PASADENA, Calif., Dec. 4, 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 the company's board of directors
has elected Sheila K. McGrath as an
independent director. The board of directors has also appointed Ms.
McGrath to serve as a member of the Life Science, Agtech &
Advanced Technologies Committee and determined that she is an
independent director in accordance with New York Stock Exchange
listing standards and Securities and Exchange Commission rules. Her
term will run until the company's 2024 annual meeting of
stockholders.
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"We are honored to welcome Sheila to our board and leverage her
deep experience in the commercial real estate industry," said
Joel S. Marcus, executive chairman
and founder of Alexandria Real Estate Equities, Inc. and Alexandria
Venture Investments. "With strong financial skills and a nearly
three-decade track record as a distinguished equity research
analyst covering the REIT sector, Sheila will add significant value
to Alexandria and for our
stockholders."
Ms. McGrath was a senior managing director at Evercore ISI
covering U.S. equity REITs, real estate operating companies, and
Mexican real estate investment vehicles, or FIBRAs, from 2012 until
2022. Prior to joining Evercore, she was managing director and
sector head for REIT research at Keefe, Bruyette & Woods for
five years and was a member of the firm's Research Review Committee
and Leadership Committee. Between 1994 and 2007, Ms. McGrath
covered REITs and real estate operating companies as an equity
research analyst at several firms, including Smith Barney and UBS.
She began her career as a commercial real estate appraiser valuing
various commercial real estate properties across most property
sectors and conducting feasibility studies for new development
projects.
In addition to serving on Alexandria's board of directors, Ms. McGrath
serves on the board of Granite Point Mortgage Trust Inc. She is an
active member of Nareit, where she currently serves on the Advisory
Board of Governors and the Real Estate Investment Advisory Council
and previously served on the Best Financial Practices Council. Ms.
McGrath also serves on the board of advisors of the Rutgers
Business School's Center for Women in Business, of which she was a
founding member. She received her Bachelor of Arts degree in
Economics from Lafayette College and
her Master of Business Administration degree in Finance from
Rutgers University.
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 $28.3 billion and
an asset base in North America of
75.1 million SF as of September 30,
2023, which includes 41.5 million RSF of operating
properties and 5.6 million RSF of Class A/A+ properties undergoing
construction, 8.9 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.
Such forward-looking statements include, without limitation,
statements regarding the potential impacts of a director's
appointment to the company's board of directors and expectations
regarding the company's performance and success. 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.