Yes, got it. Thank you for taking my question. Those are all 100% pre-leased projects. This conference call contains forward-looking statements within the meaning of the federal securities laws. This time, you've kind of mentioned $850. This concludes our question-and-answer session. The next question comes from Joshua Dennerlein with Bank of America. And then one other question. Joel Marcus - Executive Chairman and Founder Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief How do you focus Alexandrias corporate responsibility efforts? They were the first to focus on life science real estate and really dedicate the bulk of their business to it. No, that's helpful. Were also big thinkers. Yes. Markets never sleep, and neither does Bloomberg News. Those are the halves who by and large are Alexandria's tenants, which we have underwritten and placed into our world-class asset base, differentiated from the have nots tenant base of others who take on any tenant that can fill space with hope as their underwriting strategy. Yes, it's somewhere around -- I think last quarter, it was somewhere around 27%. Thanks for taking the question. There's definitely expansion needs. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. 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. And altogether for the year, nearly 60 novel medicines have been scheduled for FDA approval review which mirrors 2018's record year of 59 novel FDA approvals. WebJoel Marcus is professor of New Testament and Christian origins at Duke Divinity School. [1], In 1993, one of the partners of Jacobs Engineering Group, Jerry M. Sudarsky, was presented with a Business Plan written by Kendell R. Lang titled BioProperties Management Group, Inc., which was a plan to form a REIT dedicated to funding biotech properties. But I suspect that maybe some of them are not retail. But I think the bottom line is the simple bottom line. The firm has maintained strong financials despite the ongoing economic storm, according to Executive Chairman and Founder Joel Marcus. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. There are a handful of dominant companies that control the whole global ag effort. So hopefully, that gives you a sense. There's some more coming in '24, there's more coming. However, the elements of the cluster model, such as having access to top talent, are attractive to the industry and they do want to be on our campuses. We continue to refine our plan for 2024 because as I mentioned earlier, the $610 million of pipe, that pipeline does not require much more equity capital at stabilization because we have so much already in CIP, which the incremental EBITDA will allow us to debt fund leverage neutral, the wide majority of the incremental capital for that pipeline. Early-stage start-ups work within a very tightened community and many used SVB because that's what everyone else used, not necessarily because there were no other options. I don't think we see demand dropping off a cliff here at all. Briefly on venture investments, realized gains from the venture investments included in FFO averaged about $25.8 million per quarter for the last eight quarters through the end of 2022 in comparison to $20.7 million for the first quarter of 2023. Our range of guidance for EPS is $2.21 to $2.31 and a range for FFO per share diluted as adjusted is $8.91 to $9.01 with no change at the midpoint of $8.96. For additional information on Alexandria, please visit www.are.com. However, Marcus says existing assets will become more valuable as a result. You're right. We have no peers. Concentrating on the fast-growing biotech market in San Diego, Alexandria acquired four buildings. The next question comes from Dylan Burzinski with Green Street. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Transitioning to private venture-backed biotech which makes up 8% of our total ARR, we continue to see a reset of venture deployment to pre-2020, 2021 levels, which while down from peak remains strong by historic standards. Yeah, thanks. Now, the model that they have all adopted is based on our cluster model. 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. And what we saw in 1994 in the embryonic days of the life science industry is multiplied geometrically today, 30 years later, as Steve Jobs said, the 21st century will be the century of the intersection of biology and technology innovation. Thank you for accessing our content on the Topio Networks Market Intelligence Center. Clearly, demand is overall down from the peak of 2020 and 2021. I think one thing to keep in mind is that -- our pipeline is $610 million of incremental net operating income from projects that are highly leased today. Marcus says it takes roughly 25 years for a cluster to mature. Joel S. Marcus, the real estate tycoon credited with helping to turn Cambridge into one of the worlds biggest biotech hubs, has lost a key battle in a legal war against his son. Country of residence : Unknown. But as you think about the ability to flex that going forward, if the transaction market stalls even more, how are you thinking about the flexibility on your end? What happens on these campuses is intertwined with our other three verticals. I think we feel we're in pretty good shape. We have found that technology companies are not collaborative because they dont want other companies taking their technology or poaching their people. Alexandria Real Estate Equities, Inc. (NYSE:ARE) Q1 2023 Results Conference Call April 25, 2023 3:00 PM ETCompany Participants. It's a retail project known as the shops at 10 Fran. 