Alexandria Real Estate Equities, Inc. Announces Pricing of Public Offering of $750,000,000 of Senior Notes due 2036

Rhea-AI Summary

Alexandria Real Estate Equities (NYSE: ARE) priced a public offering of $750,000,000 aggregate principal amount of 5.25% senior notes due 2036 at 99.679% with a yield to maturity of 5.291%. The notes are unsecured and fully guaranteed by an indirectly 100% owned subsidiary.

Closing is expected on or about February 25, 2026. Net proceeds are expected to repay commercial paper used in connection with repurchase or redemption of certain outstanding notes aggregating $952,202,784.40, with any remaining proceeds used for short-term investments or general corporate purposes.

Positive

• Raised $750,000,000 long-term financing via 5.25% senior notes due 2036
• Notes are fully and unconditionally guaranteed by an indirectly 100% owned subsidiary

Negative

• Notes priced below par at 99.679% with a yield of 5.291%
• Tender offer notes aggregate $952,202,784.40, exceeding the $750,000,000 offering amount

News Market Reaction – ARE

-5.45%

1 alert

-5.45% News Effect

-$561M Valuation Impact

$9.74B Market Cap

1K Volume

On the day this news was published, ARE declined 5.45%, reflecting a notable negative market reaction. This price movement removed approximately $561M from the company's valuation, bringing the market cap to $9.74B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Senior notes size: $750,000,000 Coupon rate: 5.25% Issue price: 99.679% +3 more

6 metrics

Senior notes size $750,000,000 Aggregate principal amount of 5.25% senior notes due 2036

Coupon rate 5.25% Interest rate on senior notes due 2036

Issue price 99.679% Price as percentage of principal for new notes

Yield to maturity 5.291% Yield on the 2036 senior notes at pricing

Tender offer repayment $952,202,784.40 Purchase price (excl. interest) of tender offer notes to be repaid

Expected closing date February 25, 2026 Anticipated settlement date for the notes offering

Market Reality Check

Price: $51.05 Vol: Volume 1,637,939 is below...

low vol

$51.05 Last Close

Volume Volume 1,637,939 is below 20-day average 2,765,844 (relative volume 0.59x). low

Technical Shares at $56.86 are trading below the 200-day MA of $68.16, well under the $105.14 52-week high.

Peers on Argus

ARE gained 1.17% while key office REIT peers were mixed (e.g., BXP +1.47%, VNO +...

ARE gained 1.17% while key office REIT peers were mixed (e.g., BXP +1.47%, VNO +1.79%, KRC -2.49%, SLG -2.30%), suggesting a more stock-specific reaction to its debt offering.

Common Catalyst Another peer, CUZ, also announced a senior notes offering today, pointing to funding activity across office REITs rather than a broad price move.

Previous Offering Reports

2 past events · Latest: Jan 30 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Jan 30	Debt offering priced	Positive	+1.6%	Pricing of $550M 2035 senior notes at 5.50% to refinance 2025 notes.
Jan 30	Debt offering announced	Positive	+0.1%	Announcement of senior notes offering to redeem 3.45% notes due 2025.

Pattern Detected

Recent senior note offerings have seen small, generally positive price reactions, implying markets have treated refinancing activity as routine.

Recent Company History

Over the past year, Alexandria has repeatedly accessed the bond market for senior unsecured notes. In January 2025, it announced and then priced a $550 million 2035 senior notes deal at a 5.50% rate, with proceeds earmarked to redeem 3.45% notes due April 30, 2025. Those offering-tagged announcements saw modest positive moves, framing today’s 2036 notes pricing as a continuation of its refinancing strategy.

Historical Comparison

+0.8% avg move · In the past year, ARE disclosed 2 senior note offerings tagged “offering,” with an average move of 0...

offering

+0.8%

Average Historical Move offering

In the past year, ARE disclosed 2 senior note offerings tagged “offering,” with an average move of 0.81%. Today’s 2036 debt pricing and 1.17% gain look broadly consistent with that pattern.

The company has repeatedly issued unsecured senior notes to refinance upcoming maturities, shifting from 2025 redemptions in early 2025 to addressing longer-dated paper with the new 2036 notes.

Market Pulse Summary

The stock moved -5.5% in the session following this news. A negative reaction despite a routine debt...

Analysis

The stock moved -5.5% in the session following this news. A negative reaction despite a routine debt refinancing would fit concerns about leverage and sensitivity to interest rates highlighted in recent filings. Even when prior offerings averaged about 0.81% moves, any perception of balance-sheet strain or unfavorable terms could weigh on sentiment. A sharp decline could also reflect worries that future financing may be more expensive, pressuring cash flows needed to service unsecured notes.

Key Terms

senior notes, yield to maturity, commercial paper program, tender offer, +2 more

6 terms

senior notes financial

"public offering of $750,000,000 aggregate principal amount of 5.25% senior notes due 2036"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

yield to maturity financial

"The notes were priced at 99.679% of the principal amount with a yield to maturity of 5.291%."

