joel marcus, alexandria

The pandemic helped supercharge a demand story that existed pre-COVID. It also highlighted the resiliency in terms of the essentialness of the underlying real estate, he says. 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. Hi. Joel Marcus Net Worth (2023) | wallmine Alexandria, which celebrated its 20th anniversary as an NYSE listed REIT in May 2017, is the only publicly traded pure-play office/laboratory REIT. Executive Chairman and Founder, Joel Marcus - Executive Chairman and Founder Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief So, we've got good activity. Rich, it's Dean Shigenaga here. Please find specific details in the tabs below. Alexandria paid $81 million to buy a 600,000 square-foot property at 421 Park Drive in the Fenway neighborhood of Boston for a mixed-use Landmark Center redevelopment project. And so, we're reasonably comfortable with our outlook into 2023 and we'll obviously provide an update as we go quarter-to-quarter, but a bulk of what we have under executed LOI or PSA agreements today is sliding to close here fairly soon, plus or minus mid-year. We haven't broken out that number for '24 to spend just related to that, but that's not -- within that bucket now we've slimmed down the focus of what is continuing to generate the $610 million of NOI. display: none; WebJoel S. Marcus has served as a member of our Board of Directors since January 2017. They come to us directly as we are a trusted partner with a long successful track record of developing and operating mission-critical facilities. Were building in Seattle, San Francisco, San Diego, Boston, Maryland, and North Carolina. Yes. Now turning to guidance. But I think it's fair to say if you look at our pipeline, which is pretty highly leased, I think we have a reasonably high level of confidence that we can fully lease those projects. Marcus recognized that companies utilizing labs often cluster, so Alexandria pursued locations where clusters were likely to develop, including urban areas near major universities. So, we are able to pick up some improvement to offset those. The book value would only have it to the extent it's not related to the operating component, Tony? Given that the receipt of cash flow is over a year away, it's difficult to translate the valuation to an operating cap rate. Marcus holds a B.A. And I think people would be impressed when we do our second quarter call. Thanks for taking the question. Beginning with SVB, there remains some misperceptions on the long-term impact of its collapse on the life science industry. Pasadena REIT Buys Raytheon Campus Outside Boston - The I think, as I mentioned on the call earlier, we're mindful of the macro environment. Good afternoon, everyone. However, Marcus says existing assets will become more valuable as a result. He says he came up with the Alexandria name and logo as an undergraduate student at the University of Pennsylvanias Wharton School and that they belong to him. On the supply side, we track high quality projects, we believe, are competitive to ours in the high barrier-to-entry submarkets. Joel Marcus - Berkley Center for Religion, Peace, and World Affairs With nearly $2 billion in carrying value, Alexandria Venture Investments has been recognized by Silicon Valley Bank as the #1 most active corporate investor in biopharma by new deal volume for five consecutive years and by AgFunder as one of the five most active U.S. agtech investors for the second consecutive year. [8], In 2007, the company began development of the West Tower of the MaRS Discovery District in Toronto. After serious contemplation, I decided that, if I was going to make it different in the world, this was a heck of an opportunity to do it. This is such a natural part of what we do we think of it every day; it is not something we strain to do. For additional information on Alexandria, please visit www.are.com. 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. You see that just everywhere and you certainly see it on more of a normalization of our historical leasing, which has bounced around over the last either five-year benchmark or 10-year. Alexandria Real Estate Equities - Wikipedia So you might think about an adjustment of cap rates maybe over this transition transitioning economic time of maybe 100 basis points. Alexandria Reports Higher Revenues But Pauses Some Projects The life sciences REIT raised rents 48 percent the highest quarterly rate growth in company history. Today, I'm going to comment on the life science industry following the collapse of Silicon Valley Bank. Please go ahead. What was that a function of just market rent growth or just leases you actually signed in 1Q? The 10 most prevalent diseases in the US, heart disease, cancer, chronic respiratory disease, obesity, Alzheimer's, diabetes, substance abuse, infectious disease, chronic kidney disease and mental illness are not being solved to-date. I said, Well, in 10 or 15 years, maybe we could be a $1 billion company. And lo and behold, we passed $44 billion in enterprise value at the end of 2021., In May, the company celebrated the 25th anniversary of its IPO. Steven Marcus v. Alexandria Real Estate Equities, Inc. et al 2:2021cv08088 | US District Court for the Central District of California | Justia Justia Dockets & Filings Ninth Circuit California Steven Marcus v. Alexandria Real Estate Equities, Inc. et al Steven Marcus v. Alexandria Real Estate Equities, Inc. et al RSS Track this Docket Alexandrias top-line revenue is up almost 14 percent, funds from operations per share are also up 7 percent, and the company executed strong leasing performance. Thank you, Paula, and welcome, everybody, to Alexandria's first quarter 2023 Earnings Call. It's slower than it has been because obviously, '20 and '21 were peak times and obviously COVID dollars we're heavily focused on that market, but we're still seeing pretty decent activity that I would say, matches our historical numbers. The company leased 4.1 million square feet during the fourth quarter alone. I'm curious as to what you've committed to in terms of development spending. Thank you for your continued support. That is almost -- that's hard to do generally, and it's so submarket and building specific, Tony. