PASADENA, Calif., Sept. 30, 2019 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) ("Alexandria" or the "Company") today announced that it has elected to cause the mandatory conversion of all 2,298,432 issued and outstanding shares of its 7.00% Series D Cumulative Convertible Preferred Stock (NYSE: ARE/PD) (CUSIP 015271 505) (the "Series D Preferred Stock") into shares of its Common Stock, par value $0.01 per share, pursuant to Section 6 of the Company's Articles Supplementary relating to the Series D Preferred Stock (the "Articles Supplementary"). The effective date of the conversion of the Series D Preferred Stock will be October 7, 2019 (the "Effective Date").
As previously announced, the $0.4375 per-share dividend on the Series D Preferred Stock for the third quarter of 2019 will be paid separately on October 15, 2019, to holders of record of the Series D Preferred Stock on September 30, 2019. Any dividends on the Series D Preferred Stock will cease to accrue as of the Effective Date (and no dividends on such converted shares shall be payable except as provided in the terms of the Articles Supplementary and as described in the immediately preceding sentence).
The Series D Preferred Stock will be converted at the conversion rate of 0.2513 shares of Common Stock for each share of Series D Preferred Stock, which is equivalent to a conversion price of approximately $99.48 per share. In accordance with the Articles Supplementary, we will not issue fractional shares of Common Stock upon the conversion of shares of Series D Preferred Stock. Instead, holders will receive the cash value of any such fractional share based upon the closing price of the Common Stock on the trading day immediately preceding the Effective Date.
The Common Stock and the Series D Preferred Stock are listed on the New York Stock Exchange (the "NYSE") under the symbols "ARE" and "ARE/PD," respectively. Upon the effectiveness of the conversion, the Series D Preferred Stock will be canceled and will be delisted and cease trading on the NYSE.
Questions regarding the conversion of the Series D Preferred Stock should be directed to the conversion agent, American Stock Transfer & Trust Company, LLC at 6201 15th Avenue, Brooklyn, New York 11219 or by telephone at 877-248-6417 or 718-921-8317.
About Alexandria Real Estate Equities, Inc.
Alexandria, an S&P 500® urban office real estate investment trust, is the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by the Company's forward-looking statements as a result of a variety of factors. All forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.
CONTACT: Sara Kabakoff, AVP – Corporate Communications, Alexandria Real Estate Equities, Inc., (626) 788-5578, [email protected]
SOURCE Alexandria Real Estate Equities, Inc.