I mean what's the maximum you think you could do on that number, on that line item? I think the big takeaway though is, look, you know that we do a really good job at selecting really high-quality locations in the core of the Life Science Cluster markets. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Rooted in its mission to advance human health, improve nutrition and enhance the quality of people's lives, Alexandria partners with leading local and national non-profit organizations, medical research institutions and municipalities to make a tangible positive impact in its clusters and communities. And then, Joel, and maybe you and Hallie could just comment. 90% of our top 20 tenants are investment-grade rated or large-cap publicly traded companies and we highlighted continued strength of timely payments of rent from client tenants at 99.9% of rent that was due in the first quarter really reflects the strength of our high-quality client tenants, important tenant relationships and the high-quality underwriting from our research team. Entitlements are important. And then clearly, biotechs that whether they be public or private that have got good data coming, I think that's where you see it, but I'm not sure we could give you a numerical characterization of that. There are 2 older and 29 younger Nareit and its REESA partners continue to advance adoption of the REIT model worldwide. Now this represents a strong 6.4% growth in FFO per share for 2023 following excellent growth last year of 8.5%. And I think we see in Maryland, it's still pretty good. This time, you've kind of mentioned $850. This was a great outcome for Alexandria as we were able to partner with a world-class investor to monetize the value creation and secure the capital for the remaining spend in an accretive manner, while retaining control of the asset and all management fees. So that's maybe a way to frame it, but I think you'll be pretty impressed. And then Peter, sticking with you, appreciated your comments on availability rates when including 2023 and 2024 deliveries. So, I would say that there's a nice amount of pent-up demand building and I would say a couple of years from now that, that's definitely going to be in the market if not sooner. But this is baked into our mall. Yeah. I work specifically on our philanthropy and volunteerism efforts. Alexandria hopes OneFifteen will encourage similar projects around the country. And we're mindful of your question, but we have so much coming online and that we have completed in recent years. Yeah, Rich, it's Dean here. Theyre certainly not overcommitted in any way, and they have several great projects going forward. We want to make sure you get the most out of our platform. And then just on the transaction market, I know you touched on cap rates, maybe up about 100 basis points in each asset, very different, though. Marcus also serves on the boards of Applied Therapeutics Inc., Boragen Inc., Frequency Therapeutics, Intra-Cellular Therapies, Inc., MeiraGTx Holdings plc, and Yumanity Therapeutics; the Foundation for the National Institutes of Health (FNIH), MassBio, and Scripps Research; and the Emily Krzyzewski Center, the National September 11 Memorial & Museum, the Navy SEAL Foundation, the Partnership for New York City, and Robin Hood. We chose not to win the Britannia assets came for sale quite a number of years ago and in those days, HCP bought that, I think, almost $3 billion, we valued at about $1.7 billion. And rumor sometimes when you're dealing with public companies, you have to -- sometimes we have confidentiality agreements, sometimes we don't. But from an NOI perspective, if that's your fundamental question, the future pipeline doesn't have any significant NOI being generated at the moment. 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. Since life science demand exploded, new developers and property owners want a piece of the action. Despite these challenges, the demand for high-quality life science assets which is vastly different from office assets continued in the quarter. Is there any something about that building that didn't like or that was more particularly attractive to certain investors, I guess, why that property? These were individually very significant gains. Read More E. Rene Salas, CPA Even worse is the availability of large transformers provided by the utility companies, which can take as long as three years now to get. Mr. Marcus also founded and continues to lead Alexandria Venture Investments, the companys strategic venture capital platform. [4], In 1997, it became a public company via an initial public offering, raising $155 million. of societys most pressing issues including harnessing the agri-food ecosystem to combat hunger, addressing the mental health crisis, and accelerating groundbreaking medical research. During that time, he acquired an expertise in the biopharmaceutical industry and was one of the principal architects of the Kirin-Amgen EPO joint venture in 1984. Thank you, and good afternoon, everyone. I spend a lot of time as a board member of mission-critical social responsibility organizations, and one of the most important things each of us can do is to participate in a number of ways with such things. We just