Alexandria Real Estate Equities, Inc. · NYSE:ARE
Alexandria Real Estate Equities — Q3 2017 Earnings Presentation
104 slides from Alexandria Real Estate Equities's earnings presentation, Oct 30, 2017
Slide 1: Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2017
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2017
Slide 2: Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2017
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2017 i
Slide 3: (1) Represents annual rental revenue in effect as of .
(1) Represents annual rental revenue in effect as of September 30, 2017. ii
Slide 4: Table of Contents
EARNINGS PRESS RELEASE Page SUPPLEMENTAL INFORMATION Page SUPPLEMENTAL INFORMATION (CONTINUED) Page Table of Contents September 30, 2017 Third Quarter Ended September 30, 2017, Financial and Operating Results Acquisitions Dispositions Guidance Earnings Call Information and About the Company Consolid
Slide 5: Third Quarter Financial and Operating Results
Alexandria Real Estate Equities, Inc. Reports Third Quarter Ended September 30, 2017 , Financial and Operating Results Strong Internal and External Growth and Significant Near-Term Contractual Rent Growth PASADENA, Calif. – October 30, 2017 – Alexandria Real Estate Equities, Inc. (NYSE:ARE) announce
Slide 6: Third Quarter Financial and Operating Results (continued)
Third Quarter Ended September 30, 2017, Financial and Operating Results (continued) September 30, 2017 Items included in net income (loss) attributable to Alexandria’s common stockholders (amounts are shown after deducting any amounts attributable to noncontrolling interests): YTD (In millions, exce
Slide 7: Acquisitions
Property Submarket/Market Date of Purchase Number of Properties Anticipated Use Occupancy Square Footage Purchase Price Operating Redevelopment Future Development September 30, 2017 (Dollars in thousands) 1H17: 325 Binney Street Cambridge/Greater Boston 3/29/17 — Office/lab, residential N/A — — 208,
Slide 8: Dispositions
Property/Market/Submarket Date of Sale RSF Net Operating Income (1) Net Operating Income (Cash Basis) (1) Contractual Sales Price Gain September 30, 2017 (Dollars in thousands) 6146 Nancy Ridge Drive/San Diego/Sorrento Mesa 1/6/17 21,940 N/A N/A $ 3,000 $ 1401/1413 Research Boulevard/Maryland/Rockvi
Slide 9: Guidance
Summary of Key Changes in Guidance As of 10/30/17 As of 7/31/17 Summary of Key Changes in Guidance As of 10/30/17 As of 7/31/17 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted Key Assumptions Low High Key Credit Metrics As of 10/30/17
Slide 10: Earnings Call Information and About the Company
Earnings Call Information and About the Company September 30, 2017 We will host a conference call on Tuesday , October 31, 2017 , 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 third quarter ended
Slide 11: Consolidated Statements of Income
Three Months Ended Nine Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 9/30/17 9/30/16 September 30, 2017 (In thousands, except per share amounts) Revenues: Rental $ 216,021 $ 211,942 $ 207,193 $ 187,315 $ 166,591 $ 635,156 $ 486,505 Tenant recoveries 67,058 60,470 61,346 58,270 58,681 188,87
Slide 12: Consolidated Balance Sheets
9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 September 30, 2017 (In thousands) Assets Investments in real estate $ 10,046,521 $ 9,819,413 $ 9,470,667 $ 9,077,972 $ 7,939,179 Investments in unconsolidated real estate joint ventures 33,692 58,083 50,457 50,221 133,580 Cash and cash equivalents 118,562 124
Slide 13: Funds From Operations and FFO per Share
Three Months Ended Nine Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 9/30/17 9/30/16 September 30, 2017 (In thousands, except per share amounts) The following tables present a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable
Slide 14: Company Profile
EXECUTIVE MANAGEMENT TEAM Company Profile September 30, 2017 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
Slide 15: Investor Information
Corporate Headquarters New York Stock Exchange Trading Symbols Information Requests Equity Research Coverage Fixed Income Coverage Rating Agencies Investor Information September 30, 2017 385 East Colorado Boulevard, Suite 299 Common stock: ARE Phone: (626) 396-4828 Pasadena, California 91101 7.00% S
Slide 16: High-Quality, Diverse, and Innovative Tenants
Investment-Grade Tenants Tenant Mix High-Quality, Diverse, and Innovative Tenants September 30, 2017 Cash Flows from High-Quality, Diverse, and Innovative Tenants
Slide 17: A REIT Industry-Leading Tenant Roster
50% 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 September 30, 2017 .
