Alexandria Real Estate Equities, Inc. · NYSE:ARE

Alexandria Real Estate Equities — Q1 2018 Earnings Presentation

106 slides from Alexandria Real Estate Equities's earnings presentation, Apr 30, 2018

Slide 3: Definitions and Reconciliations note
(1) See “Definitions and Reconciliations” in our Supplemental Information. As of 1Q18, annual rental revenue from investment-grade tenants within our overall tenant base and investment-grade tenants within our top 20 tenants were 47% and 74%, respectively. ii
Slide 4: Table of Contents
Table of Contents March 31, 2018 EARNINGS PRESS RELEASE Page First Quarter Ended March 31, 2018, Financial and Operating Results Sustainability Acquisitions Guidance Earnings Call Information and About the Company Consolidated Statements of Income Consolidated Balance Sheets Funds From Operations an
Slide 5: First Quarter Financial and Operating Results
Alexandria Real Estate Equities, Inc. Reports First Quarter Ended March 31, 2018 , Financial and Operating Results Strong Internal and External Growth, Operational Excellence, and Growing Dividends PASADENA, Calif. – April 30, 2018 – Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced financi
Slide 6: First Quarter Financial and Operating Results (continued)
First Quarter Ended March 31, 2018, Financial and Operating Results (continued) March 31, 2018 Items included in net income attributable to Alexandria’s common stockholders: (In millions, except per share amounts) Amount Per Share – Diluted 1Q18 1Q17 1Q18 1Q17 Realized gain on non-real estate invest
Slide 7: Sustainability
Sustainability March 31, 2018
Slide 8: Sustainability certifications
(1) Upon completion of nine LEED certification projects in process. (2) Upon completion of three WELL certification projects in process. (3) Upon completion of eight Fitwel certification projects in process. Acquisitions
Slide 9: Acquisitions
March 31, 2018 (Dollars in thousands) Property Submarket/Market Date of Purchase Number of Properties Anticipated Use Operating Occupancy Square Footage Unlevered Yields Purchase Price Operating Development/Redevelopment Future Development Initial Stabilized Initial Stabilized (Cash) 1Q18 Acquisitio
Slide 10: Guidance
March 31, 2018 (Dollars in millions, except per share amounts) The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2018. Updates to guidance include: a) two cent increases to the midpoints, and reduction of the ra
Slide 11: Earnings Call Information and About the Company
Earnings Call Information and About the Company March 31, 2018 We will host a conference call on Tuesday , May 1, 2018 , at 3:00 p.m. Eastern Time (“ET”)/ noon Pacific Time (“PT”), which is open to the general public to discuss our financial and operating results for the first quarter ended March 31
Slide 12: Consolidated Statements of Income
March 31, 2018 (In thousands, except per share amounts) Three Months Ended 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Revenues: Rental $ 244,485 $ 228,025 $ 216,021 $ 211,942 $ 207,193 Tenant recoveries 73,170 70,270 67,058 60,470 61,346 Other income 2,484 2,291 2,338 Total revenues 320,139 298,791 28
Slide 13: Consolidated Balance Sheets
March 31, 2018 (In thousands) 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Assets Investments in real estate $ 10,671,227 $ 10,298,019 $ 10,046,521 $ 9,819,413 $ 9,470,667 Investments in unconsolidated real estate joint ventures 169,865 110,618 33,692 58,083 50,457 Cash and cash equivalents 221,645 254,
Slide 14: Funds From Operations
March 31, 2018 (In thousands) The following table presents a reconciliation of net income attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with generally accepted accounting principles (“GAAP”), including our share of amounts fr
Slide 15: Funds From Operations per Share
March 31, 2018 (In thousands, except per share amounts) The following table presents a reconciliation of net income per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consol
Slide 16: Company Profile
Company Profile March 31, 2018 Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500 ® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $17.9 billion and an asset
Slide 17: Investor Information
