth was 32.2%. Annual NOI for these deliveries totals $23 million, and the initial stabilized yield is strong at 7.3%. Well, wait a second, the $4.2 million is in rental properties today, it's in operations, Tony. Inspired by the OneFifteen platform, Alexandria is developing a new model in Seattle to combat the home- lessness crisis. We think now is the right time. There are a handful of dominant companies that control the whole global ag effort. And then I guess, Dean, just back to your comment on the $25.8 million of gains you might show. Its undoubtedly a differentiator that has borne fruit.. Our industry is very collaborative, and campuses become very important places for people to go, he notes. And I appreciate the color that you guys have provided thus far on sort of demand and the normalization on that front. Yeah. And do we want in the portfolio or not. Identify stocks that meet your criteria using seven unique stock screeners. What we are seeing is in areas outside of our core submarkets where we don't own product, there are vacant buildings sitting there. That's where Joel Marcus, executive chairman of Alexandria Real Estate Equities Inc., met up with Verily CEO Andrew Conrad. The overarching larger vertical is real estate the infrastructure and collaborative campuses that we build to support entities like life science and ag companies. Some that don't have pre-leasing today are multi-tenant projects anywhere from a building to multiple buildings. Very few people in that industry would not want to be in a cluster; the same is true of the agtech world. I'm going to go and briefly touch on our development pipeline, construction costs, leasing and asset sales and then hand it over to Dean. To foster innovation and collaboration in the nations top life science ecosystems, Alexandria made the crucial decision to pursue its urban cluster campus strategy as the first mover in Mission Bay (2004), New York City (2005), and Cambridge (2006). We just don't want you to double count the square footage as you go towards the future pipeline. Now we've got continued consistency and growth in dividends from really high quality cash flows we generate in our business. What's driving these delays are chip shortages and demand from electrification projects happening all over the world as investors, governments and end users demand improvement in carbon emissions. They're just not going forward with some of them, which is contributing to the reduction in demand. And we've tried to minimize limit our exposure there and transaction that we build to suit was really a bit -- it's in the South San Francisco submarket, but it's a little bit out of there. It's reflective of where we usually start at the beginning of the year. China of course, but many other locations. And then there are transportation and increased energy costs as well. Are you getting any sense that tenants are engaging less on their 2024 expirations or space needs given the large amount of expected deliveries between now and the end? After commenting on construction costs for the past two years, I can still say they remain volatile but are on their way to stabilizing. They're either completed or subject to executed LOIs or purchase and sales agreements, including the new JV partner for our build-to-suit project for UI Lilly. WebAlexandria Executive Chairman and Founder, Joel Marcus, opened the 29th Annual Baron Investment Conference, one of the investment communitys most anticipated and highly (844) 978-6257. Or I'm just trying to piece that all together, so either we're capturing everything or not double-counting something? This quarter, it's closer to 22% overall in the whole portfolio. And that's what our tenants and Alexandria exemplify. Companies also continue to set high bars for continued innovation and product launches. That's why we net down the square footage in that disclosure to $30 million -- roughly $34 million. To that end, therapies such as Mounjaro, save and extend lives and have the potential to significantly drive down the cost of health care more broadly. We encourage everyone to be super entrepreneurial and not think like they work in a structured corporation. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. So, we don't necessarily think that those buildings are competitive to ours. Absolutely. Yeah. Or was it projects that were previously signed and then kind of the lease went away? Its part of our DNA. For Alexandria, these buildings stayed open and operational because its very difficult to do lab work from home.. For example, Alexandria tenant Gilead has laid out an ambitious plan to achieve 20 new drug approvals by 2030, which will entail advancement of their current pipeline, particularly in oncology, supplemented by additional M&A. Alexandria is targeting LEED Zero Energy and Fitwel certifications. We started this whole life science real estate niche with the purpose of helping to solve human diseases. Rich, it's Dean Shigenaga here. 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. Now this was an exceptional rental rate growth, GAAP at the highest in the Company's history, both GAAP and cash rental rate growth higher than the strong rental rate growth for the full year of 2022 and 2021. Entitlements are important. I saw that I guess in the last supplemental, you talked about sort of dealing with 1,000 tenants. They have worked with one or more of our core projects or programs. We are seeing very little that is starting new today. First, occupancy is expected to improve in the back half of the year. So hopefully, that gives you a sense. This is an important distinction in any part of the cycle, but perhaps even more when things have slowed down. So, Hallie? Lionel Messi talks through the most iconic moments of his illustrious career, with journalists, teammates and opponents offering insight and analysis into the goals and games that will define his legacy. Well, it was a fairly low yield. So that's really, I think, where the mindset is. Thanks. Overnight on Wall Street is morning in Europe. You asked about the nature of underwriting. I think that's the area that everybody is really focused on, and we have very limited exposure there. I mean we've always done that, but I think now it just goes to show that they're going to be the haves and the others that have not. We all make deals, but we also make the coffee, so nothing is too small to deal with. Marcus recognized that companies utilizing labs often cluster, so Alexandria pursued locations where clusters were likely to develop, including urban areas near major universities. Each of these tenant relationships started literally decades