Slide 18: Class A Properties in AAA Locations
Class A Properties in AAA Locations AAA Locations Class A Properties in AAA Locations September 30, 2017 High-Quality Cash Flows from Class A Properties in AAA Locations
Slide 19: Class A Properties in AAA Locations
78% of ARE’s Annual Rental Revenue (1) Percentage of ARE’s Annual Rental Revenue (1) (1) Represents annual rental revenue in effect as of September 30, 2017 .
Slide 20: Occupancy
Solid Historical Occupancy (1) Occupancy across Key Locations Occupancy September 30, 2017 Solid Demand for Class A Properties in AAA Locations Drives Solid Occupancy
Slide 21: Occupancy of Operating Properties
95% Over 10 Years Occupancy of Operating Properties as of September 30, 2017 (1) Average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of September 30, 2017 . (2) In December 2016, Eli Lilly and Company vacated 125,409 RSF, or 3% of RSF in San
Slide 22: Financial and Asset Base Highlights
Three Months Ended (unless stated otherwise) 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 September 30, 2017 (Dollars in thousands, except per share amounts) Selected financial data from consolidated financial statements and related information Adjusted EBITDA – quarter annualized $ 773,828 $ 755,048 $
Slide 23: Financial and Asset Base Highlights (continued)
Three Months Ended (unless stated otherwise) 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 September 30, 2017 (Dollars in thousands, except annual rental revenue per occupied RSF amounts) Amounts included in funds from operations and non-revenue-enhancing capital expenditures Straight-line rent revenue $
Slide 24: Key Operating Metrics
Favorable Lease Structure (1) Same Property Net Operating Income Growth Key Operating Metrics September 30, 2017
Slide 25: Same Property Net Operating Income Growth
4.7% 2.3% 1.3% 2015 2016 3Q17 YTD
Slide 26: Favorable Lease Structure
Margins (2) Rental Rate Growth: Renewed/Re-Leased Space 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%
Slide 27: Rental Rate Growth
10) 27.6 0 5 90) 2015 2016 3Q17 YTD
Slide 28: Margins
Adjusted EBITDA Operating 68% 71% (1) Percentages calculated based on RSF as of September 30, 2017 . (2) Represents the three months ended September 30, 2017 . Same Property Performance
Slide 29: Same Property Performance
Same Property Financial Data 3Q17 YTD 3Q17 Same Property Statistical Data 3Q17 YTD 3Q17 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 $ Change % Change 2017 2016 $ Change % Change September 30, 2017 (Dollars in thousands) Percentage change over comparable period from pri
Slide 30: Leasing Activity
Three Months Ended Nine Months Ended Year Ended September 30, 2017 September 30, 2017 December 31, 2016 Including Straight-Line Rent Cash Basis Including Straight-Line Rent Cash Basis Including Straight-Line Rent Cash Basis Leasing Activity September 30, 2017 (Dollars per RSF) Leasing activity: Rene
Slide 31: Contractual Lease Expirations
Year Number of Leases RSF Percentage of Occupied RSF Annual Rental Revenue (per RSF) Percentage of Total Annual Rental Revenue Market 2017 Contractual Lease Expirations Annual Rental Revenue (per RSF) 2018 Contractual Lease Expirations Annual Rental Revenue (per RSF) Leased Negotiating/ Anticipating
Slide 32: Top 20 Tenants
Tenant Remaining Lease Term in Years (1) Aggregate RSF Annual Rental Revenue (1) Percentage of Aggregate Annual Rental Revenue (1) Investment-Grade Ratings Moody’s S&P September 30, 2017 (Dollars in thousands) 77% of Top 20 Annual Rental Revenue from Investment-Grade Tenants Illumina, Inc. 12.8 891,
Slide 33: Summary of Properties and Occupancy
Market RSF Number of Properties Annual Rental Revenue Operating Development Redevelopment Total % of Total Total % of Total Per RSF Operating Properties Operating and Redevelopment Properties Market 9/30/17 6/30/17 9/30/16 9/30/17 6/30/17 9/30/16 September 30, 2017 (Dollars in thousands, except per
Slide 34: Property Listing: Greater Boston
Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total September 30, 2017 (Dollars in thousands) Greater Boston Cambridge/Inner Suburbs Alexandria Center ® at Kendall Square 1,99
Slide 35: Property Listing: San Francisco
Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total September 30, 2017 (Dollars in thousands) San Francisco Mission Bay/SoMa 409 and 499 Illinois Street (consolidated joint ve
Slide 36: Property Listing: San Diego
Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total September 30, 2017 (Dollars in thousands) San Diego Torrey Pines ARE Spectrum 165,938 170,523 — 336,461 $ 7,443 96.5 % 96.5
Slide 37: Property Listing: Seattle
Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total September 30, 2017 (Dollars in thousands) Seattle Lake Union 400 Dexter Avenue North 258,896 31,215 — 290,111 $ 13,567 100.
