Alexandria Real Estate Equities, Inc. announced that it is commencing an underwritten public offering of 6,000,000 shares of common stock. BofA Merrill Lynch, Citigroup, and J.P. Morgan will act as joint book-running managers for the offering. Alexandria Real Estate Equities, Inc. expects to grant the underwriters a thirty-day option to purchase up to 900,000 additional shares. The Company intends to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured senior line of credit. The Company may then borrow from time to time under its unsecured senior line of credit to fund the selective development or redevelopment of life science properties, to fund property acquisitions, to repay other debt, or for general working capital and other corporate purposes.--updated 5/17 - Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced today that it completed the sale of its previously announced underwritten public offering of shares of common stock. The Company sold a total of 7,590,000 shares of common stock at a price of $73.50 per share, including 990,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The net proceeds of the sale were approximately $535.5 million, after payment of underwriting discounts and commissions.
Alexandria Real Estate Equities is a self-administered and self-managed real estate investment trust focused principally on owning, operating, developing, redeveloping, and acquiring real estate for the life science industry. Co.'s client tenants span the life science industry, including academic and medical institutions, multinational pharmaceutical companies, public and private biotechnology entities, U.S. government research agencies, medical device companies, industrial biotech companies, venture capital firms, and life science product and service companies. As of Dec. 31 2012 Co. had 178 properties aggregating approximately 17.1 million rentable sq. ft.
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