Alexandria Real Estate Equities, Inc. Announces Pricing Terms of Cash Tender Offers

Alexandria Real Estate Equities (NYSE: ARE) announced pricing and terms for cash tender offers to purchase up to an Aggregate Maximum Tender Amount of $952,202,784.40 of its 2050, 2051 and 2052 senior notes.

Rhea-AI Summary

Alexandria Real Estate Equities (NYSE: ARE) announced pricing and terms for cash tender offers to purchase up to an Aggregate Maximum Tender Amount of $952,202,784.40 of its 2050, 2051 and 2052 senior notes.

Key terms: Early Tender Date Feb 9, 2026; Early Settlement Date expected Feb 12, 2026; Early Tender Premium $50 per $1,000; Total Consideration per $1,000: $656.22 (2051), $726.53 (2052), $790.86 (2050). Acceptance priority levels and financing conditions apply.

Positive

• Aggregate Maximum Tender Amount set at $952,202,784.40
• Early Tender Premium of $50.00 per $1,000 increases near-term cash received by tendering holders
• Early Settlement Date expected on February 12, 2026, accelerating debt reduction timing

Negative

• Acceptance of the Tender Offers is conditioned on satisfaction or waiver of Financing Conditions
• Tender acceptance is subject to Acceptance Priority Levels and potential proration, possibly limiting shareholder-debt reduction per series

Argus Feb 10 session

+1.17% close to close Open Argus

Details

News Market Reaction – ARE

On Feb 10, the day this news came out, ARE closed 1.17% above the previous close.

Data tracked by StockTitan Argus for the Feb 10 session.

Key Figures

Aggregate Maximum Tender Amount: $952,202,784.40 2051 Notes Coupon: 3.000% 2052 Notes Coupon: 3.550% +5 more

Aggregate Maximum Tender Amount

$952,202,784.40

Cap on total principal to be purchased under cash tender offers

2051 Notes Coupon

3.000%

3.000% Senior Notes due 2051 subject to tender offer

2052 Notes Coupon

3.550%

3.550% Senior Notes due 2052 subject to tender offer

2050 Notes Coupon

4.000%

4.000% Senior Notes due 2050 subject to tender offer

Early Tender Premium

$50.00 per $1,000

Premium included in Total Consideration for notes tendered by Early Tender Date

Total Consideration 2051

$656.22

Per $1,000 principal amount of 2051 Notes, including Early Tender Premium

Total Consideration 2052

$726.53

Per $1,000 principal amount of 2052 Notes, including Early Tender Premium

Total Consideration 2050

$790.86

Per $1,000 principal amount of 2050 Notes, including Early Tender Premium

Historical Context

5 past events · Latest: Jan 27

5 events

1. Jan 27

   Debt tender launch

   24h Move

   +1.7%

   Announced cash tender offers for 2050–2052 senior notes with set caps.

2. Jan 26

   Earnings results

   24h Move

   -4.2%

   Reported net losses, dividend cut, leverage metrics and reaffirmed 2026 FFO guidance.

3. Jan 23

   Tax distribution data

   24h Move

   +2.8%

   Detailed 2025 dividend tax components and classifications for shareholders.

4. Jan 05

   Business milestone

   24h Move

   +1.2%

   32-year anniversary update highlighting portfolio strength and tenant achievements.

5. Dec 09

   Earnings call notice

   24h Move

   +0.7%

   Announced schedule and access details for 4Q25 and 2025 results call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

cash tender offers, senior notes, CUSIP, reference u.s. treasury security, +4 more

8 terms

cash tender offers financial

"today announced the pricing terms of its previously announced cash tender offers"

A cash tender offer is when a company or investor offers to buy shares directly from shareholders for cash, usually at a price higher than the current market value. It’s a way to quickly acquire a large number of shares, often to gain control of a company or influence its decisions.

senior notes financial

"aggregate principal amount of its outstanding 3.000% Senior Notes due 2051"

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.

