Alexandria Real Estate Equities (ARE) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 3:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Alexandria Real Estate Equities Second Quarter 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Paula Schwartz with Investor Relations. Please go ahead.

Paula Schwartz

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The Company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the Company's periodic reports filed with the Securities and Exchange Commission.

And now I'd like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Joel Marcus

Thank you, Paula, and welcome, everybody, to our second quarter earnings call. Our one-of-a-kind company, which pioneered the lab space niche, continues to perform well in both good times and tough times, demonstrating the resiliency of our unique business model in our now post-pandemic world. In fact, COVID-19 really reaffirmed the sustained strength of our life science industry fundamentals and the need for our essential lab space infrastructure.

This favorable backdrop for this nation's -- one of the nation's most mission-critical industries, which we serve, continues to underpin our business, driving demand for our world-class brand and highly differentiated assets and operations. I want to thank each and every member of the Alexandria family team for an operationally and financially excellent second quarter.

A big shout out to the finance and accounting team for winning the 2023 NAREIT Gold Award awarded by NAREIT in June for the best REIT reporting and transparency, and amazingly, an unprecedented eighth award and most ever by any REIT. Alexandria is truly a best-in-class REIT, which pioneered the lab space niche and which I believe has made a metamorphic and innovative and transformational impact on our life science industry for the last 29 years.

We're very proud of the stellar balance sheet we built since the days of the great financial crisis when we were a small and unrated REIT. Upon the closing of our $1 billion line of credit accordion add-on, one of the banks said of Alexandria "Congratulations on the successful expansion of your credit facility to $5 billion." This is a significant accomplishment in any environment where many real estate owners are struggling to source debt capital.