Alexandria Real Estate Equities, Inc. Reports Minimal Disruption in New York City from Hurricane Sandy
PASADENA, Calif., Nov. 2, 2012 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) has issued the following statement regarding the Alexandria Center™ for Life Science – New York City:
Initial assessments have identified minimal damage, with no damage to the building or structure caused by the storm. While there has been some flooding in the underground parking area, the company is still assessing the impact.
We have been able to maintain full operations, engineering and security teams in place at all times through the storm and its aftermath. Despite the fact that large swaths of Manhattan are still without power, all back-up generators to support critical research space and life safety are performing as designed, and have sufficient fuel and access to fuel to continue running indefinitely.
"The Alexandria team has met the challenge head-on, and strong preparation and systems planning resulted in superior performance," noted Joel S. Marcus, Chairman, Chief Executive Officer and Founder of Alexandria Real Estate Equities, Inc.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), a self-administered and self-managed real estate investment trust (REIT), is the largest and leading investment-grade REIT focused principally on owning, operating, redeveloping, developing, and acquiring high-quality, sustainable real estate for the broad and diverse life science industry. Founded in 1994, Alexandria was the first REIT to identify and pursue the laboratory niche and has since had the first-mover advantage in every core life science cluster location including Greater Boston, San Francisco Bay, San Diego, New York City, Seattle, Suburban Washington, D.C., and Research Triangle Park. Alexandria's high-credit client tenants span the life science industry, including renowned academic and medical institutions, multinational pharmaceutical companies, public and private biotechnology entities, U.S. government research agencies, medical device companies, clean technology companies, venture capitalists, and life science product and service companies. As the recognized real estate partner of the life science industry, Alexandria has a superior track record in driving client tenant productivity and innovation through its best-in-class laboratory and office space, collaborative locations adjacent to leading academic and medical institutions, unparalleled life science real estate expertise and services, and longstanding and expansive network in the life science community, which we believe result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information, please visit www.are.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange Commission.
SOURCE Alexandria Real Estate Equities, Inc.