PASADENA, Calif., May 17, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced today that it completed the sale of its previously announced underwritten public offering of shares of common stock. The Company sold a total of 7,590,000 shares of common stock at a price of $73.50 per share, including 990,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The net proceeds of the sale were approximately $535.5 million, after payment of underwriting discounts and commissions.
The Company intends to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured senior line of credit. The Company may then borrow from time to time under its unsecured senior line of credit to fund the selective development or redevelopment of life science properties, to fund property acquisitions, to repay other debt, or for general working capital and other corporate purposes.
BofA Merrill Lynch, Citigroup, and J.P. Morgan acted as joint book-running managers; RBS and Scotiabank acted as co-lead managers; and Baird, BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Southcoast, Credit Agricole CIB, Credit Suisse, Evercore Partners, Mitsubishi UFJ Securities, SMBC Nikko, and SunTrust Robinson Humphrey acted as co-managers in connection with the public offering.
Alexandria Real Estate Equities, Inc., a self-administered and self-managed investment-grade REIT, is the largest and leading REIT focused principally on owning, operating, developing, redeveloping, and acquiring high-quality, sustainable real estate for the broad and diverse life science industry. Alexandria's client tenants span the life science industry, including renowned academic and medical institutions, multinational pharmaceutical companies, public and private biotechnology entities, U.S. government research agencies, medical device companies, industrial biotech companies, venture capital firms, and life science product and service companies. As of March 31, 2013, the Company had 173 properties aggregating approximately 16.7 million rentable square feet, composed of approximately 14.2 million rentable square feet of operating properties, approximately 2.1 million rentable square feet undergoing active development, and approximately 0.4 million rentable square feet undergoing active redevelopment.This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.