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. Thank you, Paula, and welcome, everybody, to Alexandria's first quarter '23 Earnings Call. 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. Now we've got continued consistency and growth in dividends from really high quality cash flows we generate in our business. Joel S. Marcus. Yes. Thank you, and good afternoon, everyone. Rich, it's Dean Shigenaga here. Both facilities will provide many amenities and be highly sustainable, high-performance buildings. It is just uncanny that people are still trying to put new products into the queue in a market that has a lot of vacancy. And how much of that is potentially some place where you can sort of tap the brakes like you kind of did this quarter in deference to the current capital raising market, please? They asked Marcus, then 47, to lead the company. There is a great need to step up funding for agriculture in the U.S. Alexandrias culture, even at its size and scale, remains entrepreneurial and nimble. WebJoel Marcus. So you might think about an adjustment of cap rates maybe over this transition transitioning economic time of maybe 100 basis points. There are 330,000 open construction jobs today and the time it takes to train the new entrants to be highly skilled as measured in years. Language links are at the top of the page across from the title. 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. We dont even give it a second thought its part of our culture and DNA. 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. Please go ahead, Joel. 2023 Berkley Center for Religion, Peace & World Affairs, The Culture of Encounter and the Global Agenda, Politicization of Religion in Global Perspective, Religion and the Crisis of Displaced Persons, Revitalizing Global Religious and Interfaith Networks, Transatlantic Policy Network on Religion and Diplomacy, Intercultural and Interreligious Dialogue. from 8 AM - 9 PM ET. Since its founding, Alexandria has been committed to making a positiveimpact on the health, safety, and well-being of its tenants, stockhold-ers, employees, and communities. I mean, for example, we turned down a lease with Sorrento Therapeutics down in San Diego some years ago, because we -- it was kind of like Elizabeth well, Theranos, forget her last name, but Elizabeth Holmes. And first of all, I want to send a big thank you to our entire ARE family team for an operationally and financially strong first quarter in a tough -- continuing tough macro environment. But directly on transportation, we felt was a huge competitive advantage in landed a world-class tenant to 100% occupy that development. [Operator Instructions] [Operator Instructions]. The S&P 500 investment-grade rated REIT boasts an asset base of approximately 74 million square feet. 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. Public asset : 49,278,736 USD. Cost of materials and supply chain volatility were the initial drivers of construction inflation, but now the primary driver is labor with a triple whammy of wage increases, shortage of workers and the inefficiency of the remaining labor force due to the retirement of older, more skilled labor. This is very similar to last quarter, but in response to the uncertainty and volatility in the markets, we have made a strategic decision to reduce 2023 construction spend by $250 million by pausing or delaying projects that had been classified as under construction, so we can focus our capital on the most strategic projects that have the most attractive terms, enabling our highly bedded and vast tenant base. [10], In January 2013, the company sold a research facility in Seattle to Trammell Crow Company for $42.6 million. We beat guidance and we raised guidance. That's why we net down the square footage in that disclosure to $30 million -- roughly $34 million. We think now is the right time. The upside for us is that 84% of our costs for our active development and redevelopment projects are under GMP or other fixed contracts with contingencies behind that. Those are the areas we focus on, but we impact those areas in a variety of ways and we try to engage our team members throughout the company. Nareits REITworks, taking place June 28-29 in Las Vegas, is the premier ESG meeting for REIT and CRE professionalsoffering educational sessions, dynamic speakers, and engaging roundtable discussions on the latest ESG trends in the industry. So, I think that's one example, yes. As you can imagine, the cost of this equipment is reflective of these shortages and paired with high labor cost is making new laboratory office projects more expensive to build than ever before. Yes. At that point in time, the U.S. was Bringing these elements together creates thriving centers that incorporate our cluster model, which guides how we select our real estate hubs, and build collaborative, sustainable campuses that enable scientific and technological breakthroughs to benefit humankind. Theres a competitive need for biotech companies to be in many of these major markets, Ismail says. If you want to tie that to the supplemental, the $66 million price for the 18%.

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