Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number 1-12993

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland95-4502084
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

(626) 578-0777

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareARENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Smaller reporting company☐
Accelerated filer☐Emerging growth company☐
Non-accelerated filer☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 13, 2023, 173,775,456 shares of common stock, par value $0.01 per share, were outstanding.

TABLE OF CONTENTS

Page
PART I – FINANCIAL INFORMATION
Item 1.FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheets as of September 30, 2023 and December 31, 20221
Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2023 and 2022:
Consolidated Statements of Operations2
Consolidated Statements of Comprehensive Income3
Consolidated Statements of Changes in Stockholders’ Equity and Noncontrolling Interests4
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 20228
Notes to Consolidated Financial Statements10
Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS43
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK116
Item 4.CONTROLS AND PROCEDURES117
PART II – OTHER INFORMATION
Item 1A.RISK FACTORS118
Item 5.OTHER INFORMATION122
Item 6.EXHIBITS123
SIGNATURES124

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GLOSSARY

The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:

ASUAccounting Standards Update
ATMAt the Market
CIPConstruction in Progress
EPSEarnings per Share
ESGEnvironmental, Social & Governance
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FFOFunds From Operations
GAAPU.S. Generally Accepted Accounting Principles
IRSInternal Revenue Service
JVJoint Venture
LEED®Leadership in Energy and Environmental Design
NareitNational Association of Real Estate Investment Trusts
NAVNet Asset Value
NYSENew York Stock Exchange
REITReal Estate Investment Trust
RSFRentable Square Feet/Foot
SECSecurities and Exchange Commission
SFSquare Feet/Foot
SoDoSouth of Downtown submarket of Seattle
SOFRSecured Overnight Financing Rate
SoMaSouth of Market submarket of the San Francisco Bay Area
U.S.United States
VIEVariable Interest Entity

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PART I – FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS (UNAUDITED)