Slide 38: Property Listing: Research Triangle Park
Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and Redevelopment Operating Development Redevelopment Total September 30, 2017 (Dollars in thousands) Research Triangle Park Research Triangle Park Alexandria Technology Center ® – Al
Slide 39: Building the Future of Life-Changing Innovation
GA) ALEXANDRIA. — Building the Future of Life-Changing Innovation™
Slide 40: Incremental Annual Net Operating Income from Development and Redevelopment
(1) RSF and percentage leased represent 100% of each property. Incremental annual net operating income represents incremental annual net operating income upon stabilization of our development and redevelopment of new Class A properties, including only our share of real estate joint venture projects.
Slide 41: Disciplined Management of Ground-Up Developments
Disciplined Management of Ground-Up Developments September 30, 2017
Slide 42: Solid Pre-leased Percentage of Ground-Up Developments
Solid Pre-leased Percentage of Ground Up Developments Commenced since January 1, 2009 3.0 Million RSF 1 00% Pre-leased 5 5 Single Tenancy rT] Million RSF Since January 1, 2009 2.5 Million RSF 38% Pre-leased Multi-Tenancy Represents pre-leased percentage at commencement of vertical construction
Slide 43: Sustainability
Sustainability September 30, 2017
Slide 44: Sustainability
(1) Upon completion of 13 projects pursuing LEED ® certification. (2) Upon completion of one project pursuing Fitwel certification. Investments in Real Estate
Slide 45: Investments in Real Estate
Investments in Real Estate Square Feet Consolidated Unconsolidated (1) Total September 30, 2017 (Dollars in thousands) Investments in real estate: Rental properties $ 10,387,875 18,944,650 210,709 19,155,359 Development and redevelopment of new Class A Properties: Undergoing construction Development
Slide 46: Projects Placed into Service in Last 12 Months
100 Binney Street 360 Longwood Avenue 1455 and 1515 Third Street ARE Spectrum September 30, 2017 Greater Boston/Cambridge Greater Boston/Longwood Medical Area San Francisco/Mission Bay/SoMa San Diego/Torrey Pines 341,776 RSF 413,799 RSF 422,980 RSF 165,938 RSF Bristol-Myers Squibb Company Facebook,
Slide 47: Slide 47
Slide 48: Slide 48
Slide 49: Slide 49
Slide 50: Projects Placed into Service in Last 12 Months (continued)
10290 Campus Point Drive 5200 Illumina Way, Parking Structure 4796 Executive Drive 400 Dexter Avenue North San Diego/University Town Center San Diego/University Town Center San Diego/University Town Center Seattle/Lake Union 305,006 RSF N/A 61,755 RSF 258,896 RSF Eli Lilly and Company Illumina, Inc.
Slide 51: — — — — — i— =
4 — — — — — i— =
Slide 52: Slide 52
Slide 53: Slide 53
Slide 54: Development and Redevelopment: Placed into Service in Last 12 Months (continued)
RSF represents the cumulative RSF that have been placed into service. Development and Redevelopment of New Class A Properties: Placed into Service in the Last 12 Months (continued)
Slide 55: Development and Redevelopment Placed into Service Summary
Property/Market/Submarket Our Ownership Interest Date Delivered RSF in Service Total Project Unlevered Yields (1) Prior to 10/1/16 Placed into Service Total Average Cash Initial Stabilized Cash Basis Initial Stabilized 4Q16 1Q17 2Q17 3Q17 Leased RSF Investment September 30, 2017 (Dollars in thousand
Slide 56: Projects Undergoing Construction
510 Townsend Street 505 Brannan Street, Phase I ARE Spectrum 400 Dexter Avenue North September 30, 2017 (Dollars in thousands) San Francisco/Mission Bay/SoMa San Francisco/Mission Bay/SoMa San Diego/Torrey Pines Seattle/Lake Union 300,000 RSF 150,000 RSF 170,523 RSF 31,215 RSF Stripe, Inc. Pinterest
Slide 57: Slide 57
Slide 58: am ie i
am ie i
Slide 59: ra Sy
ra Sy ]
Slide 60: Development Projects Undergoing Construction: 2017 Deliveries
Property/Market/Submarket Project RSF Percentage Occupancy In Service CIP Total Leased Negotiating Total Initial Stabilized Property/Market/Submarket Our Ownership Interest In Service CIP Cost to Complete Total at Completion Unlevered Yields Average Cash Initial Stabilized Cash Basis Initial Stabili
Slide 61: 2018 and 2019 Deliveries
