Click here to download a PDF of An Interview with Joel S. Marcus, Executive Chairman and Founder, Alexandria Real Estate Equities, Inc. and Alexandria Venture Investments, See other features from LEADERS Magazine's April, May, June 2019 edition. They generally have good and deep backers, whether it's venture or institutional. Next, transitioning to academic and institutional tenants, which constitute 12% of our ARR, it's an opportunity to remember that the life science industry's cornerstone is innovation, which is not slowing. And that's kind of the critical message. So, I don't know if that's a helpful way to characterize it, Jamie. Is it difficult to make long-term investments with the short-term, quarter-to-quarter pressure for results? 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. The legal war between Joel Marcus, 72, and his son may not be over, however. Additionally, he is a member of the MIT Corporation Visiting Committee for the Department of Biology. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Alexandria Real Estate Equities, Inc. (ARE) Q1 2023 Earnings Tony, it's Dean here. So we've, I think, done an extraordinary job of managing rent collections and monitoring all of our tenants in a way that I don't think anyone else could even imagine. The next question comes from Michael Carroll with RBC Capital Markets. Of course, this is also not work that can be done from home. And let me maybe put a footnote on that, Steve. We are constantly in communication with the regions about their upcoming renewals in a year to two years, even three years ahead at times, our -- what's the status of the Company and are they expanding? We all make deals, but we also make the coffee, so nothing is too small to deal with. Yeah. And then Peter, sticking with you, appreciated your comments on availability rates when including 2023 and 2024 deliveries. 20007. Marcus was one of the original architects and co-founders of Accelerator Life Science Partners, for which he serves on the board of directors. That being said, Alexandria is eyeing Texas as the next emerging market, where the REIT is in the process of a series of transactions, although Marcus says he cannot comment further. It invests in disruptive life science, agri-food tech, climate innovation, and technology companies. I just had my 25th anniversary with the Company, In addition to that milestone reminding me of how fast time moves by brought about a nostalgic look back at my time at Alexandria. But Peter, any comments? And then just one -- second question, maybe a bit of detail. Alexandria hopes OneFifteen will encourage similar projects around the country. And I think as we think about different assets, we're trying to make sure that we're more focused on the highest barrier to entry markets rather than less. We have found that technology companies are not collaborative because they dont want other companies taking their technology or poaching their people. The following interview has been condensed and edited for clarity. The firm has maintained strong financials despite the ongoing economic storm, according to Executive Chairman and Founder Joel Marcus. They asked Marcus, then 47, to lead the company. Now transitioning to the health of our world-class diverse life science tenant base, perhaps the best way to frame the current environment is the old adage in God we trust all else spring data. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Alexandria The construction spend, plus or minus will play out like a normal curve for spend over that pipeline, roughly two years from the start of new projects, the active pipelines part way through that already. Peter, can you talk a little bit about the supply comments that you're making in your remarks. Washington, Kids dont have computer science classes even through high school its shocking. Certainly, there are -- there have been -- there has been spec building, especially in Boston. With that, I'm going to hand it over to Dean. On lease sublease space is at 3.9% and unleased directly competitive with our AAA locations and building quality to be 1.5% to be delivered in 2023 and 5.1% to be delivered in 2024, a 1.3% total increase in availability from last quarter. Starting with pharma, which makes up 18% of our ARR, this segment continues to operate from a position of strength with strong balance sheet and significant free cash flows, pharma is less sensitive to rising rates. Clearly, demand is overall down from the peak of 2020 and 2021. On the supply side, we track high quality projects, we believe, are competitive to ours in the high barrier-to-entry submarkets. That's a lot of product. Joe, look, I can appreciate that you still haven't closed a lot of these deals, but I think the market would certainly appreciate just any range of commentary you could provide on how to think about cap rates? There's definitely expansion needs. Now this represents a strong 6.4% growth in FFO per share for 2023 following excellent growth last year of 8.5%. In addition to exploring potential new geographic markets, Alexandria is also staying on top of innovations in the life science industry through Alexandria Venture Investments, a venture capital platform Marcus created in 1996 that invests directly in the companies it serves. And now, I'd like to turn the call over to Joel Marcus, Executive Chairman and Founder. This time, you've kind of mentioned $850. Meanwhile, both labor and material costs have increased, Marcus says, but the biggest wildcard has been the supply chains throughout the world. 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. And I appreciate the color that you guys have provided thus far on sort of demand and the normalization on that front. All of these efforts support our mission, and theyre core to the culture here and to all the employees everyday experience as an Alexandria team member. Over 80% of that demand comes from our existing 1,000 tenants. We think now is the right time. Its undoubtedly a differentiator that has borne fruit.. This is Hallie Kuhn, Senior Vice President of Science and Technology and Capital Markets. Export data to Excel for your own analysis. Yeah. And that's kind of the general outlook other than having a slightly lower number for the first quarter. Joel S. Marcus: Chief Executive Officer & Director: Lynne Zydowsky: Chief Science Officer: Hallie Kuhn: Vice President-Science & Technology: More about the company. WebJoel S. Marcus Executive Chairman & Founder Alexandria Real Estate Equities, Inc./Alexandria Venture Investments Joel S. Marcus is the Executive Chairman and Founder of Alexandria Real Estate Equities, Inc. (NYSE:ARE), an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA Please go ahead. The health of ARE's best-in-class life science tenant base and innovation is a long-term driver of life science industry growth. Marcus followed Harvard Business Professor Michael Porterstheory of cluster development and began operating under an urban cluster model, where a world-class location, technology and innovation, a talent pool of scientists and professional managers, and ample risk capital all merged. Hey, guys. Plus after having been in real estate for about eight years at that point, I could see a tremendous value in offering mission-critical facilities over commodity product. And so we ended up with this kind of standalone asset, which is a really good office asset. Just some new recent starts and one, large one in particular in South San Francisco, you made up most of that change. I think that gives a sense of how were viewing this year, Marcus says. Reflecting this, in April, we've collected 100% rent from our preclinical and clinical stage public biotech tenants. And just one last question, Dean, do you have like an overall mark-to-market on kind of what you think the portfolio kind of lost the leases on the overall assets today? Alexandria Reports Higher Revenues But Pauses Some Projects The life sciences REIT raised rents 48 percent the highest quarterly rate growth in company Please go ahead. RUNLABS plans to provide offices and shared laboratory space to life science firms and is starting in Europe with a 150,000-square-foot building that Steven Marcus hopes to open in Paris next year. At $47.5 billion, the NIH's 2023 budget is a 21% increase over 2019. Theyre embracing it, but theyre not very good at it yet. And then I guess, Dean, just back to your comment on the $25.8 million of gains you might show. Were almost a $20-billion market cap company, which is hard to imagine since we started with $19 million. The company also continues to leverage its leadership, knowledge, expertise and resources to develop and implement long-term, scalable solutions to the most pressing societal issues. That encompasses everything from school supplies for kids in a local underserved school to homeless shelters. Thank you for taking my question. And it's -- we're hearing that there's no tours, there's no activity. 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. I think the way we're trying to think about it is to -- I mean, we have a very significant position in the Greater Boston market, 14 million, 15 million square feet.
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