Investor Information March 31, 2018 Corporate Headquarters New York Stock Exchange Trading Symbols Information Requests 385 East Colorado Boulevard, Suite 299 Common stock: ARE Phone: (626) 578-0777 Pasadena, California 91101 7.00% Series D preferred stock: ARE PRD Email: corporateinformation@are.co
Slide 18: High-Quality, Diverse, and Innovative Tenants
High-Quality, Diverse, and Innovative Tenants March 31, 2018 Cash Flows from High-Quality, Diverse, and Innovative Tenants Investment-Grade or Large Cap Tenants Tenant Mix
Slide 19: A REIT Industry-Leading Tenant Roster
57% of ARE’s Total Annual Rental Revenue (1) A REIT Industry-Leading Tenant Roster Percentage of ARE’s Annual Rental Revenue (1) (1) Represents annual rental revenue in effect as of 1Q18 . (2) Leading technology entities represent investment-grade or companies with a market capitalization or private
Slide 20: Class A Properties in AAA Locations
Class A Properties in AAA Locations March 31, 2018 High-Quality Cash Flows from Class A Properties in AAA Locations Class A Properties in AAA Locations AAA Locations
Slide 21: Annual rental revenue from Class A AAA properties
79% of ARE’s Annual Rental Revenue (1) Percentage of ARE’s Annual Rental Revenue (1) (1) Represents annual rental revenue in effect as of 1Q18 .
Slide 22: Occupancy
Occupancy March 31, 2018 Solid Demand for Class A Properties in AAA Locations Drives Solid Occupancy Solid Historical Occupancy (1) Occupancy across Key Locations
Slide 23: Occupancy of operating properties
96% Over 10 Years Occupancy of Operating Properties as of March 31, 2018 (1) Average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of 1Q18 . Financial and Asset Base Highlights
Slide 24: Financial and Asset Base Highlights
March 31, 2018 (Dollars in thousands, except per share amounts) Three Months Ended (unless stated otherwise) 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Selected financial data from consolidated financial statements and related information Adjusted EBITDA – quarter annualized $ 914,444 $ 817,392 $ 773,
Slide 25: Financial and Asset Base Highlights (continued)
March 31, 2018 (Dollars in thousands, except annual rental revenue per occupied RSF amounts) Three Months Ended (unless stated otherwise) 3/31/18 12/31/17 9/30/17 6/30/17 3/31/17 Amounts included in funds from operations and non-revenue-enhancing capital expenditures Straight-line rent revenue $ 32,
Slide 26: Key Operating Metrics
Key Operating Metrics March 31, 2018 Favorable Lease Structure (1) Same Property Net Operating Income Growth
Slide 27: Same property net operating income growth
4.7% 2016 2017 1Q18
Slide 28: Lease structure metrics
Stable cash flows Percentage of triple net leases 97% Increasing cash flows Percentage of leases containing annual rent escalations 95% Lower capex burden Percentage of leases providing for the recapture of capital expenditures 94% Margins (2) Rental Rate Growth: Renewed/Re-Leased Space
Slide 29: Rental rate growth
27.6% 2016 2017 1Q18
Slide 30: Adjusted EBITDA margins
Adjusted EBITDA Operating 69% 71% (1) Percentages calculated based on RSF as of 1Q18 . (2) Represents percentages for 1Q18 . (3) Rental rate increase driven primarily by the successful execution of our strategy to re-lease significantly below-market leases at our Alexandria Center® at One Kendall Sq
Slide 31: Same Property Performance
March 31, 2018 (Dollars in thousands) Same Property Financial Data 1Q18 Same Property Statistical Data 1Q18 Percentage change over comparable period from prior year: Number of same properties Net operating income increase 4.0% Rentable square feet 17,618,620 Net operating income increase (cash basis
Slide 32: Leasing Activity
Leasing Activity March 31, 2018 Three Months Ended Year Ended March 31, 2018 December 31, 2017 (Dollars per RSF) Including Straight-Line Rent Cash Basis Including Straight-Line Rent Cash Basis Leasing activity: Renewed/re-leased space (1) Rental rate changes 16.3% (2) 19.0% (2) 25.1% 12.7% New rates
Slide 33: Contractual Lease Expirations
Contractual Lease Expirations March 31, 2018 Year Number of Leases RSF Percentage of Occupied RSF Annual Rental Revenue (per RSF) (1) Percentage of Total Annual Rental Revenue (2) 984,083 4.9 % $ 41.91 4.4 % 1,395,878 7.0 % $ 39.42 5.8 % 1,762,000 8.8 % $ 37.95 7.1 % 1,694,342 8.5 % $ 41.97 7.5 % 1,
Slide 34: Top 20 Tenants