399 Binney Street 266 and 275 Second Avenue 1655 and 1715 Third Street 213 East Grand Avenue 279 East Grand Avenue September 30, 2017 Greater Boston/Cambridge Greater Boston/Route 128 San Francisco/Mission Bay/SoMa San Francisco/South San Francisco San Francisco/South San Francisco 164,000 SF 59,173
Slide 62: Slide 62
Slide 63: Slide 63
Slide 64: Slide 64
Slide 65: SHES ie
de SHES ie
Slide 66: 2018 and 2019 Deliveries (continued)
681 Gateway Boulevard 9625 Towne Centre Drive 1818 Fairview Avenue East 9900 Medical Center Drive 5 Laboratory Drive San Francisco/South San Francisco San Diego/University Town Center Seattle/Lake Union Maryland/Rockville Research Triangle Park/RTP 126,971 RSF 163,648 RSF 205,000 RSF 45,039 RSF 175,
Slide 67: Slide 67
Slide 68: Slide 68
Slide 69: Slide 69
Slide 70: Slide 70
Slide 71: 2018 and 2019 Deliveries (continued)
Development and Redevelopment of New Class A Properties: 2018 and 2019 Deliveries (Projects Undergoing Construction, and Near-Term Projects Undergoing Marketing and Pre-Construction) (continued)
Slide 72: 2018 and 2019 Deliveries Summary
Property/Market/Submarket Dev/Redev Project RSF Percentage Project Start (1) Occupancy (1) In Service CIP Total Leased Negotiating Total Initial Stabilized Our Ownership Interest Unlevered Yields Property/Market/Submarket In Service CIP Cost to Complete Total at Completion Average Cash Initial Stabi
Slide 73: Intermediate-Term Development Projects
325 Binney Street 201 Haskins Way 960 Industrial Road 825 and 835 Industrial Road Alexandria Center ® for Life Science September 30, 2017 (Dollars in thousands, except per SF amounts) Greater Boston/Cambridge San Francisco/South San Francisco San Francisco/Greater Stanford San Francisco/Greater Stan
Slide 74: Slide 74
Slide 75: Slide 75
Slide 76: Slide 76
Slide 77: Slide 77
Slide 78: Intermediate-Term Development Projects (continued)
5200 Illumina Way Campus Point Drive 1150 Eastlake Avenue East 9800 Medical Center Drive San Diego/University Town Center San Diego/University Town Center Seattle/Lake Union Maryland/Rockville
Slide 79: Slide 79
Slide 80: Slide 80
Slide 81: Slide 81
Slide 82: Intermediate-Term Development Projects Summary
Market Property/Submarket Book Value Project SF Per SF Greater Boston 325 Binney Street/Cambridge (1) $ 85,518 208,965 $ 50 Rogers Street/Cambridge 6,426 183,644 (2) San Francisco 960 Industrial Road/Greater Stanford 67,902 500,000 (3) 825 and 835 Industrial Road/Greater Stanford 90,018 530,000 201
Slide 83: Development Pipeline by Market: Greater Boston
Property/Submarket Our Ownership Interest Book Value Square Footage Undergoing Construction Near-Term Projects Undergoing Marketing and Pre-Construction Intermediate -Term Development Future Development Total (1) September 30, 2017 (Dollars in thousands) Greater Boston Undergoing construction 100 Bi
Slide 84: Development Pipeline by Market: San Diego
Property/Submarket Our Ownership Interest Book Value Square Footage Undergoing Construction Near-Term Projects Undergoing Marketing and Pre-Construction Intermediate -Term Development Future Development Total (1) September 30, 2017 (Dollars in thousands) San Diego Undergoing construction ARE Spectru
Slide 85: Construction Spending and Capital Expenditures
Construction Spending Nine Months Ended September 30, 2017 Non-Revenue-Enhancing Capital Expenditures (1) Nine Months Ended September 30, 2017 Recent Average per RSF (2) Amount Per RSF Projected Construction Spending Year Ending December 31, 2017 2017 Disciplined Allocation of Capital (5) September
Slide 86: Capital Expenditure Notes and Joint Venture Financial Information
(1) Excludes amounts that are recoverable from tenants, revenue-enhancing, or related to properties that have undergone redevelopment. (2) Represents the average of the five years ended December 31, 2016, and the nine months ended September 30, 2017 . (3) Includes revenue-enhancing projects and non-
Slide 87: Joint Venture Financial Information
Consolidated Real Estate Joint Ventures Unconsolidated Real Estate Joint Ventures Property/Market/Submarket Noncontrolling (1) Interest Share Property/Market/Submarket Our Share Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate (3) Debt Balance (4) Outstanding Principal Remaining