have a more -- much more hands-on work approach with clients. It's Peter. I dont like a view that is focused on pure quotas. The tech sector tends to be more interested in disrupting businesses, but they also focus on enhancing the way people live and work. So operator, can we go to questions, please? So, hopefully, that gives you just some color on how we're thinking more broadly about it. Understood. Yes. The company leased 4.1 million square feet during the fourth quarter alone. There are less tenants actively seeking space in the market today, which we believe is being significantly driven by uncertainty in the economy. We will provide values and cap rates quarter-to-quarter as we close transactions since we're unable to do so sooner while transactions are in process. Companies also continue to set high bars for continued innovation and product launches. Continued strength in same-property NOI growth of 3.7%, 9% on a cash basis and really reflects the benefit of strong rental rate growth on leasing in recent quarters, contractual annual escalations in rent and the burn-off of some free rent. But I think the bottom line is the simple bottom line. ", "I am deeply honored and incredibly moved to receive this honor from the 9/11 Memorial & Museum, especially as we commemorate the 20th anniversary of the 9/11 attacks," said Mr. Marcus. And that's what our tenants and Alexandria exemplify. Jonathan Saltzman can be reached at jsaltzman@globe.com, #ada-button-frame { This page highlights square footage of our operating, but most importantly, the different categories of our pipeline, everything from construction to the future. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. And I think in a tougher macro environment, it's kind of thought to prune and rightsize you see what we've done last year would be a good example of -- we sold a set of really good high-quality workhorse assets, but we felt in locations that were not necessarily high barrier to entry markets, but good economics for buyers as well and good economics for us. And I think that's probably the best example I could maybe share Peter, but you could give you color. And then maybe just on that kind of reduction in development spend. So, I think that's one example, yes. So these inefficiencies will be with us for a while. We focus primarily on high barrier-to-entry markets where supply is inherently limited. [6][1], The company's San Diego properties are primarily in Torrey Pines, San Diego, University City, San Diego, and Sorrento Mesa, San Diego. We decided to hold on further redevelopment of the second building, aggregating 71,000 rentable square feet until we lease up the remainder of the 131,000 rentable square foot building. Now turning to outstanding financial and operating results, we had really strong growth of $342.9 million or up 13.9% in total revenues for the first quarter annualized in comparison to the first quarter of 2022. Site work shrinks the time to deliver buildings to a tenant, which -- if you looked at us two years ago, we said, let's move that along. The company outperformed its expectations for 2021 and is reporting a robust 2022. He says he came up with the Alexandria name and logo as an undergraduate student at the University of Pennsylvanias Wharton School and that they belong to him. So information comes in different ways in different fashions. And let me maybe put a footnote on that, Steve. Staying on the topic of innovation, a few final data points to orient the growth of the life science industry beyond the next few quarters but to the decades to come. WebJoel S. Marcus, J.D., CPA Executive Chairman & Founder, Alexandria Real Estate Equities (NYSE: ARE)/Alexandria Venture Investments Read More Rory B. Riggs, MBA Co-Founder and Director, Royalty Pharma; Founder and CEO, Syntax LLC, Locus Analytics; Managing Member, Scientia Ventures. Will you highlight Alexandrias commitment to building a diverse workforce? I would like to turn the conference back over to Joel Marcus for any closing remarks. For Alexandria, these buildings stayed open and operational because its very difficult to do lab work from home.. Transitioning to leasing, our strong brand loyalty, mega campus offerings and operational excellence continue to drive strong leasing numbers in a challenging market. Alexandria has filed another claim against Steven Marcus in a California state court. Last October, life sciences developer Alexandria Real Estate Equities infamously pulled out of a partnership with industrial giant Prologis to develop a 600,000 Yes. They're just not going forward with some of them, which is contributing to the reduction in demand. Its first quarter revenue rose 28.2%, from the year earlier, to $615.1 million. But a judge dismissed the complaint last month. And so, we're reasonably comfortable with our outlook into 2023 and we'll obviously provide an update as we go quarter-to-quarter, but a bulk of what we have under executed LOI or PSA agreements today is sliding to close here fairly soon, plus or minus mid-year. Right, right. This is such a natural part of what we do we think of it every day; it is not something we strain to do.
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joel marcus, alexandria