0001104659-20-001527.txt : 20200106 0001104659-20-001527.hdr.sgml : 20200106 20200106161703 ACCESSION NUMBER: 0001104659-20-001527 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200106 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200106 DATE AS OF CHANGE: 20200106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALEXANDRIA REAL ESTATE EQUITIES, INC. CENTRAL INDEX KEY: 0001035443 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 954502084 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12993 FILM NUMBER: 20509904 BUSINESS ADDRESS: STREET 1: 26 NORTH EUCLID AVENUE CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: 6265780777 MAIL ADDRESS: STREET 1: 26 NORTH EUCLID AVENUE CITY: PASADENA STATE: CA ZIP: 91101 FORMER COMPANY: FORMER CONFORMED NAME: ALEXANDRIA REAL ESTATE EQUITIES INC DATE OF NAME CHANGE: 19970311 8-K 1 tm1924743d5_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 6, 2020

 

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

 

Maryland   1-12993   95-4502084

(State or other jurisdiction of
incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

26 North Euclid Avenue
Pasadena, California 91101
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (626) 578-0777

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ¨

 

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. ¨

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $.01 par value per share   ARE   New York Stock Exchange

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

Alexandria Real Estate Equities, Inc. (the “Company”) previously provided guidance as of October 29, 2019 for, among other things, earnings per share (“EPS”), funds from operations (“FFO”) per share, FFO per share, as adjusted, and key sources and uses of capital, for the Company’s fiscal year ending December 31, 2019, which guidance was included in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the Securities and Exchange Commission on October 29, 2019. The Company previously furnished guidance for the fiscal year ended December 31, 2020, in a Form 8-K that was filed with the Securities and Exchange Commission on December 3, 2019. The Company hereby updates its guidance for 2019 and 2020, including key assumptions and sources and uses of capital. The key changes to guidance for 2019 and 2020 are attached hereto as Exhibit 99.1 and incorporated herein by reference. The guidance included in Exhibit 99.1 shall be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934.

 

Item 8.01. Other Events.

 

Recent Developments

 

Acquisitions

  

               Square Footage    
Property  Submarket/
Market		  Date of
Purchase		  Number of
Properties		  Operating
Occupancy		  Future
Development		  Active Redevelopment  Operating
with Future
Development/
Redevelopment		  Operating  Purchase
Price		 
2019 acquisitions:                                    
Completed as of 9/30/19          24   87%   995,338   347,912   246,578   822,508  $1,203,680 
Completed in 4Q19:                                    
Arsenal on the Charles  Cambridge/Inner Suburbs/Greater Boston   12/17/19   11   100%   200,000   153,157   154,855(1)  526,770   525,500 
3825-3875 Fabian Way  Greater Stanford/San Francisco   12/10/19   2   100%   -   -   478,000   -   291,000 
Other  Various   4Q19   10   71%   1,155,000   -   -   598,316   139,964 
2019 acquisitions                  2,350,338   501,069   879,433   1,947,594  $2,160,144 
                                     

2020 acquisitions guidance range:

                                    
Pending acquisitions:                                    
Pending  San Francisco   1Q20   -   N/A   700,000   -   -   -  $120,000 
Mercer Mega Block  Lake Union/Seattle   2020   -   N/A   800,000   -   -   -   143,000 
Pending  Greater Boston   1Q20   1   99%   -   -   -   510,000   235,000 
Pending  San Francisco   1Q20   1   100%   -   -   -   138,000   157,500 
Pending  San Diego   1Q20   2   88%   -   -   -   220,000   102,250 
Additional targeted acquisitions                                  192,250 
2020 acquisitions guidance range                  1,500,000   -   -   868,000   $900,000 - $1,000,000 
2020 formation of new joint venture (non-cash transaction):                                    
Pending JV (50% interest in consolidated JV)  San Francisco   1Q20   3   73%   260,000   -   300,000   476,000   (2)

 

(1)    Represents square footage with current occupancy that have near-term contractual lease expirations.  Upon expiration of the existing leases, we anticipate this RSF will be redeveloped to office/laboratory space.

(2)    Upon formation of the real estate joint venture, our initial ownership interest in the joint venture is expected to be 44%.  Refer to “Pending 2020 Acquisitions ” under the “Recent Developments” section within Item 8.01 of this Current Report on Form 8-K for additional information.

 

 

 

 

Key completed 4Q19 acquisitions and updated leverage guidance

 

In December 2019, we acquired a campus, aggregating 834,782 of operating RSF, at Arsenal on the Charles located in our Cambridge/Inner Suburbs submarket of Greater Boston, for $525.5 million. The campus currently has an operating occupancy of 100% on 681,625 RSF, including 154,855 RSF that is targeted for redevelopment into office/laboratory space upon expiration of existing leases in the near-term. The campus also includes 153,157 RSF of vacant space that we expect to redevelop into laboratory space, and an additional 200,000 RSF of future development opportunities, which will bring its aggregate size to 1,034,782 RSF. Upon stabilization, we expect that 508,012 RSF, or approximately 50% of the campus, will have undergone value-creation activities. We expect to provide total estimated costs and related yields for redevelopment or development in the future, subsequent to the commencement of construction.

