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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):
December 1, 2023
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)) |
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 |
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. ¨
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers. |
On
December 1, 2023, the Board of Directors (the “Board”) of Alexandria Real Estate Equities, Inc. (the
“Company”) elected Sheila K. McGrath as a director of the Company, to serve until the 2024 annual meeting of
stockholders of the Company and until her successor is duly elected and qualifies. The Board also appointed Ms. McGrath as a
member of its Life Science, Agtech & Advanced Technologies Committee and has determined that Ms. McGrath is independent in
accordance with applicable New York Stock Exchange listing standards and Securities and Exchange Commission rules. There were no
arrangements or understandings between Ms. McGrath and any other persons regarding her election to the Board. Ms. McGrath
is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
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.
On
her initial election to the Board and pursuant to the terms of the Company’s Amended and Restated 1997 Stock Award and Incentive
Plan, Ms. McGrath received a grant of 1,000 shares of restricted stock of the Company, which shares vest in full on the second
anniversary of the date of grant. Ms. McGrath will also generally participate in the compensation arrangements provided to the Company’s
independent directors, as described in the Company’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange
Commission on April 14, 2023, under the caption “2022 Director Compensation Table.”
The
press release announcing Ms. McGrath’s election as a director of the Company is attached hereto as Exhibit 99.1
and is filed herewith.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
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. |
|
|
|
December 4,
2023 |
By: |
/s/
Marc E. Binda |
|
|
Marc
E. Binda |
|
|
Chief
Financial Officer and Treasurer |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/1035443/000110465923123231/tm2331858d1_ex99-1img001.jpg)
Alexandria
Real Estate Equities, Inc. Elects Sheila McGrath to Board of Directors
PASADENA, Calif., December 4, 2023 – 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.
“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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