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

As many of you know from our press release and then the previously, we did complete a very high quality joint venture in the key Longwood Medical submarket, market we’ve held a critical probably one of the best locations in all that submarket highest concentration and density of research hospitals and really teaching platform. And we consider our main and main location truly a triple like location, which we’re always focused on and we will once we open the Longwood center we’ll be the best-in-class building there by far.

We’re looking and we’ll report next quarter at a strong yield and no net future capital outlay, which we were pleased about. We completed partial sale of the land at a gain and we match funded the future capital with both the construction loan and our JV capital as you know. We did make one small acquisition in a really one of the best locations in all of Research Triangle Park with a solid yield. It wasn’t something we were necessarily looking to do, but it was a very opportunistic situation and we took the opportunity and it will create that kind of a platform for other things we’re doing down there.

One key new build-to-suit that Steve is going to discuss a little bit more in South San Francisco which help moves another key parcel from our land bank in South San Francisco which has been a challenging submarket into development process for cash flow at a solid yield. It’s really one of the best locations in South San Francisco and it’s certainly is a best-in-class tenant. Steve will tell you a little bit more about that with whom we have very close relationship and we’re proud that they chose Alexandria over numerous other potential landlords in land sites down there or up there.

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