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. So, I'm just trying to understand if in some of these future opportunities buckets, if there's some operating assets in those? The under-construction Moderna Science Center, at 325 Binney Street, will house the mRNA pioneers headquarters and research and development operations. LEADERS Interview with Joel S. Marcus, Executive Chairman To be clear, in the process of developing novel medicines, there will always be some that fail no matter what the market conditions. We dont even give it a second thought its part of our culture and DNA. And then I guess, Dean, just back to your comment on the $25.8 million of gains you might show. That's a lot of product. And obesity is estimated to account for over $480 billion in direct health care costs in the US with an additional $1.2 trillion in indirect costs due to lost economic productivity. We all have a responsibility to ensure that we never forgetthat we continue to pay tribute to those we lost; recognize the heroism, sacrifice and resilience of so many; and share lessons learned with new generations. We have meaningfully reduced uses of capital for 2023, made excellent progress on dispositions and sales of partial interest, have a conservative FFO payout ratio and a growing dividend and are the go-to brand for life science real estate. Our results prove it out. Accordingly, we're tracking direct vacancy in Greater Boston to be 2.8%. And then just one -- second question, maybe a bit of detail. But that's been filled in by some other new folks coming in that want exposure that are also high-quality institutional investors. These were individually very significant gains. As Peter highlighted, we've advanced transactions aggregating $865 million. Washington, The next question comes from Anthony Paolone with JPMorgan. I would now like to turn the conference over to Paula Swartz with Investor Relations. Improving nutrition is a newer goal that were just starting to develop. 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. Continued strength in same-property NOI growth of 3.7%, 9% on a cash basis and really reflects the benefit of strong rental rate growth on leasing in recent quarters, contractual annual escalations in rent and the burn-off of some free rent. Thank you. Where you're parting ways with your preeminent assets, you only want to do that to a certain degree before -- you're giving away stuff you'd rather own 100%. When typing in this field, a list of search results will appear and be automatically updated as you type. Certainly, there are -- there have been -- there has been spec building, especially in Boston. So that's maybe a way to frame it, but I think you'll be pretty impressed. Yes. Alexandria Linked companies : Alexandria Real Estate Equities, Inc. - Intra-Cellular Therapies, Inc. I don't think you can compare that because no one has the scale and depth of the tenant base that we do, and we know pretty instantaneously about the needs of those tenants versus if you're just in the market using brokers and you're kind of hearing here, say, your secondhand. And I guess that really just speaks to how are you changing maybe your underwriting in the tenants that you're sort of willing to do business with today versus maybe tenants who were willing to do business with either post-SVB or a couple of years ago? Right. If you go back to my comments in the fourth quarter, I believe I gave similar comments of pre-leasing on space that had just rolled as well. There are less tenants actively seeking space in the market today, which we believe is being significantly driven by uncertainty in the economy. Now this was an exceptional rental rate growth, GAAP at the highest in the Company's history, both GAAP and cash rental rate growth higher than the strong rental rate growth for the full year of 2022 and 2021. of societys most pressing issues including harnessing the agri-food ecosystem to combat hunger, addressing the mental health crisis, and accelerating groundbreaking medical research. Its a really fabulous benefit for people when theyre unfortunately in need of something like that. Since life science demand exploded, new developers and property owners want a piece of the action. Joel Marcus - Applied Therapeutics As we have noted previously, demand has normalized from the record year of 2021. And that's kind of the general outlook other than having a slightly lower number for the first quarter. Alexandria has filed another claim against Steven Marcus in a California state court. In addition to biomedical research and STEM education, we also do a lot in our local communities the communities in which we live and work and in which our tenants live and work. It's a premium priced, non-commodity product, generally characterized by high barrier to entry markets, where we have a dominant franchise and where we exercise pricing power, especially in our highly sought after Alexandria-branded mega campuses, and those markets exhibit deep science base, deep life science talent base, a rich abundance of risk capital and also are ones that are generally safe and have excellent transportation access. Joel Marcus is professor of New Testament and Christian origins at Duke Divinity School. Patrick Gunn, a San Francisco lawyer for Alexandria, said he was disappointed in the ruling but was considering refiling the suit in the United Kingdom or Ireland. Over 80% of that demand comes from our existing 1,000 tenants. We couldn't understand the science, not that we had some ability to say, hey, this is going to fail or not fail, but we simply could not understand the science that we passed on the tenancy. Alexandria, which celebrates its 25th anniversary as a New York Stock Exchange listed company in May 2022, has a total shareholder return exceeding 2,500% as of December 31, 2021. So, I think that's one example, yes. 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. Such relationships are a huge differentiator for us and will continue to drive solid leasing even in tough environments. It has been in the works for a long time, but it has been catapulted by the M&A activity. Now we do expect realized gains each quarter from our venture investments for the remainder of '23 to be more consistent to slightly up from the historical quarterly average of $25.8 million that I just highlighted. And the other -- if you add the other $119 million to be funded to completion and divide it by the 33% we sold, you get $561 million. We dont have an organizational chart. Second, 371,000 rentable square feet of the recent vacancy has significant rental rate growth of 110% on a GAAP basis and 115% on a cash basis; and third, 29% of this 371,000 rentable square feet has already been leased with occupancy of some of the space beginning in the third quarter of '23.

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