Alexandria invested $194.8 million in acquisitions, primarily related to a newly formed joint venture at Dorchester Avenue, signaling a proactive approach to expanding its portfolio and capitalizing on growth opportunities.

The value-creation pipeline includes 5.3 million RSF under construction and one committed near-term project, demonstrating a focus on expanding its portfolio and catering to future tenant demands. This expansion is expected to drive future revenue and profitability.

Leasing activity totaled 1.1 million RSF, with 77% from existing tenants, indicating high tenant satisfaction and retention. This robust leasing activity underscores the desirability of Alexandria's properties and its ability to attract and retain tenants.

Operating properties in North America boast a 94.6% occupancy rate, reflecting strong demand and effective property management. This high occupancy rate underscores Alexandria's ability to attract and retain tenants in its properties.

Investment-grade or publicly traded large cap tenants account for 52% of annual rental revenue, reflecting a focus on securing stable, high-quality tenants. This tenant mix reduces credit risk and enhances revenue stability.

The company declared cash dividends on common stock of $1.27 per share, while retaining significant net cash flows for reinvestment. This balanced approach to capital allocation supports both shareholder returns and future growth.

The top 20 tenants account for 36.4% of annual rental revenue, indicating a concentration risk. Loss of a key tenant could significantly impact financial performance.

The company is exposed to interest rate risk, equity price risk, and foreign currency exchange rate risk, which could impact financial performance. Effective risk management is crucial to mitigate these exposures.

The preparation of consolidated financial statements requires management to make estimates and assumptions, which could materially differ from actual results. This introduces uncertainty and potential for errors in financial reporting.

The company's focus on Class A/A+ properties in AAA innovation clusters provides a competitive edge. These locations are highly desirable and characterized by high barriers to entry.

The company's focus on investment-grade or publicly traded large cap tenants provides a competitive advantage. These tenants are more stable and reliable, reducing credit risk and enhancing revenue stability.

Approximately 96% of leases contain effective annual rent escalations, providing a competitive advantage. These escalations help to offset inflation and drive revenue growth.

The operating margin remained strong at 72%, indicating effective cost control and revenue management. This consistent margin demonstrates operational efficiency.

Approximately 94% of leases are triple net, reducing operational burden and risk. These leases require tenants to pay most operating expenses, reducing the company's exposure to cost fluctuations.

Approximately 93% of leases provide for the recapture of capital expenditures, enhancing operational flexibility. This allows the company to invest in property improvements without significantly impacting profitability.

The company's focus on collaborative life science mega campuses fosters innovation. These campuses provide dynamic environments that enhance tenant collaboration and productivity.

Alexandria provides strategic capital to transformative life science companies through its venture capital platform. This supports innovation and growth in the life science industry.

The use of artificial intelligence presents risks and challenges that may adversely impact business and operating results or that of tenants and vendors or may adversely impact the requirements and demand for life science laboratory space as a whole.

The company's disciplined allocation of capital to development, redevelopment, and acquisitions supports growth. This strategy is expected to enhance shareholder value.

Significant liquidity of $6.0 billion provides financial flexibility. This allows the company to pursue growth opportunities and manage risks effectively.

32% of the company's total debt matures in 2049 and beyond, enhancing financial stability. This long-term debt structure reduces near-term refinancing risk.

The company, in partnership with former congressman Patrick J. Kennedy and The Kennedy Forum, held its second Alexandria Summit® on Mental Health in Washington, DC. Alexandria convened a diverse set of key decision makers, influential life science industry thought leaders, members of Congress, regulatory agency executives, and other key policymakers to advance the development of novel, effective psychiatric therapies to address vast unmet need.

In our Seattle market, Alexandria was an honoree in the Water Stewardship category of the Puget Sound Business Journal's 2024 Environmental and Sustainability Awards in recognition of our implementation of an innovative energy district at the Alexandria Center® for Life Science - South Lake Union mega campus featuring one of the largest wastewater heat recovery systems in North America.

During three months ended March 31, 2024, Alexandria earned several awards in recognition of operational excellence in asset management, leasing, real estate transactions, and sustainability across our regions.

Operating properties in North America boast a 94.6% occupancy rate, reflecting strong demand for life science space. This high occupancy rate underscores the attractiveness of Alexandria's properties.

The company's focus on Class A/A+ properties located in collaborative life science mega campuses in AAA innovation clusters mitigates market risks. These locations are highly desirable and characterized by high barriers to entry.

During the term of each lease, we monitor the credit quality and any related material changes of our tenants, which is essential in a dynamic market. This proactive approach helps to mitigate credit risks and ensure revenue stability.