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Alexandria Real Estate Equities' CEO Discusses Q1 2012 Results - Earnings Call Transcript

And now, I would like to turn the call over to Mr. Joel Marcus. Please go ahead.

Joel Marcus

Thanks, Rhonda, and welcome everybody to our actually 60 th quarterly conference call as an NYSE listed company and the 15 th anniversary this month of our IPO on May of ‘97. With me today are Dean Shigenaga, Steve Richardson, Peter Moglia and Krupal Raval.

It actually struck me driving into work today as I was listening to sports radio on The Dan Patrick Show that yesterday has gone and it’s all about today and tomorrow. So we’re going to focus with that as our theme focus on today and tomorrow.

So 1Q was actually a pretty solid quarter and we have the much work to do through the rest of 2012 and that’s really our laser focus. And I’m going to start-off really with balance sheet and capital allocation thoughts. We did have, I think, a very productive first quarter when it comes to the balance sheet as you saw from the both the press release and supplemental. The consummation of our debut bond offering, the perpetual preferred, the line credit, which we just closed and the – I think really hallmark, high quality JV capital or JV transaction with JV capital.

We’ve got much more to do through the balance of 2012 focused on suburban asset sales and as well as non – other non-core asset sales for our capital recycling program. Dean is going to talk referred to that. Obviously we’re focused on land sales and we’ll be reporting some in the quarters to come and potentially in other potential JV relationship that we are exploring.

But as you know or should know, asset sales on a lapse based world are more complex and time consuming then simple generic offers and that’s important to keep in mind. So as we think about some of our markets and this recycling program obviously Seattle, San Francisco, Merlin, Massachusetts are one areas that we’re focused on.

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