EX-99.3 4 ex993-summaryofpipeline.htm EX-99.3 Document

EXHIBIT 99.3

ALEXANDRIA REAL ESTATE EQUITIES, INC.

Class A Development and Redevelopment Properties: Summary of Pipeline

The following presents changes to our summary of pipeline for Class A development and redevelopment properties from September 30, 2020 to December 1, 2020.

Square Footage
Property/Market/SubmarketUnder ConstructionNear
Term		Intermediate
Term		FutureTotal
As of September 30, 20202,842,204 4,209,933 4,071,592 8,348,480 19,472,209 
Acquisitions:
380 and 420 E Street/Greater Boston/Seaport Innovation District— — — 1,000,000 1,000,000 
6450 Sequence Drive and Excess Land/San Diego/Sorrento Mesa— — — 911,915 911,915 
Seattle213,976 — — — 213,976 
700 Quince Orchard Road/Maryland/Gaithersburg169,420 — — — 169,420 
Other value-creation projects— — 76,951 — 76,951 
Additions to pipeline and/or acceleration of project timing:
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs— 200,000 — (200,000)— 
Reservoir Woods/Greater Boston/Route 128— 202,428 (202,428)— — 
5505 Morehouse Drive/San Diego/Sorrento Mesa(1)
— 71,021 — — 71,021 
1150 Eastlake Avenue East/Seattle/Lake Union— 260,000 (260,000)— — 
Mercer Mega Block/Seattle/Lake Union— 800,000 — (800,000)— 
9800 Medical Center Drive, Building E/Maryland/Rockville— 90,000 — (64,000)26,000 
Dispositions:
505 Brannan Street/San Francisco/SoMa— — (165,000)— (165,000)
Other— — — (163,000)(163,000)
— 
As of December 1, 20203,225,600 5,833,382 3,521,115 9,033,395 21,613,492 


(1)    Represents square footage of a building acquired in 1Q20 that is currently in operation.



ALEXANDRIA REAL ESTATE EQUITIES, INC.

Class A Development and Redevelopment Properties: Summary of Pipeline

The following presents details of current development and redevelopment projects of our Class A properties.

Square FootagePercentage
Property/Market/SubmarketDev/RedevIn ServiceCIPTotalLeasedLeased/Negotiating
Initial
Occupancy(1)
Under construction as of December 1, 2020
The Arsenal on the Charles/Greater Boston/Cambridge/Inner SuburbsRedev554,844 
(2)
281,444 836,288 82 %93 %2021
201 Haskins Way/San Francisco/South San FranciscoDev— 315,000 315,000 46 95 2Q21
Alexandria District for Science and Technology/San Francisco/Greater StanfordDev— 526,178 526,178 59 90 1Q21
3160 Porter Drive/San Francisco/Greater StanfordRedev— 92,147 92,147 20 20 1H21
Alexandria Center® – Long Island City/New York City/New York City
Redev36,661 140,098 176,759 21 28 1Q21
9877 Waples Street/San Diego/Sorrento Mesa
Redev— 63,774 63,774 100 100 1Q21
1165 Eastlake Avenue East/Seattle/Lake UnionDev— 100,086 100,086 100 100 2Q21
SeattleRedev246,647 213,976 460,623 51 51 2022
9804 Medical Center Drive/Maryland/RockvilleDev— 176,832 176,832 100 100 1Q21
9950 Medical Center Drive/Maryland/RockvilleDev— 84,264 84,264 100 100 2021
700 Quince Orchard Road/Maryland/GaithersburgRedev— 169,420 169,420 100 100 2021
Alexandria Center® for Life Science – Durham/Research Triangle/
   Research Triangle(3)
Redev— 652,381 652,381 50 75 1H21/2022
Alexandria Center® for AgTech/Research Triangle/Research Triangle(4)
Redev/Dev180,400 160,000 340,400 55 55 2021
Alexandria Center® for Advanced Technologies/Research Triangle/
   Research Triangle
Dev— 250,000 250,000 
(5)
40 
(5)
44 
(5)
2H21/2022
1,018,552 3,225,600 4,244,152 62 76 
Pre-leased near-term projects
3115 Merryfield Row/San Diego/Torrey PinesDev— 146,456 146,456 80 87 
Alexandria Point/San Diego/University Town Center(6)
Dev— 171,102 171,102 
(6)
100 100 
SD Tech by Alexandria/San Diego/Sorrento Mesa(7)
Dev— 176,428 176,428 
(7)
59 59 
— 493,986 493,986 79 82 
Total1,018,552 3,719,586 4,738,138 64 %77 %

