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Alexandria Real Estate Equities Inc. (ARE+0.32%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details on Alexandria's operations, highlighting its focus on life science real estate in key innovation clusters. Alexandria owns 391 properties in North America, totaling approximately 44.1 million rentable square feet (RSF).
The company's properties are primarily located in Greater Boston, San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. These regions account for the majority of Alexandria's annual rental revenue.
As of December 31, 2024, the occupancy rate for Alexandria's operating properties in North America was 94.6%. The company reports a 10-year average occupancy rate of 96%.
Investment-grade or publicly traded large-cap tenants represented 52% of Alexandria's total annual rental revenue as of December 31, 2024.
Alexandria's business strategy emphasizes the development and redevelopment of Class A/A+ properties in collaborative Megacampus ecosystems. These ecosystems are located in AAA life science innovation clusters.
The company reported a total market capitalization of $29.0 billion as of December 31, 2024. Alexandria's asset base in North America includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties under construction.
Alexandria's top 20 tenants account for 35.4% of its annual rental revenue, with 92% of this revenue derived from investment-grade or publicly traded large-cap tenants.
The company's filing also addresses its financial strategy, focusing on maintaining balance sheet liquidity and flexibility, and generating high-quality, strong, and increasing operating cash flows.
Alexandria's properties are subject to various laws and regulations, including environmental and accessibility standards. The company believes it complies with these requirements and does not expect substantial capital expenditures to address them.
The filing outlines potential risks, including those related to operating factors, market and industry factors, and government and global factors, which could impact Alexandria's business and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alexandria Real Estate Equities Inc. annual 10-K report dated January 27, 2025. To report an error, please email earnings@qz.com.