CUSIP financial

"No representation is made as to the correctness or accuracy of the CUSIP Numbers"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

reference u.s. treasury security financial

"based on the bid side price of the applicable U.S. Treasury Security"

A reference U.S. Treasury security is a specific government bond or bill used as the standard benchmark for pricing and comparing other investments. Investors treat it like a yardstick for the “risk-free” interest rate, so its yield influences borrowing costs, bond prices and the extra return demanded for riskier assets; think of it as the baseline price everyone uses to judge other financial deals.

fixed spread financial

"determined by reference to the applicable fixed spread over the yield to maturity"

A fixed spread is a set difference between the buying and selling prices of a financial instrument that remains constant regardless of market conditions. For investors, this means the cost to trade stays predictable, making it easier to understand potential expenses and plan accordingly—similar to a fixed fee in a service that doesn’t change, no matter how busy or slow the market becomes.

early tender premium financial

"includes an early tender premium of $50.00 per $1,000 principal amount"

An early tender premium is a small extra payment offered to investors who agree to sell or exchange their securities promptly during a tender offer, acting like a bonus for those who sign up before the deadline. It matters to investors because it changes the effective payout and timing of a deal — taking the premium can boost near‑term cash received but may also lock you into a transaction sooner than you’d otherwise choose, so it affects return and strategy.

blue sky laws regulatory

"would not be in compliance with the securities, blue sky or other laws"

State-level securities laws that require companies and investment products to register, disclose key information, or meet exemptions before being sold to residents; they act like local consumer protection rules for investments. They matter to investors because they reduce the risk of fraud, ensure basic disclosure about what is being offered, and can affect where and how easily an investment can be bought or sold—similar to how building codes affect whether a house can be advertised in a neighborhood.

dealer managers financial

"retained Citigroup Global Markets Inc., Barclays Capital Inc. and J.P. Morgan Securities LLC to serve as Lead Dealer Managers"

Dealer managers are professionals or firms that coordinate and oversee the process of issuing new securities, such as bonds or stocks, on behalf of companies or governments. They help ensure the offering runs smoothly, find investors, and set the initial price or terms. For investors, dealer managers matter because they influence how efficiently new investments are introduced and how fairly they are priced.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PASADENA, Calif., Feb. 10, 2026 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. ("Alexandria" or the "Company") (NYSE: ARE) today announced the pricing terms of its previously announced cash tender offers (the "Tender Offers") to purchase up to an aggregate principal amount of its outstanding 3.000% Senior Notes due 2051 (the "2051 Notes"), 3.550% Senior Notes due 2052 (the "2052 Notes") and 4.000% Senior Notes due 2050 (the "2050 Notes", and, together with the 2051 Notes and the 2052 Notes, the "Notes" and, each series, a "series of Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 27, 2026 (the "Offer to Purchase"), that will not result in an Aggregate Maximum Tender Amount (as defined in the Offer to Purchase) that exceeds $952,202,784.40, in order to accept all of the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Date (as defined below). The Notes are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P. (the "Guarantor").

The "Total Consideration" for each per $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offers was determined by reference to the applicable fixed spread over the yield to maturity based on the bid side price of the applicable U.S. Treasury Security, in each case set forth in the table below, and is payable to the registered holders ("Holders") of the Notes who validly tendered and did not validly withdraw their Notes at or before 5:00 p.m., New York City time, on February 9, 2026 ("Early Tender Date") and whose Notes are accepted for purchase by the Company. The applicable reference yields (as determined pursuant to the Offer to Purchase) listed in the table were determined at 10:00 a.m., New York City time, today, February 10, 2026, by the Lead Dealer Managers (as defined below). The Total Consideration for each of the Notes includes an early tender premium of $50.00 per $1,000 principal amount of Notes validly tendered and not validly withdrawn by such Holders and accepted for purchase by the Company (the "Early Tender Premium").

The following table sets forth certain information regarding the Notes and the Tender Offers:

Title of Notes	CUSIP Number (1)	Acceptance Priority Level (2)	Reference U.S. Treasury Security	Reference Yield	Fixed Spread (basis points)	Total Consideration (3)(4)	Aggregate Principal Amount Tendered (5)	Aggregate Principal Amount Expected to be Accepted for Purchase
3.000% Senior Notes due 2051	015271 AX7	1	4.750% UST due August 15, 2055	4.795 %	+75	$656.22	$497,602,000	$497,602,000
3.550% Senior Notes due 2052	015271 AZ2	2	4.750% UST due August 15, 2055	4.795 %	+75	$726.53	$524,594,000	$524,594,000
4.000% Senior Notes due 2050	015271 AS8	3	4.750% UST due August 15, 2055	4.795 %	+80	$790.86	$309,199,000	$309,199,000

_____________________________________
(1)	No representation is made as to the correctness or accuracy of the CUSIP Numbers listed in this press release or printed on the Notes. They are provided solely for the convenience of the Holders of the Notes.
(2)	Subject to the Aggregate Maximum Tender Amount and proration, the principal amount of each series of Notes that is purchased in the Tender Offers will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order with 1 being the highest Acceptance Priority Level and 3 being the lowest) specified in this column.
(3)	Includes the Early Tender Premium.
(4)	Per $1,000 principal amount of Notes validly tendered at or prior to the Early Tender Date (and not validly withdrawn) and accepted for purchase by the Company.
(5)	At the Early Tender Date.

