Alexandria Real Estate Equities, Inc. 10-Q Filing

Ticker: ARE · Form: 10-Q · Filed: Oct 21, 2024 · CIK: 1035443

Alexandria Real Estate Equities, Inc. 10-Q Filing Summary
FieldDetail
CompanyAlexandria Real Estate Equities, Inc. (ARE)
Form Type10-Q
Filed DateOct 21, 2024
Pages14
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Alexandria Real Estate Equities, Inc. (ticker: ARE) to the SEC on Oct 21, 2024.

What are the key financial figures in this filing?

Key dollar amounts include: $0.01 (nge on which registered Common Stock, $0.01 par value per share ARE New York St).

How long is this filing?

Alexandria Real Estate Equities, Inc.'s 10-Q filing is 14 pages with approximately 4,164 words. Estimated reading time is 17 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,164 words · 17 min read · ~14 pages · Grade level 17.3 · Accepted 2024-10-21 16:06:27

Key Financial Figures

  • $0.01 — nge on which registered Common Stock, $0.01 par value per share ARE New York St

Filing Documents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 .................................................. 1 Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2024 and 2023 : Consolidated Statements of Operations ................................................................................................................... 2 Consolidated Statements of Comprehensive Income ............................................................................................ 3 Consolidated Statements of Changes in Stockholders' Equity and Noncontrolling Interests .......................... 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 ................... 8 Notes to Consolidated Financial Statements .................................................................................................................... 10 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ........................................................................................................................................................................ 44 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ......................................................... 113 Item 4. CONTROLS AND PROCEDURES ..................................................................................................................................... 114

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. LEGAL PROCEEDINGS ...................................................................................................................................................... 115 Item 1A. RISK FACTORS .................................................................................................................................................................... 115 Item 5. OTHER INFORMATION ....................................................................................................................................................... 116 Item 6. EXHIBITS ............................................................................................................................................................................... 117 SIGNATURES ................................................................................................................................................................................................. 118 ii GLOSSARY The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below: ASU Accounting Standards Update ATM At the Market CIP Construction in Progress EPS Earnings per Share FASB Financial Accounting Standards Board FFO Funds From Operations GAAP U.S. Generally Accepted Accounting Principles IRS Internal Revenue Service JV Joint Venture Nareit National Association of Real Estate Investment Trusts NAV Net Asset Value NYSE New York Stock Exchange REIT Real Estate Investment Trust RSF Rentable Square Feet/Foot SEC Securities and Exchange Commission SF Square Feet/Foot SoDo South of Downtown submarket of Seattle SOFR Secured Overnight Financing Rate SoMa South of Market submarket of the San Francisco Bay Area U.S. United States VIE Variable Interest Entity 1

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Alexandria Real Estate Equities, Inc. Consolidated Balance Sheets (In thousands) September 30, 2024 December 31, 2023 (Unaudited) Assets Investments in real estate $ 32,951,777 $ 31,633,511 Investments in unconsolidated real estate joint ventures 40,170 37,780 Cash and cash equivalents 562,606 618,190 Restricted cash 17,031 42,581 Tenant receivables 6,980 8,211 Deferred rent 1,216,176 1,050,319 Deferred leasing costs 516,872 509,398 Investments 1,519,327 1,449,518 Other assets 1,657,189 1,421,894 Total assets $ 38,488,128 $ 36,771,402 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ 145,000 $ 119,662 Unsecured senior notes payable 12,092,012 11,096,028 Unsecured senior line of credit and commercial paper 454,589 99,952 Accounts payable, accrued expenses, and other liabilities 2,865,886 2,610,943 Dividends payable 227,191 221,824 Total liabilities 15,784,678 14,148,409 Commitments and contingencies Redeemable noncontrolling interests 16,510 16,480 Alexandria Real Estate Equities, Inc.'s stockholders' equity: Common stock 1,722 1,719 Additional paid-in capital 18,238,438 18,485,352 Accumulated other comprehensive loss ( 22,529 ) ( 15,896 ) Alexandria Real Estate Equities, Inc.'s stockholders' equity 18,217,631 18,471,175 Noncontrolling interests 4,469,309 4,135,338 Total equity 22,686,940 22,606,513 Total liabilities, noncontrolling interests, and equity $ 38,488,128 $ 36,771,402 The accompanying notes are an integral part of these consolidated financial statements. 2 Alexandria Real Estate Equities, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Income from rentals $ 775,74

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. ORGANIZATION AND BASIS OF PRESENTATION Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 life science REIT, is the pioneer of the life science real estate niche since its founding in 1994. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative mega campuses in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2024 , Alexandria has a total market capitalization of $ 33.1 billion and an asset base in North America that includes 41.8 million RSF of operating properties , 5.3 million RSF of Class A/A+ properties undergoing construction, and one committed near-term project expected to commence construction in the next two years . As used in this quarterly report on Form 10-Q, references to the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated. We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC. In our opinion, these interim consolidated financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 . These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial stat

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