Over 80% of that demand comes from our existing 1,000 tenants. And I think in a tougher macro environment, it's kind of thought to prune and rightsize you see what we've done last year would be a good example of -- we sold a set of really good high-quality workhorse assets, but we felt in locations that were not necessarily high barrier to entry markets, but good economics for buyers as well and good economics for us. We couldn't understand the science, not that we had some ability to say, hey, this is going to fail or not fail, but we simply could not understand the science that we passed on the tenancy. But what's changed in South San Francisco is transportation is now a bit of an issue. Good afternoon, everyone. And so, a combination of settling in on activity this quarter, as well as our continued outlook for the remainder of the year, so slight improvement overall. Those are the halves who by and large are Alexandria's tenants, which we have underwritten and placed into our world-class asset base, differentiated from the have nots tenant base of others who take on any tenant that can fill space with hope as their underwriting strategy. Marcus is also personally engaged in numerous mission-critical philanthropic efforts, which include his service as Chair of the Navy SEAL Foundations 2017 New York City Benefit in support of the Naval Special Warfare community and their families. And now, I'd like to turn the call over to Joel Marcus, Executive Chairman and Founder. Get daily stock ideas from top-performing Wall Street analysts. American Consumer News, LLC dba MarketBeat 2010-2023. Some of which use SVB, but many of which did not or had multiple banking relationships. So obviously, '23, a lot of stuff has already been delivered. 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. He was also a practicing certified public accountant and tax manager with Arthur Young & Co., where he focused on the financing and taxation of REITs. Mounjaro, which aims to treat obesity in type two diabetes, is predicted to eclipse $50 billion per year globally in revenue. Pasadena, California-based Alexandria is the only publicly traded, pure-play office/laboratory REIT. I agree with that assessment. And is there any read-through to other recent acquisitions, Greater Boston like Gatehouse Drive or presidential way? Paula Schwartz - Investor Relations. When families or their loved ones are facing illness or injury and can benefit from some guidance, we have a mechanism here for them to reach out and be connected with an expert who can, hopefully, offer them a second opinion or help them get in to see a doctor they might not otherwise have been able to see. And that's kind of the critical message. He was named one of Real Estate Forums 2017 Best Bosses in commercial real estate and was previously a recipient of the EY Entrepreneur Of The Year Award (Los Angeles Real Estate). We have 10,000 known diseases reeking havoc on human beings each and every day and the personal and economic cost of sickness, illness and today, the mental health crisis is continuing to skyrocket. Alexandria Real Estate Equities, Inc. pioneered the life science realestate niche and continues to break new ground in the sector. Steven Marcus, 41, the eldest of Joel Marcuss three children, started two companies, London-based RUNLABS UK and Dublin-based RUNLABS Ireland, that plan to house life science firms in Europe. But as you think about the ability to flex that going forward, if the transaction market stalls even more, how are you thinking about the flexibility on your end? So that group of tenants, you're always looking now even much more so for much nearer-term value inflection milestones and really good data and importantly, large unmet medical needs. I would like to turn the conference back over to Joel Marcus for any closing remarks. Now our strong occupancy was in line with our expectations. Joel S. Marcus: Chief Executive Officer & Director: Lynne Zydowsky: Chief Science Officer: Hallie Kuhn: Vice President-Science & Technology: More about the company. I realize not singling out individual deals, but is there a way to bracket them or bucket them against maybe where your implied cap rate is today, or maybe against the deal that Peter discussed? It invests in disruptive life science, agri-food tech, climate innovation, and technology companies. And then Peter, sticking with you, appreciated your comments on availability rates when including 2023 and 2024 deliveries. Executive Chairman and Founder Joel Marcus spoke with S&P Global Market Intelligence about the company's life sciences focus and contribution to developing research hubs at campuses across the country. Steven Marcus has asked the US Trademark Trial and Appeal Board to take Alexandrias registered trademarks off the books. As for long-term risk driven by instability of regional banks, unlike some tech companies that maintain significant cash and deposit accounts, our tenants largely rely on safer third-party custodial and sweep accounts to minimize cash deposits. The fact that the defendants do no business in the United States remains unrebutted, she wrote in a 26-page decision. Cost of materials and supply chain volatility were the initial drivers of construction inflation, but now the primary driver is labor with a triple whammy of wage increases, shortage of workers and the inefficiency of the remaining labor force due to the retirement of older, more skilled labor. As you know, Alexandria is truly a one-of-a-kind S&P 500 company. Alexandrias accomplishments havent gone unnoticed. We dont have an organizational chart. We first identified and pioneered the lab space niche back in 1994 and then through our disciplined execution of our original vision using the strategic architecture of our cluster model, which we customize to the life science industry. Understood. Washington, I think the way we're trying to think about it is to -- I mean, we have a very significant position in the Greater Boston market, 14 million, 15 million square feet. Well, and also, historically, if you go back to my comments, I said we have tried to shape the Company and allocate our capital as much as possible the high barrier to entry markets and mega campuses. I don't know that -- I mean, we don't call it a credit watch list. This is an important distinction in any part of the cycle, but perhaps even more when things have slowed down. Adding to the difficulty to execute in this environment is the increasing desperation of a number of office building owners, trying to raise cash to stay afloat by offering quality long-term leased assets with credit tenants at 6.5% to 7.5% cap rates. In addition, we've built an irreplaceable world-class asset base of robust and highly differentiated properties and campuses that attract a diversified best-in-class tenant base who values our expertise and operational excellence by providing 75% to 85% of our leasing quarter-to-quarter. Chairman, Chief Executive Officer, and Founder And that's kind of the general outlook other than having a slightly lower number for the first quarter. Nareits members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. $37.889 million. Theyre a giant in a very small industry, which has been really unique for them, and its been a great attraction for investors, says David Rodgers, Baird & Co. Inc.s senior analyst covering office real estate. Mr. Marcusand Alexandria virtually joined thousands of patriots, partners, colleagues and friends to remember those that the nation lost in the attacks and honor the courage of everyday heroes in the aftermath. Many institutions want exposure, especially pension funds, life insurance companies, traditional investors, and even private equity, Marcus says. Please go ahead. But you have to start prioritizing and that one just kind of lost some of it shine when the opportunity to expand kind of went away. If you want to look at it from that perspective, redevelopments were placed into operations as vacant assets, development projects for the future for -- they have been paused on a few circumstances, which basically were left in the future development pipeline. The health of ARE's best-in-class life science tenant base and innovation is a long-term driver of life science industry growth. Companies also continue to set high bars for continued innovation and product launches. Capital is available. During that time, he acquired an expertise in the biopharmaceutical industry and was one of the principal architects of the Kirin-Amgen EPO joint venture in 1984. So, the $4.2 million does have some meaningful NOI associated with it. Reflecting this, in April, we've collected 100% rent from our preclinical and clinical stage public biotech tenants. And then clearly, biotechs that whether they be public or private that have got good data coming, I think that's where you see it, but I'm not sure we could give you a numerical characterization of that. I think the way to think about at a high level is that we just close the conversation about the pipeline. I'm curious as to what you've committed to in terms of development spending. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. 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The firm has maintained strong financials despite the ongoing economic storm, according to Executive Chairman and Founder Joel Marcus. If you look at Hallie indicated, if you look at the tenant collections by segment, they're 99% to 100%. Both facilities will provide many amenities and be highly sustainable, high-performance buildings. And then you look at public, which are preclinical or in the clinic, but don't have near-term milestones. STEM education is extremely important to us, so we fund a variety of efforts. This quarter, it's closer to 22% overall in the whole portfolio. Theyre embracing it, but theyre not very good at it yet.
