ARE - Alexandria Real Estate Equities Inc. (ARE) Q1 2024 Earnings Call Transcript

2024-04-23 19:45:22 ET

Alexandria Real Estate Equities, Inc. (ARE)

Q1 2024 Results Conference Call

April 23, 2024 03:00 PM ET

Company Participants

Paula Schwartz - Investor Relations

Joel Marcus - Executive Chairman & Founder

Hallie Kuhn - Senior Vice President of Science and Technology & Capital Markets

Peter Moglia - Chief Executive Officer & Chief Investment Officer

Marc Binda - Chief Financial Officer & Treasurer

Conference Call Participants

Josh Dennerlein - Bank of America Merrill Lynch

Michael Griffin - Citi

Vikram Malhotra - Mizuho

Rich Anderson - Wedbush

Wes Golladay - Baird

Tom Catherwood - BTIG

Anthony Paolone - JPMorgan

Jim Kammert - Evercore

Dylan Burzinski - Green Street

Michael Carroll - RBC Capital Markets

Omotayo Okusanya - Deutsche Bank

Presentation

Operator

Good day, and welcome to the Alexandria Real Estate Equities First Quarter 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ms. Paula Schwartz with Investor Relations. Please go ahead, ma'am.

Paula Schwartz

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission.

And now I would like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Joel Marcus

Thanks, Paul, and welcome, everybody to Alexandria's first quarter '24. With me today are Hallie, Peter and Marc.

First of all, a thank you and congratulations to our ARE's family team for a very solid first quarter against a continuing tough macro with stubbornly high interest rates and continuing non-transitory inflation instigated by the federal governments really uncontrolled spending. In fact, our annual debt service now is greater than our defense budget crazy.

Also huge congratulations to the entire team as Alexander has once again been named one of the most trustworthy companies in America by Newsweek, and nominated as such by our 3 constituencies, our customers, our investors and our employees. Guided by Alexandria's core values of integrity, mutual respect, egoless leadership, humility, transparency, teamwork and trust, we have established ourselves at the Vanguard in the heart of the $5 trillion secularly growing life science industry.

We're very honored that Newsweek has again recognized us with this important award, which is a testament to company's values and to the trust that our tenants, investors and employees have in our one of a kind brand. And as we said before, as Jim Collins has said, Alexandria has achieved the 3 outputs that define a great company, superior results, distinctive impact and lasting endurance....

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