ago, Marcus says. As a testament to this point, with the week remaining in April, private biotech tenant rent collection is at 99.7%. The legal war between Joel Marcus, 72, and his son may not be over, however. Theyre a giant in a very small industry, which has been really unique for them, and its been a great attraction for investors, says David Rodgers, Baird & Co. Inc.s senior analyst covering office real estate. So, I'm just trying to understand if in some of these future opportunities buckets, if there's some operating assets in those? Mounjaro, which aims to treat obesity in type two diabetes, is predicted to eclipse $50 billion per year globally in revenue. I know people who did diligence and they said they could never look at the Edison machine. Chairman, Chief Executive Officer, and Founder A quarter century after it began life as a garage start-up, Alexandria Real Estate Equities, Inc.s (NYSE: ARE) decision to focus on the niche segment of life science real estate looks sounder than ever as demand for sophisticated lab space across major U.S. markets sits at an all-time high. In addition to biomedical research and STEM education, we also do a lot in our local communities the communities in which we live and work and in which our tenants live and work. [Operator Instructions] [Operator Instructions]. For example, for Prometheus Bio was originally spun out of Cedars-Sinai, which is set to receive nearly $800 million from the recently announced M&A. From dusk to dawn, Alexandria will light up the facades of the East and West Towers at the Alexandria Center for Life Science NYC in "Memorial Blue" to help illuminate the Manhattan skyline, joining numerous organizations across the city in a tribute to the power of the human spirit displayed in the aftermath. Kids dont have computer science classes even through high school its shocking. But I think the bottom line is the simple bottom line. Alexandria Real Estate Equities, Inc. pioneered the life science realestate niche and continues to break new ground in the sector. WebJoel Marcus Senior Partner at Marcus & Pollack LLP - the real estate tax law firm New York, NY. So we're giving away not too much upside by selling part of it, right? Joel S. Marcus. And Dean will go into the metrics, but almost 100% collections, which is -- bodes well for our continued strength and stability of the company. It invests in disruptive life science, agri-food tech, climate innovation, and technology companies. The second is STEM education without the next generation of scientists and computer programmers and engineers, were at a loss to imagine where our innovation industries will go. And I think people would be impressed when we do our second quarter call. Paula Schwartz - IR. The under-construction Moderna Science Center, at 325 Binney Street, will house the mRNA pioneers headquarters and research and development operations. The other projects have activities that are winding down as we speak, meaning capitalization will cease over the next month to a number of months going forward. I think it will get better once there's more certainty in where the terminal rate is going to land and where cost of capital is so people get comfortable in spending their allocations for '23. [12], In July 2018, the company acquired 219 East 42nd Street, the headquarters of Pfizer, for $203 million in a leaseback transaction.[13]. In addition to the $1.5 billion in dispositions and sales of partial interest, New JV capital forecasted for the full year of 2023 will contribute over $300 million towards construction spend this year, including most of the $119 million of contributions from the new partner we just added to our build-to-suit project for Eli Lilly. 20007. [10], In January 2013, the company sold a research facility in Seattle to Trammell Crow Company for $42.6 million. Monitor your investments 24 hours a day, around the clock from around the globe. So, we are able to pick up some improvement to offset those. Alexandria sued Steven Marcus in US District Court in December. Should You Be Too? With its core focus on real estate, Alexandria has a proven track record of developing Class A buildings on urban life science and technology campuses in AAA innovation cluster locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. You see that just everywhere and you certainly see it on more of a normalization of our historical leasing, which has bounced around over the last either five-year benchmark or 10-year. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. With nearly $2 billion in carrying value, Alexandria Venture Investments has been recognized by Silicon Valley Bank as the #1 most active corporate investor in biopharma by new deal volume for five consecutive years and by AgFunder as one of the five most active U.S. agtech investors for the second consecutive year. Now transitioning to the health of our world-class diverse life science tenant base, perhaps the best way to frame the current environment is the old adage in God we trust all else spring data. But maybe the thing to say is companies that are active are pharma -- and I think Peter alluded to this, bigger biotech product and service companies that aren't so much focused on the manufacturing side or the supply side. Or have you seen kind of any institutional interest that you hadn't seen before? Even now, many office buildings in the country are 30% to 40% occupied. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. I mean we look at qualifying activities carefully across all of our projects that are undergoing construction activities and capped interest and shut them down accordingly. I could not have made a better decision as it all proved out. If you go back to my comments in the fourth quarter, I believe I gave similar comments of pre-leasing on space that had just rolled as well. Alexandria Real Estate Equities, Inc. Executive Chairman and Founder Joel Marcus Appointed to Emily Krzyzewski Center Board Alexandria extends its Adding to the difficulty to execute in this environment is the increasing desperation of a number of office building owners, trying to raise cash to stay afloat by offering quality long-term leased assets with credit tenants at 6.5% to 7.5% cap rates. We're also in a position where we know where we are here at the end of April with a lot of good activity on the pipeline. Marcus introduced the companys thought leadership platform in 2011, when he co-founded the renowned Alexandria Summit. Capital is available. [2], The company is named after Alexandria, Egypt because of that city's connection to science.

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