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Alexandria Real Estate Equities prices common stock offering

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Capital Markets View – January 2021


Alexandria Real Estate Equities prices common stock offering

AlexandriaReal Estate Equities Inc. said its public offering of 6.5 millionshares of common stock priced at $101.00 apiece in connection with forward saleagreements.

Net proceeds will be used to finance the $725 millionpurchase of One Kendall Square, a 644,771-rentable-square-foot, seven-buildingcollaborative science and technology campus in the East Cambridge submarket inGreater Boston.

The underwriters have the option to purchase up to 975,000additional shares within 30 days. The offering should close on or about July 12.

BofA Merrill Lynch, Citigroup and J.P. Morgan are the jointbook-running managers for the offering. BBVA, TD Securities, Baird, BB&TCapital Markets, BNP PARIBAS, Barclays, Capital One Securities, Evercore ISI,Fifth Third Securities, Goldman Sachs & Co., JMP Securities, Loop CapitalMarkets, MUFG, Mizuho Securities, PNC Capital Markets LLC, RBC Capital Markets,Ramirez & Co. Inc., SMBC Nikko, Scotiabank and SunTrust Robinson Humphreyacted as co-managers.

The company entered forward sale agreements with Bank ofAmerica NA, Citibank NA and JPMorgan Chase Bank NA with respect to 6.5 millionshares of the company's common stock, or 7,475,000 shares if the overallotmentoption is exercised in full. The forward sale agreements are expected to settleno later than July 12.

Alexandria will not initially receive any proceeds from thesale of shares of its common stock by the banks.