Yield to maturity is the total return an investor can expect to earn if they buy a bond today and hold it until it pays back all its money. It’s like calculating how much you’ll make from a savings account if you keep it for the full term, helping investors compare different investments to see which one offers the best potential earnings.

commercial paper program financial

"repay a portion of the borrowings under the Company's commercial paper program incurred in connection"

A commercial paper program is a formal way a company issues very short-term IOUs to raise quick cash, typically for days to months, without using a bank loan. Investors care because it shows how the company manages short-term funding and how trustworthy it appears—like watching whether someone keeps using and repaying a credit card; frequent use or higher costs can signal cash strain, while smooth issuance suggests healthy liquidity.

tender offer financial

"outstanding senior unsecured notes (the "tender offer notes") pursuant to its previously announced cash tender offer"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

registration statement on Form S-3 regulatory

"offered pursuant to an effective registration statement on Form S-3 that was previously filed"

A registration statement on Form S‑3 is a short, standardized filing a qualified public company uses to register new securities with regulators so they can be sold to investors; think of it as a pre-approved, reusable permission slip that speeds up future offerings. It matters to investors because it lets the company raise money more quickly and cheaply — which can fund growth or pay debt — but may also lead to share dilution or change in ownership, so it affects value and liquidity.

prospectus supplement regulatory

"Copies of the prospectus supplement relating to this offering, when available, may be obtained"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

PASADENA, Calif., Feb. 10, 2026 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. ("Alexandria" or the "Company") (NYSE: ARE) today announced that it has priced a public offering of $750,000,000 aggregate principal amount of 5.25% senior notes due 2036 (the "notes"). Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, BBVA Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Regions Securities LLC and Truist Securities, Inc. are acting as joint book-running managers in connection with the public offering, and Barclays Capital Inc., Capital One Securities, Inc., Huntington Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Samuel A. Ramirez & Company, Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. are acting as co-managers in connection with the public offering.

The notes were priced at 99.679% of the principal amount with a yield to maturity of 5.291%. The notes will be unsecured obligations of the Company and fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., an indirectly 100% owned subsidiary of the Company. The closing of the sale of the notes is expected to occur on or about February 25, 2026, subject to customary closing conditions.

The Company expects to use the net proceeds from the notes to repay a portion of the borrowings under the Company's commercial paper program incurred in connection with the repurchase or redemption for a purchase price (excluding accrued interest) aggregating $952,202,784.40 of certain series of its outstanding senior unsecured notes (the "tender offer notes") pursuant to its previously announced cash tender offer (the "tender offer"), by redemption or otherwise. Pending such use, the Company may invest the net proceeds in high-quality short-term securities and/or use such proceeds temporarily for general working capital and other general corporate purposes.  The consummation of the offering of the notes is not conditioned on the completion of the tender offer or the tender of any specific amount of the tender offer notes.

The notes are being offered pursuant to an effective registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, including the notes and the tender offer notes, nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Copies of the prospectus supplement relating to this offering, when available, may be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or email: prospectus@citi.com; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Scotia Capital (USA) Inc., 250 Vesey Street, New York, New York 10281, toll-free number: 1-800-372-3930; or TD Securities (USA) LLC, toll-free number: 1-855-495-9846.

About Alexandria Real Estate Equities, Inc.
Alexandria, an S&P 500^® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus^™ ecosystems 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. For more information, please visit www.are.com.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding the Company's offering of the notes and its intended use of the proceeds, and statements regarding the completion of the tender offer. These forward-looking statements are based on the Company's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by the Company's forward-looking statements as a result of a variety of factors, including, without limitation, the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in the Company's forward-looking statements, and risks and uncertainties to the Company's business in general, please refer to the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

Contact: Joel Marcus, Executive Chairman & Founder, (626) 578-0777, jmarcus@are.com

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SOURCE Alexandria Real Estate Equities, Inc.

FAQ

What are the terms of Alexandria Real Estate Equities (ARE) 2036 senior notes?

The notes carry a 5.25% coupon and mature in 2036, priced at 99.679%. According to the company, the offering yields 5.291% to maturity and the notes are unsecured with a full guarantee by an indirectly 100% owned subsidiary.

How will ARE use the proceeds from the $750,000,000 senior notes offering?

Net proceeds are expected to repay commercial paper linked to a previously announced repurchase/redemption. According to the company, proceeds will repay borrowings tied to tendered notes aggregating $952,202,784.40 and may be invested short-term or used for general corporate purposes.

When will Alexandria (ARE) close the sale of the 2036 senior notes?

The company expects the closing on or about February 25, 2026. According to the company, the closing is subject to customary conditions and is not conditioned on completion of the previously announced tender offer.

What guarantee and security back the ARE 5.25% senior notes due 2036?

The notes are unsecured obligations of the company and are fully and unconditionally guaranteed. According to the company, the guarantee is provided by Alexandria Real Estate Equities, L.P., an indirectly 100% owned subsidiary.