The Company will accept for payment all Notes purchased in connection with the Early Tender Date on the Early Settlement Date (as defined in the Offer to Purchase), which is expected to occur on February 12, 2026.  All payments for Notes purchased in connection with the Early Tender Date will also include accrued and unpaid interest on the principal amount of the Notes purchased, from the last interest payment date with respect to those Notes to, but not including, the Early Settlement Date.

Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on February 25, 2026, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Date is equal to the Aggregate Maximum Tender Amount, the Company does not expect to accept for purchase any tenders of Notes after the Early Tender Date. Any Notes tendered after the Early Tender Date will be promptly credited to the account of the Holders of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.

Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which was sent by the Company to Holders of the Notes. Holders of the Notes are encouraged to read the Offer to Purchase as it contains important information regarding the Tender Offers. The Company's obligation to accept for purchase, and to pay for, the Notes validly tendered pursuant to the Tender Offers is subject to, and conditioned upon, among other things, the satisfaction or waiver of the Financing Conditions (as defined in the Offer to Purchase).

The Company has retained Citigroup Global Markets Inc., Barclays Capital Inc. and J.P. Morgan Securities LLC to serve as Lead Dealer Managers for the Tender Offers and Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and BofA Securities, Inc. as Co-Dealer Managers for the Tender Offers. Global Bondholder Services Corporation has been retained to serve as the Depositary and Information Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to Citigroup Global Markets Inc. at 388 Greenwich Street, New York, New York 10013, (800) 558-3745, Barclays Capital Inc. at 745 Seventh Avenue, 5^th Floor, New York, New York 10019, (800) 438-3242, and J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, (866) 834-4666. Requests for the Offer to Purchase may be directed to Global Bondholder Services Corporation at 65 Broadway – Suite 404, New York, New York 10006, Attn: Corporate Actions, (212) 430-3774 (for banks and brokers) or (855) 654-2014 (for all others). The Company is making the Tender Offers only by, and pursuant to, the terms of the Offer to Purchase. None of the Company, the Guarantor, the Lead Dealer Managers, the Co-Dealer Managers or the Depositary and Information Agent make any recommendation as to whether Holders should tender or refrain from tendering their Notes. Holders must consult their own investment and tax advisors and make their own decisions as to whether to tender their Notes and, if so, the principal amount of the Notes to tender. The Tender Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the Lead Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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.

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 timing and consummation of the purchase of the Notes, risks and uncertainties related to the satisfaction of the Financing Condition and other conditions related to the purchase of the Notes. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Alexandria (NYSE: ARE) announce about the Aggregate Maximum Tender Amount on February 10, 2026?

The company set the Aggregate Maximum Tender Amount at $952,202,784.40. According to Alexandria, that cap limits the total principal accepted across the 2050, 2051 and 2052 note tenders.

What are the Total Consideration amounts for ARE's 2050, 2051 and 2052 notes in the tender offers?

Total Consideration per $1,000 is $790.86 for 2050, $656.22 for 2051, and $726.53 for 2052. According to Alexandria, these amounts include a $50 early tender premium where applicable.

When will holders who tendered by the Early Tender Date receive payment for ARE notes?

Payments for notes validly tendered by the Early Tender Date are expected on February 12, 2026. According to Alexandria, early settlement payments will include accrued and unpaid interest through that date.

Does Alexandria require any conditions before accepting tendered ARE notes?

Yes. Acceptance and payment are conditioned on satisfaction or waiver of specified Financing Conditions. According to Alexandria, the company may not accept notes unless those financing conditions are met.

How does Acceptance Priority Level affect which ARE notes will be purchased in the tender offers?

Acceptance Priority Levels determine purchase order by series, with level 1 highest and level 3 lowest. According to Alexandria, proration and the aggregate cap will be applied in numerical priority order if needed.