 

In December 2019, we acquired two office buildings, aggregating 478,000 RSF, at 3825 and 3875 Fabian Way located in our Greater Stanford submarket of San Francisco, for $291.0 million. The buildings comprise 250,000 RSF and 228,000 RSF, respectively, with operating occupancy of 100% and remaining lease terms of two and 10 years, respectively. Upon the expiration of the existing 3825 Fabian Way lease term, we expect to redevelop the existing office space into office/laboratory space. Upon the expiration of the 10-year lease at 3875 Fabian Way, we may consider options to develop new Class A office/laboratory, or another suitable type, of space on the site. We expect the initial stabilized yields for the operating properties to be 8.2% and 6.9% (cash basis), respectively. We expect to provide total estimated costs and related yields for redevelopment or development in the future, subsequent to the commencement of construction.

 

Due to the timing of the closing of these acquisitions in December 2019, we expect to fund a portion of these acquisitions in 2020 on a long-term basis. Consequently, we expect a temporary 0.4x increase in our guidance for net debt to Adjusted EBITDA and net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2019, annualized. We remain committed to our guidance for net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2020, annualized, of less than or equal to 5.2x.

 

Pending 2020 acquisitions

 

We have executed letters of intent and/or purchase and sales agreements to acquire the following:

 

·One land parcel, aggregating 700,000 developable square feet, located in our San Francisco market for $120.0 million.

 

·Mercer Mega Block, aggregating 800,000 developable square feet, located in our Lake Union submarket of Seattle for $143.0 million.

 

·One property, aggregating 510,000 RSF, with operating occupancy of 99% located in our Greater Boston market for $235.0 million.

 

·One property, aggregating 138,000 RSF, with operating occupancy of 100% located in our San Francisco market for $157.5 million.

 

·Two properties, aggregating 220,000 RSF, with operating occupancy of 88% located in our San Diego market for $102.3 million.

 

During the first quarter of 2020, we expect to complete the formation of a consolidated real estate joint venture with an established owner and operator in our San Francisco market, targeting a 50% ownership interest. Upon closing, our ownership interest in the real estate joint venture is expected to be 44%, and we anticipate contributing additional capital over time to accrete to our target ownership interest.

 

We may be unable to complete these acquisitions according to the timeline or the other terms described above.

 

Settlement of Forward Equity Sales Agreements

 

Consistent with our expected 2019 sources and uses of capital, as previously disclosed on October 29, 2019, we issued 7.0 million shares of our common stock to settle our remaining outstanding forward equity sales agreements that were entered into during the three months ended June 30, 2019, and received net proceeds of $981.3 million during December 2019. The proceeds were used to fund construction projects during the second half of 2019 and to fund 2019 acquisitions completed prior to December 2019.

 

 

 

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1   Key Updates to 2019 and 2020 Guidance issued by Alexandria Real Estate Equities, Inc. on January 6, 2020.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

The exhibit referenced herein provides key assumptions included in our guidance for the years ended December 31, 2019 and 2020. Our expected sources and uses of capital are subject to a number of variables and uncertainties, including those discussed under the “Forward-looking statements” section under Part I and the “Risk Factors” section under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019. We expect to update our forecast of sources and uses of capital on a quarterly basis.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ALEXANDRIA REAL ESTATE EQUITIES, INC.
   
     
Date: January 6, 2020 By: /s/ Dean A. Shigenaga
   

Dean A. Shigenaga

Co- President and Chief Financial Officer

 

 

 

 

 EX-99.1 2 tm1924743d5_ex99-1.htm EXHIBIT 99.1

 

EXHIBIT 99.1

ALEXANDRIA REAL ESTATE EQUITIES, INC.

 

Key Updates to 2019 and 2020 Guidance

 

The following provides key updates to our 2019 and 2020 guidance based on our current view of existing market conditions and other assumptions for the years ending December 31, 2019 and 2020. There can be no assurance that actual amounts will not be materially higher or lower than these expectations.

 

Key Updates to 2019 Guidance  Change 
Acquisitions   + $610 million 
Temporary increase in net debt to Adjusted EBITDA and net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2019, annualized   +0.4x

 

Key Updates to 2020 Guidance  Change 
Net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2020, annualized of 5.2x   No change 
Real estate dispositions, partial interest sales, and common equity   + $500 million 
Occupancy percentage for operating properties in North America as of December 31, 2020   -1.0%

 

Key updates to 2019 guidance include a $610 million increase in acquisitions. Due to the timing of the closing of these acquisitions in December 2019, we expect to fund a portion of these acquisitions in 2020 on a long-term basis. Consequently, we expect a temporary 0.4x increase in our guidance for net debt to Adjusted EBITDA and net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2019, annualized. We remain committed to our guidance for net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2020, annualized, of less than or equal to 5.2x.

