The notes are priced at 100% of their principal amount and will carry an initial annual interest rate of 7.250% through February 15, 2032. Following this period, the rate will reset every five years based on the five-year U.S. Treasury Rate plus 2.889%, maintaining a 7.250% floor. These securities represent junior subordinated unsecured obligations, backed by a full guarantee from Alexandria Real Estate Equities, L.P., a wholly owned subsidiary.

Management intends to direct the net proceeds toward general corporate purposes. This includes working capital requirements, the repayment of existing debt, and potential reductions in balances related to the company’s commercial paper program and unsecured senior line of credit. Funds may also be allocated to the selective acquisition or development of properties. A broad group of joint book-running managers, including J.P. Morgan Securities, BofA Securities, and Citigroup Global Markets, is overseeing the transaction.