Leasing activity reached 1.5 million RSF, a 48% increase compared to the previous four-quarter average. This indicates strong demand for Alexandria's properties, particularly in key life science clusters.

The company plans to fund a significant portion of its capital needs through dispositions, targeting properties and land parcels not integral to its mega campus strategy. This indicates a shift towards capital efficiency and strategic portfolio optimization.

In February 2024, the company entered into a new ATM common stock offering program that allows it to sell up to an aggregate of $1.5 billion of its common stock. This provides financial flexibility.

Occupancy of operating properties in North America remains strong at 94.7%. This indicates effective property management and tenant retention strategies.

Approximately 76% of annual rental revenue is generated from mega campuses. This demonstrates a successful strategy of focusing on large, collaborative life science hubs.

The company decided to no longer proceed with two potential acquisitions, resulting in impairment charges aggregating $30.8 million. This demonstrates management's willingness to adjust strategies in response to changing market conditions, but also highlights the risk of capital allocation decisions.

A lawsuit was filed against New York City Health + Hospitals Corporation and the New York City Economic Development Corporation alleging fraud and breach of contract in violation of the implied covenant of good faith and fair dealing. The lawsuit alleges two principal claims and exposes the company to potential losses ranging from zero to the full amount of the investment in the project aggregating $165.1 million as of September 30, 2024.

The lawsuit alleges two principal claims against H+H and EDC: fraud in the inducement, and, in the alternative, breach of contract in violation of the implied covenant of good faith and fair dealing. As alleged in the complaint, ARE-East River Science Park, LLC's claims arise from H+H's and EDC's misrepresentations and concealment of material facts in connection with a floodwall, which H+H and EDC are seeking to require ARE-East River Science Park, LLC to integrate into the development of the Option Parcel.

The company decided to no longer proceed with two potential acquisitions, resulting in impairment charges aggregating $30.8 million. This demonstrates management's willingness to adjust strategies in response to changing market conditions, but also highlights the risk of capital allocation decisions.

Approximately 96% of leases contain effective annual rent escalations approximating 3%. This provides a competitive advantage in inflationary environments.

The company's presence in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City, provides a competitive advantage by attracting high-quality tenants.

80% of leasing activity during the last twelve months was generated from the existing tenant base. This demonstrates the company's ability to retain tenants and maintain high occupancy rates.

Approximately 93% of leases are triple net leases, which require tenants to pay substantially all operating expenses. This reduces the company's exposure to rising operating costs.

Approximately 92% of leases provide for the recapture of capital expenditures, further mitigating the company's financial burden.

General and administrative expenses decreased by 4.4% YoY to $43.9 million, primarily due to a reduction in compensation costs resulting from the resignations of two executive officers in the second half of 2023. As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended September 30, 2024 and 2023 were 8.9% and 9.3%, respectively.

The increased use of artificial intelligence ('AI') and automation in life science research and development ('R&D') activities may change the uses, space configurations and tenant requirements for our laboratory properties in currently unforeseen ways.

Infrastructure upgrades may necessitate substantial capital expenditures and could potentially impact the environmental footprint of our building operations.

If technological developments result in a reduction or reconfiguration in space requirements by our tenants, demand by individual tenants and prospective tenants for space may decrease over time.

The company expects to fund a significant portion of its capital requirements for the year ending December 31, 2024 with dispositions primarily focused on sales of properties and land parcels not integral to our mega campus strategy.

In February 2024, the company entered into a new ATM common stock offering program that allows it to sell up to an aggregate of $1.5 billion of its common stock. This provides financial flexibility.

From October 1, 2024 through December 31, 2027, the company expects to receive capital contributions aggregating $1.0 billion from existing consolidated real estate joint venture partners to fund construction.

Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit agreement, the borrowing rate was reduced for a one-year period by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%, and the facility fee was reduced by 0.5 basis point to 0.145% from 0.15%.

The increased use of artificial intelligence ('AI') and automation in life science research and development ('R&D') activities may change the uses, space configurations and tenant requirements for our laboratory properties in currently unforeseen ways.

Infrastructure upgrades may necessitate substantial capital expenditures and could potentially impact the environmental footprint of our building operations.

During the three months ended June 30, 2024, due to the existing macroeconomic environment that negatively impacted the financial outlooks for these projects, we decided to no longer proceed with these acquisitions, resulting in the recognition of impairment charges.

The company expects to continue pursuing its strategy to fund a significant portion of its capital requirements for the year ending December 31, 2024 with dispositions primarily focused on sales of properties and land parcels not integral to our mega campus strategy.

We expect to complete the sale during the fourth quarter of 2024. Our net proceeds from the sale are expected to exceed our share of the outstanding debt balance and the carrying amount of this investment as of September 30, 2024.