March 31, 2018 (Dollars in thousands, except market cap/private valuation) 88% of Top 20 Annual Rental Revenue from Investment-Grade or Large Cap Tenants Tenant Remaining Lease Term in Years (1) Aggregate RSF Annual Rental Revenue (1) Percentage of Aggregate Annual Rental Revenue (1) Investment-Grad
Slide 35: Summary of Properties and Occupancy
March 31, 2018 (Dollars in thousands, except per RSF amounts) Summary of properties Market RSF Number of Properties Annual Rental Revenue Operating Development Redevelopment Total % of Total Total % of Total Per RSF Greater Boston 6,237,599 164,000 31,858 6,433,457 % $ 359,063 % $ 61.46 San Francisc
Slide 36: Property Listing
March 31, 2018 (Dollars in thousands) Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total Greater Boston Cambridge/Inner Suburbs Alexandria Center ® at Kendall Square 50, 60,
Slide 37: Property Listing (San Francisco)
March 31, 2018 (Dollars in thousands) Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total San Francisco Mission Bay/SoMa 409 and 499 Illinois Street (consolidated joint ventur
Slide 38: Property Listing (San Diego)
March 31, 2018 (Dollars in thousands) Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total San Diego Torrey Pines ARE Spectrum 336,461 — — 336,461 $ 17,502 100.0 % 100.0 % 3215
Slide 39: Property Listing (Seattle)
March 31, 2018 (Dollars in thousands) Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total Seattle Lake Union 400 Dexter Avenue North 290,111 — — 290,111 $ 15,195 100.0 % 100.0
Slide 40: Property Listing (Research Triangle Park)
March 31, 2018 (Dollars in thousands) Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total Research Triangle Park Research Triangle Park Alexandria Technology Center ® – Alston
Slide 41: Disciplined Management of Ground-Up Developments
Disciplined Management of Ground-Up Developments March 31, 2018
Slide 42: Ground-up development commencements
(1) Represents development commencements since January 1, 2008, comprised of 27 projects aggregating 6.9 million RSF. (2) Represents annualized rental revenue on ground-up developments commenced since January 1, 2008, from investment-grade rated tenants and/or tenants with market capitalization or p
Slide 43: Investments in Real Estate
March 31, 2018 (Dollars in thousands) Investments in Real Estate Square Feet Consolidated Unconsolidated (1) Total Investments in real estate: Rental properties $ 11,468,444 20,293,451 462,704 20,756,155 New Class A development and redevelopment properties: 2018 deliveries undergoing construction 17
Slide 44: Developments placed into service
March 31, 2018 100 Binney Street 266 and 275 Second Avenue 510 Townsend Street Greater Boston/Cambridge Greater Boston/Route 128 San Francisco/Mission Bay/SoMa 432,931 RSF 27,315 RSF 295,333 RSF Bristol-Myers Squibb Company Facebook, Inc. Visterra, Inc. Stripe, Inc.
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Slide 47: Developments placed into service
505 Brannan Street, Phase I ARE Spectrum 5200 Illumina Way, Parking Structure 400 Dexter Avenue North San Francisco/Mission Bay/SoMa San Diego/Torrey Pines San Diego/University Town Center Seattle/Lake Union 148,146 RSF 336,461 RSF N/A 290,111 RSF Pinterest, Inc. The Medicines Company Celgene Corpor
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Slide 51: Placed into Service in the Last 12 Months (continued)
RSF represents the cumulative RSF placed into service in the last 12 months. New Class A Development and Redevelopment Properties: Placed into Service in the Last 12 Months (continued)
Slide 52: Placed into Service: yields and investment
March 31, 2018 (Dollars in thousands) Property/Market/Submarket Our Ownership Interest Date Delivered RSF Placed into Service Total Project Unlevered Yields Initial Stabilized Initial Stabilized Cash Basis Prior to 4/1/17 2Q17 3Q17 4Q17 1Q18 Total Leased RSF Investment Consolidated development proje
Slide 53: 2018 Deliveries
March 31, 2018 399 Binney Street 266 and 275 Second Avenue 1655 and 1725 Third Street 213 East Grand Avenue Greater Boston/Cambridge Greater Boston/Route 128 San Francisco/Mission Bay/SoMa San Francisco/South San Francisco 164,000 RSF 31,858 RSF 593,765 RSF 300,930 RSF Rubius Therapeutics, Inc. Rela
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Slide 57: 2019 Deliveries