(1)Initial occupancy dates are subject to leasing and/or market conditions. Construction disruptions resulting from COVID-19 and observance of social distancing measures may further impact construction and occupancy forecasts and will continue to be monitored closely. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy.
(2)We expect to redevelop 79,101 RSF of office spaces (acquired leases included in operating RSF) into office/laboratory space upon expiration of the existing leases in the next few quarters.
(3)The recently acquired Alexandria Center® for Life Science – Durham redevelopment project includes three properties at 40 Moore Drive, 2400 Ellis Road, and 14 TW Alexander Drive. 2400 Ellis Road is 100% leased, with initial occupancy anticipated in 1H21 and stabilized occupancy expected for the remaining buildings in 2022.
(4)The new strategic collaborative agtech campus consists of Phase I at 5 Laboratory Drive, including campus amenities, and Phase II at 9 Laboratory Drive.
(5)Represents 150,000 RSF with 7% negotiating at 8 Davis Drive and 100,000 RSF with 100% leased at 10 Davis Drive. Vertical construction at 10 Davis Drive is expected to commence in 2Q21.
(6)Represents our 4150 Campus Point Court property and is expected to commence vertical construction in 2Q21.
(7)Represents our 10055 Barnes Canyon Road property and is expected to commence vertical construction in 2Q21.




ALEXANDRIA REAL ESTATE EQUITIES, INC.

Class A Development and Redevelopment Properties: Summary of Pipeline

The following presents Class A development and redevelopment properties.

Property/SubmarketOur Ownership InterestBook Value
(in thousands)		Square Footage
Development and Redevelopment
Under ConstructionNear
Term		Intermediate
Term		FutureTotal
Greater Boston
The Arsenal on the Charles/Cambridge/Inner Suburbs100 %$174,275 281,444 200,000 
(1)
— — 481,444 
325 Binney Street/Cambridge100 %122,218 — 450,000 
(1)
— — 450,000 
15 Necco Street/Seaport Innovation District98.0 %180,915 — 350,000 
(1)
— — 350,000 
57 Coolidge Avenue/Cambridge/Inner Suburbs75.0 %45,469 — 275,000 
(1)
— — 275,000 
Reservoir Woods/Route 128100 %41,341 — 202,428 
(1)(2)
— 752,845 
(2)
955,273 
10 Necco Street/Seaport Innovation District100 %90,156 — — 175,000 — 175,000 
215 Presidential Way/Route 128100 %6,724 — — 112,000 — 112,000 
Alexandria Technology Square®/Cambridge
100 %7,881 — — — 100,000 100,000 
380 and 420 E Street/Seaport Innovation District100 %
(3)
— — — 1,000,000 1,000,000 
99 A Street/Seaport Innovation District95.8 %44,040 — — — 235,000 235,000 
One Upland Road and 100 Tech Drive/Route 128100 %8,039 — — — 750,000 750,000 
231 Second Avenue/Route 128100 %1,093 — — — 32,000 32,000 
Other value-creation projects100 %9,763 — — — 16,955 16,955 
731,914 281,444 1,477,428 287,000 2,886,800 4,932,672 
San Francisco
201 Haskins Way/South San Francisco100 %236,338 315,000 — — — 315,000 
Alexandria District for Science and Technology/Greater Stanford100 %667,179 526,178 — 700,000 
(2)
587,000 
(2)
1,813,178 
3160 Porter Drive/Greater Stanford100 %49,239 92,147 — — — 92,147 
88 Bluxome Street/SoMa100 %269,775 — 1,070,925 — — 1,070,925 
Alexandria Technology Center® – Gateway/South San Francisco
45.0 %44,537 — 517,010 
(1)(2)
— 291,000 808,010 
3825 and 3875 Fabian Way/Greater Stanford100 %— — — 250,000 
(2)
228,000 
(2)
478,000 
East Grand Avenue/South San Francisco100 %6,112 — — — 90,000 90,000 
Other value-creation projects100 %54,603 — — 267,951 
(2)
25,000 292,951 
$1,327,783 933,325 1,587,935 1,217,951 1,221,000 4,960,211 

(1)We expect to commence vertical construction or redevelopment of all or a portion of this project during 2021.
(2)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities, with the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction.
(3)We acquired this project during 4Q20.


