Alexandria Real Estate Equities, Inc.'s Strong BBB+ Credit Rating With Positive Outlook Reaffirmed by S&P Global Ratings

Alexandria's investment-grade credit ratings, which rank in the top 10% among all publicly traded U.S.
REITs, and significant liquidity of $6.3 billion afford the company important flexibility to execute its
differentiated life science real estate platform 

PASADENA, Calif., Sept. 29, 2023 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the first, preeminent, longest-tenured and pioneering owner, operator and developer of collaborative life science, agtech and advanced technology mega campuses in AAA innovation cluster locations, today announced that S&P Global Ratings has reaffirmed the company's strong credit rating of BBB+ with a positive outlook.

This important assessment reflects the scale and quality of Alexandria's essential Labspace^® assets, which it has aggregated into highly differentiated mega campuses primarily concentrated in high-barrier-to-entry markets. The reaffirmed credit rating was also driven by strong long-term life science fundamentals that fuel continued demand for Alexandria's high-quality asset base; a high-quality and diverse client base that supports the company's growing revenues, stable cash flows and strong margins; its favorable triple-net lease structure with annual rent escalations for 96% of its leases; and a track record of consistently strong operating performance.

"We are pleased that S&P Global has reiterated our credit rating and positive outlook," said Marc E. Binda, chief financial officer and treasurer of Alexandria Real Estate Equities, Inc. "This crucial designation is a testament to continued operational excellence by our best-in-class team. Our reaffirmed rating is underpinned by our disciplined and consistent approach to making incremental enhancements to our fortress balance sheet — one of the strongest in the REIT industry — which has resulted in stellar credit metrics and positions us well to execute on our pioneering, mission-driven business model."

Alexandria's growth is supported by a strong and flexible balance sheet with no debt maturities prior to 2025, 99.2% of debt at fixed rates, credit ratings ranking among the top 10% of all publicly traded U.S. REITs and significant liquidity of $6.3 billion as of June 30, 2023. Its weighted-average remaining debt term of 13.4 years as of June 30, 2023 represents one of the longest among all U.S. REITs. Additionally, the company has a REIT industry-leading adjusted EBITDA margin of 70% for 2Q23.

About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500^® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative life science, agtech and advanced technology mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria has a total market capitalization of $30.6 billion and an asset base in North America of 74.9 million SF as of June 30, 2023, which includes 41.1 million RSF of operating properties and 5.3 million RSF of Class A/A+ properties undergoing construction, 9.4 million RSF of near-term and intermediate-term development and redevelopment projects and 19.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science, agtech and advanced technology mega campuses that provide our innovative 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation and technology companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For more information on Alexandria, please visit www.are.com.

Forward-Looking Statements
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 Alexandria'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 Alexandria's forward-looking statements as a result of a variety of factors, including, without limitation, the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and Alexandria 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 Alexandria's forward-looking statements, and risks and uncertainties to Alexandria's business in general, please refer to Alexandria'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, Senior Vice President – Chief Content Officer, (626) 788-5578, skabakoff@are.com

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SOURCE Alexandria Real Estate Equities, Inc.