Alexandria Real Estate Equities, Inc. Reaches Historic High YTD 3Q15 Leasing of Approximately 4.0 Million RSF
Alexandria's Strong Leasing Continues from Demand for Class A Facilities from High-Quality and Innovative Companies
PASADENA, Calif., Oct. 26, 2015 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the largest and leading office REIT uniquely focused on collaborative science and technology campuses in AAA urban innovation cluster locations, announced today that its leasing activity for the nine months ended September 30, 2015, aggregating approximately 4.0 million rentable square feet (including over 1.0 million rentable square feet for the three months ended September 30, 2015), is the highest nine-month leasing volume in the company's 20-year history. The very strong demand for space at Alexandria's unique science and technology campuses reflects the need and growing interest of client tenants to collaborate and translate breakthrough discoveries into high-impact, cost-effective products that save lives, manage disease, and reduce the economic burden of disease on society.
Joel Marcus, Chairman, Chief Executive Officer, and Founder of Alexandria Real Estate Equities, Inc. said, "Alexandria's historic leasing accomplishment demonstrates the significant demand for our urban innovation cluster campuses from high-quality and innovative companies. These highly desirable locations, complemented by cutting-edge amenities, collaborative spaces, and unique services, provide dynamic and engaging environments in which our client tenants can successfully and efficiently drive innovation and results. Investment-grade-rated client tenants support 53% of our total annualized base rent, and Class A assets in AAA locations generated 75% of our total annualized base rent as of September 30, 2015. Additionally, occupancy of operating properties in North America was solid at 96.2% as of September 30, 2015, and above our average occupancy of operating properties in North America as of December 31 for the last 10 years, of approximately 95%. Congratulations to the entire Alexandria team for reaching such a significant leasing milestone in the company's history."
About Alexandria Real Estate Equities, Inc. (NYSE:ARE)
Alexandria Real Estate Equities, Inc. is the largest and leading office REIT uniquely focused on collaborative science and technology campuses in AAA urban innovation clusters, with a total market capitalization of $10.7 billion as of June 30, 2015, and an asset base of 31.1 million square feet, including 18.8 million rentable square feet of operating properties and development projects under construction, as well as an additional 12.3 million square feet of near-term and future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park. Alexandria is known for its high-quality and diverse client tenant base, with approximately 53% of total annualized base rent as of June 30, 2015, generated from investment-grade-rated client tenants – a REIT industry-leading percentage. Alexandria has a long-standing and proven track record of developing Class A assets clustered in urban science and technology campuses that provide its innovative client tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success.
For more information, please visit www.are.com.
SOURCE Alexandria Real Estate Equities, Inc.
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