Property/SubmarketOur Ownership InterestBook Value
(in thousands)		Square Footage
Development and Redevelopment
Under ConstructionNear
Term		Intermediate
Term		FutureTotal
New York City
Alexandria Center® – Long Island City/New York City
100 %$124,088 140,098 — — — 140,098 
47-50 30th Street/New York City100 %28,746 — 135,938 — — 135,938 
Alexandria Center® for Life Science – New York City/New York City
100 %52,503 — — 550,000 
(1)
— 550,000 
219 East 42nd Street/New York City100 %— — — — 579,947 
(2)
579,947 
205,337 140,098 135,938 550,000 579,947 1,405,983 
San Diego
9877 Waples Street/Sorrento Mesa100 %21,985 63,774 — — — 63,774 
3115 Merryfield Row/Torrey Pines100 %56,428 — 146,456 
(3)
— — 146,456 
Alexandria Point/University Town Center55.0 %
(4)
101,350 — 351,102 
(3)
249,164 
(5)
320,281 
(5)
920,547 
SD Tech by Alexandria/Sorrento Mesa50.0 %
(6)
88,128 — 366,502 
(3)
160,000 333,845 860,347 
5505 Morehouse Drive/Sorrento Mesa(7)
100 %— — 71,021 
(3)(5)
— — 71,021 
Townsgate by Alexandria/Del Mar Heights100 %22,057 — 185,000 — — 185,000 
10931 and 10933 Torrey Pines Road/Torrey Pines100 %— — — 242,000 
(5)
— 242,000 
University District/University Town Center100 %52,820 — — 600,000 
(5)(8)
— 600,000 
11255 and 11355 North Torrey Pines Road/Torrey Pines100 %105,236 — — — 240,000 
(5)
240,000 
5200 Illumina Way/University Town Center51.0 %12,302 — — — 451,832 451,832 
6450 Sequence Drive and Excess Land/Sorrento Mesa100 %
(9)
— — — 911,915 
(5)
911,915 
4045 and 4075 Sorrento Valley Boulevard/Sorrento Valley100 %7,669 — — — 149,000 
(5)
149,000 
Other value-creation projects100 %— — — — 50,000 50,000 
467,975 63,774 1,120,081 1,251,164 2,456,873 4,891,892 
Seattle
1165 Eastlake Avenue East/Lake Union100 %91,267 100,086 — — — 100,086 
1150 Eastlake Avenue East/Lake Union100 %44,932 — 260,000 
(3)
— — 260,000 
701 Dexter Avenue North/Lake Union100 %49,737 — 217,000 — — 217,000 
601 Dexter Avenue North/Lake Union100 %34,931 — — — 188,400 
(5)
188,400 
1010 4th Avenue South/SoDo100 %48,812 — — — 544,825 544,825 
830 4th Avenue South/SoDo100 %— — — — 52,488 
(5)
52,488 
Other value-creation projects100 %5,673 213,976 — — 35,000 248,976 
$275,352 314,062 477,000 — 820,713 1,611,775 
(1)We are currently negotiating a long-term ground lease with the City of New York for the future site of a new building approximating 550,000 RSF.
(2)Includes 349,947 RSF in operation with an opportunity to either convert the existing office space into office/laboratory space through future redevelopment or to expand the building by an additional 230,000 RSF through ground-up development. The building is currently occupied by Pfizer Inc. with a remaining lease term of approximately five years.
(3)We expect to commence vertical construction or redevelopment of all or a portion of this project during 2021.
(4)Excludes 9880 Campus Point Drive in our University Town Center submarket.
(5)Represents total square footage upon completion of development or redevelopment of a new Class A property. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities, with the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction.
(6)Excludes 5505 Morehouse Drive and 10121 and 10151 Barnes Canyon Road in our Sorrento Mesa submarket.
(7)Represents square footage of a building acquired in 1Q20 that is currently in operation.
(8)Includes our recently acquired project at 4555 Executive Drive and 9363, 9373, and 9393 Towne Centre Drive in our University Town Center submarket, which are currently under evaluation for development, subject to future market conditions.
(9)We acquired this project during 4Q20.


Property/SubmarketOur Ownership InterestBook Value
(in thousands)		Square Footage
Development and Redevelopment
Under ConstructionNear
Term		Intermediate
Term		FutureTotal
Maryland
9804 and 9800 Medical Center Drive/Rockville100 %$72,306 176,832 90,000 
(1)
— — 266,832 
9950 Medical Center Drive/Rockville100 %40,105 84,264 — — — 84,264 
700 Quince Orchard Road/Gaithersburg100 %
(2)
169,420 — — — 169,420 
14200 Shady Grove Road/Rockville100 %27,969 — 145,000 145,000 145,000 435,000 
140,380 430,516 235,000 145,000 145,000 955,516 
Research Triangle
Alexandria Center® for Life Science – Durham/Research Triangle
100 %117,197 652,381 — — — 652,381 
Alexandria Center® for AgTech, Phase II/Research Triangle
100 %45,880 160,000 — — — 160,000 
Alexandria Center® for Advanced Technologies/Research Triangle
100 %38,517 250,000 — 70,000 700,000 1,020,000 
Other value-creation projects100 %4,195 — — — 76,262 76,262 
205,789 1,062,381 — 70,000 776,262 1,908,643 
Other value-creation projects100 %3,842 — — — 146,800 146,800 
Total
3,358,372 3,225,600 5,033,382 3,521,115 9,033,395 20,813,492 
(3)
Key pending acquisition
Mercer Mega Block/Lake Union100 %
TBD
— 800,000 — — 800,000 
$3,358,372 3,225,600 5,833,382 3,521,115 9,033,395 21,613,492 

(1)We expect to commence vertical construction or redevelopment of all or a portion of this project during 2021.
(2)Recently acquired project during 4Q20.
(3)Total square footage includes 3,055,594 RSF of buildings currently in operation that will be redeveloped or replaced with new development RSF upon commencement of future construction.