279 East Grand Avenue 201 Haskins Way 681 Gateway Boulevard Menlo Gateway San Francisco/South San Francisco San Francisco/South San Francisco San Francisco/South San Francisco San Francisco/Greater Stanford 211,405 RSF 280,000 RSF 126,971 RSF 520,988 RSF Verily Life Sciences, LLC Multi-Tenant/Market
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Slide 61: New Class A Development and Redevelopment Properties: 2018–2020 Deliveries (continued)
New Class A Development and Redevelopment Properties: 2018 – 2020 Deliveries (continued)
Slide 62: 2019 and 2020 Deliveries
March 31, 2018 825 and 835 Industrial Road Alexandria PARC 9625 Towne Centre Drive 9880 Campus Point Drive San Francisco/Greater Stanford San Francisco/Greater Stanford San Diego/University Town Center San Diego/University Town Center 530,000 RSF 45,115 RSF 163,648 RSF 98,000 RSF Multi-Tenant/Market
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Slide 66: 2019 and 2020 Deliveries (continued)
1818 Fairview Avenue East 9900 Medical Center Drive 704 Quince Orchard Road 5 Laboratory Drive Seattle/Lake Union Maryland/Rockville Maryland/Gaithersburg Research Triangle Park/RTP 205,000 RSF 45,039 RSF 58,186 RSF 175,000 RSF Multi-Tenant/Negotiating Multi-Tenant/Negotiating Multi-Tenant/Marketing
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Slide 70: New Class A Development and Redevelopment Properties: 2018–2020 Deliveries (continued)
New Class A Development and Redevelopment Properties: 2018 – 2020 Deliveries (continued)
Slide 71: Development projects: leasing and occupancy
March 31, 2018 Property/Market/Submarket Dev/Redev Project RSF Percentage Project Start Occupancy (1) In Service CIP Total Leased Negotiating Total Initial Stabilized 2018 deliveries: consolidated projects under construction 266 and 275 Second Avenue/Greater Boston/Route 128 Redev 171,899 31,858 203
Slide 72: Development projects: cost to complete and yields
March 31, 2018 (Dollars in thousands) Our Ownership Interest Cost to Complete Unlevered Yields Property/Market/Submarket In Service CIP Construction Loan ARE Funding Total at Completion Initial Stabilized Initial Stabilized (Cash Basis) 2018 deliveries: consolidated projects under construction 266 a
Slide 73: Intermediate-term development projects
March 31, 2018 325 Binney Street 88 Bluxome Street 505 Brannan Street, Phase II 960 Industrial Road Alexandria Center ® for Life Science Greater Boston/Cambridge San Francisco/Mission Bay/SoMa San Francisco/Mission Bay/SoMa San Francisco/Greater Stanford New York City/Manhattan 208,965 RSF 1,070,925
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Slide 78: Intermediate-term development projects (continued)
5200 Illumina Way Campus Point Drive 1150 Eastlake Avenue East 1165/1166 Eastlake Avenue East 9800 Medical Center Drive San Diego/University Town Center San Diego/University Town Center Seattle/Lake Union Seattle/Lake Union Maryland/Rockville 386,044 RSF 318,383 RSF 260,000 RSF 106,000 RSF 180,000 R
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Slide 83: Summary of Pipeline
New Class A Development and Redevelopment Properties: Summary of Pipeline
Slide 84: Development projects by market
March 31, 2018 (Dollars in thousands) Property/Submarket Our Ownership Interest Book Value Square Footage Development Projects Undergoing Construction Near-Term Projects Undergoing Marketing and Pre-Construction Intermediate- Term Development Future Development Total (1) Greater Boston Undergoing co
Slide 85: Development projects by market (continued)
March 31, 2018 (Dollars in thousands) Property/Submarket Our Ownership Interest Book Value Square Footage Development Projects Undergoing Construction Near-Term Projects Undergoing Marketing and Pre-Construction Intermediate- Term Development Future Development Total (1) San Diego Undergoing constru
Slide 86: Construction Spending
March 31, 2018 (Dollars in thousands, except per RSF amounts) Construction Spending Three Months Ended March 31, 2018 Additions to real estate – consolidated projects $ 206,404 Investments in unconsolidated real estate joint ventures 22,325 Construction spending (cash basis) (1) 228,729 Increase in
Slide 87: Joint Ventures
March 31, 2018 (Dollars in thousands) Consolidated Real Estate Joint Ventures (controlled by us through contractual rights or majority voting rights) Unconsolidated Real Estate Joint Ventures (controlled jointly or by our JV partners through contractual rights or majority voting rights) Property/Mar