 

Key updates to 2020 guidance include a $500 million increase in real estate dispositions, partial interest sales, and common equity, and a 1.0% decline in occupancy. The $500 million increase in real estate dispositions, partial interest sales, and common equity is due to the timing of the 2019 acquisitions as noted above. We remain committed to our guidance for net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2020, annualized, of less than or equal to 5.2x. The 1.0% reduction in the midpoint of occupancy guidance is primarily attributable to vacancy aggregating 236,000 RSF representing lease-up opportunities from one pending acquisition expected to close and one pending joint venture expected to be formed during the first quarter of 2020.

 

Key 2019 Guidance Items

 

Key Credit Metrics   2019 Guidance
Net debt to Adjusted EBITDA – fourth quarter of 2019, annualized   Less than or equal to 5.7x
Net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2019, annualized   Less than or equal to 5.7x(1)

 

(1)In October 2019, we completed the conversion of all 2.3 million outstanding shares of our Series D Convertible Preferred Stock into shares of our common stock. Refer to the “7.00% Series D Convertible Preferred Stock” section within Note 14 – “Stockholders’ Equity” to our unaudited consolidated financial statements under Item 1 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 for additional information.

 

   2019 Guidance   Certain 
Key Sources and Uses of Capital
(In millions)		  Range   Midpoint   Completed
Items		 
Sources of capital:                
Net cash provided by operating activities after dividends  $170   $210   $190      
Incremental debt   1,112    1,172    1,142    See below 
Real estate dispositions and partial interest sales   910    910    910   $910 
Common equity   1,218    1,218    1,218   $1,218 
Total sources of capital  $3,410   $3,510   $3,460      
                     
Uses of capital:                    
Construction  $1,250   $1,350   $1,300      
Acquisitions   2,160    2,160    2,160   $2,160 
Total uses of capital  $3,410   $3,510   $3,460      
                     
Incremental debt (included above):                    
Issuance of unsecured senior notes payable  $2,700   $2,700   $2,700   $2,700 
Assumption of secured note payable   28    28    28   $28 
Repayments of unsecured senior notes payable   (950)   (950)   (950)  $(950)
Repayments of secured notes payable   (310)   (310)   (310)  $(310)
Repayments of unsecured senior bank term loan   (350)   (350)   (350)  $(350)
$2.2 billion unsecured senior line of credit/other   (6)   54    24      
Total incremental debt  $1,112   $1,172   $1,142      

 

 

 

 

Key 2020 Guidance Items

 

  2020 Guidance 
Key Assumptions  Low   High 
Occupancy percentage for operating properties in North America as of December 31, 2020   95.7%   96.3%

 

Key Credit Metrics   2020 Guidance
Net debt and preferred stock to Adjusted EBITDA – fourth quarter of 2020, annualized   Less than or equal to 5.2x
Fixed-charge coverage ratio – fourth quarter of 2020, annualized   Greater than 4.5x

 

   2020 Guidance 
Key Sources and Uses of Capital
(In millions)		  Range   Midpoint 
Sources of capital:            
Net cash provided by operating activities after dividends  $200   $240   $220 
Incremental debt   400    360    380 
Real estate dispositions, partial interest sales, and common equity   1,850    2,050    1,950 
Total sources of capital  $2,450   $2,650   $2,550 
                
Uses of capital:               
Construction  $1,550   $1,650   $1,600 
Acquisitions   900    1,000    950 
Total uses of capital  $2,450   $2,650   $2,550 
                
Supplemental disclosure of non-cash financing activities:               
Sale of noncontrolling interest(1)  $150   $160   $155 
Purchase of noncontrolling interest(1)  $(150)  $(160)  $(155)

 

(1)Amounts represent the estimated fair market value exchanged to form the joint venture. Refer to “Pending 2020 acquisitions” under the “Recent Developments” section within Item 8.01 of this Current Report on Form 8-K for additional information.

 

 

 

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Cover
Jan. 06, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 06, 2020
Entity File Number 1-12993
Entity Registrant Name ALEXANDRIA REAL ESTATE EQUITIES, INC.
Entity Central Index Key 0001035443
Entity Tax Identification Number 95-4502084
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 26 North Euclid Avenue
Entity Address, City or Town Pasadena
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91101
City Area Code 626
Local Phone Number 578-0777
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol ARE
Security Exchange Name NYSE
Entity Emerging Growth Company false
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