Slide 88: Investments: Public/Private Mix and Tenant/Non-Tenant Mix
Public/Private Mix (Cost) Tenant/Non-Tenant Mix (Cost) September 30, 2017 (Dollars in thousands)
Slide 89: Public vs Private Investments
Public 87% Private
Slide 90: Investments by Type
Investment Type Cost Net Unrealized Gains Total Number of Investments Average Cost Public $ 55,433 $ 45,189 $ 100,622 Private 384,640 — 384,640 $1.7M Total $ 440,073 $ 45,189 $ 485,262 Key Credit Metrics
Slide 91: Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA (1) Net Debt and Preferred Stock to Adjusted EBITDA (1) September 30, 2017 (Dollars in millions)
Slide 92: Net Debt to Adjusted EBITDA Projected
6.1x 6.1x 5.3x to 5.8x 4Q16 3Q17 4Q17 Projected
Slide 93: Fixed-Charge Coverage Ratio and Liquidity
Fixed-Charge Coverage Ratio (1) Liquidity (2)
Slide 94: Liquidity
$1.7B Availability under our $1.65 billion unsecured senior line of credit $ 1,336 Remaining construction loan commitments Available-for-sale equity securities, at fair value Cash, cash equivalents, and restricted cash $ 1,739 (1) Quarter annualized. (2) As of September 30, 2017 .
Slide 95: Summary of Debt
Summary of Debt September 30, 2017 Debt maturities chart (Dollars in millions)
Slide 96: Fixed-Rate and Variable-Rate Debt
Fixed-Rate/Hedged Variable-Rate Debt Unhedged Variable-Rate Debt Total Percentage Weighted-Average Interest Rate (1) Remaining Term (in years) Fixed-rate/hedged and unhedged variable-rate debt (Dollars in thousands) Secured notes payable $ 902,207 $ 251,683 $ 1,153,890 24.0 % 3.80 % 2.8 Unsecured se
Slide 97: Debt Maturities and Principal Payments
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 2017 2018 2019 2020 2021 Thereafter September 30, 2017 (Dollars in thousands) Secured notes payable Greater
Slide 98: Construction Loans, Senior Notes, Covenants and Interest Rate Hedges
Property/Market/Submarket Stated Rate Maturity Date Outstanding Balance Remaining Commitments Aggregate Commitments Debt Covenant Ratios (1) Unsecured Senior Notes Payable $1.65 Billion Unsecured Senior Line of Credit and Unsecured Senior Bank Term Loans Requirement Actual Requirement Actual Interes
Slide 99: Definitions and Reconciliations
Three Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 Definitions and Reconciliations September 30, 2017 This section contains additional information for sections throughout this Supplemental Information package, as well as explanations of certain non-GAAP financial measures and the reasons wh
Slide 100: Definitions and Reconciliations (continued)
Three Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 Definitions and Reconciliations (continued) September 30, 2017 Development, redevelopment, and pre-construction A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class
Slide 101: Definitions and Reconciliations (continued)
Definitions and Reconciliations (continued) September 30, 2017 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
Slide 102: Definitions and Reconciliations (continued)
9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 Three Months Ended Nine Months Ended 9/30/17 9/30/16 9/30/17 9/30/16 Definitions and Reconciliations (continued) September 30, 2017 Net cash provided by operating activities after dividends Net cash provided by operating activities after dividends includes th
Slide 103: Definitions and Reconciliations (continued)
Development – under construction Properties Development – placed into service after January 1, 2016 Properties Redevelopment – under construction Properties Redevelopment – placed into service after January 1, 2016 Properties Acquisitions after January 1, 2016 Properties Definitions and Reconciliati
Slide 104: Definitions and Reconciliations (continued)
Three Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 Three Months Ended 9/30/17 6/30/17 3/31/17 12/31/16 9/30/16 Three Months Ended Nine Months Ended 3Q17 2Q17 1Q17 4Q16 3Q16 3Q17 3Q16 Definitions and Reconciliations (continued) September 30, 2017 Total market capitalization Total market capi
Alexandria Real Estate Equities — Q3 2017 Earnings Presentation on 6ix