Slide 88: Investments
March 31, 2018 (Dollars in thousands) Adoption of new accounting standard on financial instruments On January 1, 2018, we adopted a new accounting standard which requires us, on a prospective basis, to present our equity investments at fair value whenever fair value is readily available or observabl
Slide 89: Public/Private mix
Public Private
Slide 90: Investment holdings
Holdings $1.9M Average Investment Cost 1Q18 Investment Income As of March 31, 2018 Cost Unrealized Gains Total
Slide 91: Investments: cost and unrealized gains
Publicly traded companies $ 67,801 $ 95,870 $ 163,671 Privately held entities without readily determinable fair values: Entities that report NAV 159,231 106,235 (2) 265,466 Entities that do not report NAV: Entities with observable price changes since 1/1/18 23,491 11,043 (3) 34,534 Entities without
Slide 92: Key Credit Metrics
Key Credit Metrics March 31, 2018 Net Debt to Adjusted EBITDA (1) Net Debt and Preferred Stock to Adjusted EBITDA (1)
Slide 93: Net debt to Adjusted EBITDA
5.5x 5.4x <5.5x 4Q17 1Q18 4Q18 and Thereafter
Slide 94: Fixed-Charge Coverage Ratio and Liquidity
Fixed-Charge Coverage Ratio (1) Liquidity (2)
Slide 95: Liquidity
$2.3B (in millions) Availability under our $1.65 billion unsecured senior line of credit $ 1,160 Outstanding forward equity sales agreements Cash, cash equivalents, and restricted cash Investments in publicly traded companies Remaining construction loan commitments $ 2,315 (1) Quarter annualized. (2
Slide 96: Summary of Debt
Summary of Debt March 31, 2018 Debt maturities chart (In millions)
Slide 97: Fixed-rate and variable-rate debt
(1) Includes our secured construction loan for our property at 50 and 60 Binney Street in our Cambridge submarket with aggregate commitments of $350.0 million . We have two one -year options to extend the stated maturity date to January 28, 2021, subject to certain conditions. Our sources and uses g
Slide 98: Debt maturities and principal payments
March 31, 2018 (Dollars in thousands) Debt Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Principal Unamortized (Deferred Financing Cost), (Discount)/Premium Total Thereafter Secured notes payable Greater Boston L+1.50 % 3.36 % 1/28/1
Slide 99: Unconsolidated real estate joint ventures' debt
March 31, 2018 (Dollars in thousands) Unconsolidated real estate joint ventures’ debt 100% at JV Level Unconsolidated Joint Venture Our Share Initial Maturity Date Extension Option Maturity Date (1) Stated Interest Rate (2) Interest Rate (2)(3) Debt Balance (4) Remaining Commitments 360 Longwood Ave
Slide 100: Definitions and Reconciliations
Definitions and Reconciliations March 31, 2018 This section contains additional information for sections throughout this Supplemental Information package, as well as explanations and reconciliations of certain non-GAAP financial measures and the reasons why we use these supplemental measures of perf
Slide 101: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for
Slide 102: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish over
Slide 103: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 cumulative unrealized gains or losses equal to the difference between the carrying basis of the investment and the observable price at the date of measurement. • Investments in privately held entities will continue to require accounting unde
Slide 104: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 Net debt to Adjusted EBITDA and net debt and preferred stock to Adjusted EBITDA Net debt to Adjusted EBITDA and net debt and preferred stock to Adjusted EBITDA are non-GAAP financial measures that we believe are useful to investors as supple
Slide 105: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 operating expenses. Impairments of real estate relate to changes in the values of our assets and do not reflect the current operating performance with respect to related revenues or expenses. Our impairments of real estate represent the writ
Slide 106: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) March 31, 2018 Unencumbered net operating income as a percentage of total net operating income Unencumbered net operating income as a percentage of total net operating income is a non-GAAP financial measure that we believe is useful to investors as a perfo

Alexandria Real Estate Equities — Q1 2018 Earnings Presentation on 6ix

Alexandria Real Estate Equities — Q1 2018 Earnings Presentation

Slide 1: Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2018

Slide 2: Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2018

Slide 3: Definitions and Reconciliations note

Slide 4: Table of Contents

Slide 5: First Quarter Financial and Operating Results

Slide 6: First Quarter Financial and Operating Results (continued)

Slide 7: Sustainability

Slide 8: Sustainability certifications

Slide 9: Acquisitions

Slide 10: Guidance

Slide 11: Earnings Call Information and About the Company

Slide 12: Consolidated Statements of Income

Slide 13: Consolidated Balance Sheets

Slide 14: Funds From Operations

Slide 15: Funds From Operations per Share

Slide 16: Company Profile

Slide 17: Investor Information

Slide 18: High-Quality, Diverse, and Innovative Tenants

Slide 19: A REIT Industry-Leading Tenant Roster

Slide 20: Class A Properties in AAA Locations

Slide 21: Annual rental revenue from Class A AAA properties

Slide 22: Occupancy

Slide 23: Occupancy of operating properties

Slide 24: Financial and Asset Base Highlights

Slide 25: Financial and Asset Base Highlights (continued)

Slide 26: Key Operating Metrics

Slide 27: Same property net operating income growth

Slide 28: Lease structure metrics

Slide 29: Rental rate growth

Slide 30: Adjusted EBITDA margins

Slide 31: Same Property Performance

Slide 32: Leasing Activity

Slide 33: Contractual Lease Expirations

Slide 34: Top 20 Tenants

Slide 35: Summary of Properties and Occupancy

Slide 36: Property Listing

Slide 37: Property Listing (San Francisco)

Slide 38: Property Listing (San Diego)

Slide 39: Property Listing (Seattle)

Slide 40: Property Listing (Research Triangle Park)

Slide 41: Disciplined Management of Ground-Up Developments

Slide 42: Ground-up development commencements

Slide 43: Investments in Real Estate

Slide 44: Developments placed into service

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Slide 47: Developments placed into service

Slide 48: / ti i! (ae

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Slide 51: Placed into Service in the Last 12 Months (continued)

Slide 52: Placed into Service: yields and investment

Slide 53: 2018 Deliveries

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Slide 57: 2019 Deliveries

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Slide 61: New Class A Development and Redevelopment Properties: 2018–2020 Deliveries (continued)

Slide 62: 2019 and 2020 Deliveries

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Slide 66: 2019 and 2020 Deliveries (continued)

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Slide 70: New Class A Development and Redevelopment Properties: 2018–2020 Deliveries (continued)

Slide 71: Development projects: leasing and occupancy

Slide 72: Development projects: cost to complete and yields

Slide 73: Intermediate-term development projects

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Slide 78: Intermediate-term development projects (continued)

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