Alexandria Real Estate Equities Inc.
07/09/2026 | Press release | Distributed by Public on 07/09/2026 15:10
Material Agreement, Financial Obligation (Form 8-K)
Item 1.01. Entry into a Material Definitive Agreement
Escrow Agreement
On July 9, 2026, Alexandria Real Estate Equities, Inc., a Maryland corporation (the "Company"), and its subsidiary, Alexandria Real Estate Equities, L.P., a Delaware limited partnership (the "Operating Partnership"), entered into an escrow agreement (the "Escrow Agreement") with Citibank, N.A., as administrative agent (the "Administrative Agent"), certain lenders (the "Lenders") and O'Melveny & Myers LLP, as escrow agent (the "Escrow Agent"), pursuant to which the Company, the Operating Partnership, the Administrative Agent, and the Lenders, intending to enter into a fourth amended and restated credit agreement in the form attached as an exhibit thereto (the "Fourth Amended Credit Agreement"), submitted their signature pages to the Fourth Amended Credit Agreement to be held by the Escrow Agent in escrow. Pursuant to the Escrow Agreement, the Escrow Agent will release the signatures to the Fourth Amended Credit Agreement and the Fourth Amended Credit Agreement will become effective upon satisfaction by the Company of certain conditions precedent to the effectiveness of the Fourth Amended Credit Agreement set forth in the Fourth Amended Credit Agreement. If the conditions are not satisfied by the Company on or prior to October 1, 2026, the Fourth Amended Credit Agreement signature pages will be deemed to have been revoked, the escrow arrangements under the Escrow Agreement will terminate, and the Fourth Amended Credit Agreement will not become effective.
The conditions to be satisfied by the Company include the delivery of certain legal opinions and certificates, the termination of, and payment in full of the obligations under, the Third Amended and Restated Credit Agreement, dated as of September 19, 2024 (the "Existing Credit Agreement"), among the Company, the Operating Partnership, the other guarantors (if any) from time to time party thereto, each lender from time to time party thereto, each L/C issuer from time to time party thereto and Citibank, N.A., as the administrative agent, and the payment of prescribed fees. While there can be no assurance in this regard, the Company expects that it will satisfy the conditions on or prior to October 1, 2026, and that the Fourth Amended Credit Agreement will thereupon become effective. The purpose and effect of the Escrow Agreement are to permit the Company to "lock in" the current terms and conditions of the Fourth Amended Credit Agreement and the identities of the lenders thereunder while deferring the commencement of the term of the credit facility to be provided under the Fourth Amended Credit Agreement until the Company satisfies the conditions to effectiveness. As a result, the term of the Fourth Amended Credit Agreement will not begin and the Company will not be able to avail itself of the credit provided thereby until conditions to the effectiveness of the Fourth Amended Credit Agreement are satisfied.
Credit Agreement
Upon effectiveness, the Fourth Amended Credit Agreement is expected to replace the Company's Existing Credit Agreement. Citibank, N.A. is anticipated to serve as administrative agent; Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Royal Bank of Canada, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, TD Bank, N.A., The Bank of Nova Scotia, Truist Securities, Inc., and U.S. Bank National Association are expected to serve as joint lead arrangers; and Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, and Royal Bank of Canada are expected to serve as joint bookrunners under the Fourth Amended Credit Agreement. The Fourth Amended Credit Agreement is expected to provide for, among other things, a $5 billion unsecured senior revolving credit facility (the "Revolving Credit Facility") and an accordion option to increase aggregate commitments under the Fourth Amended Credit Agreement by up to an additional $1 billion. Borrowings under the Revolving Credit Facility are anticipated to bear interest at a "Floating Rate," "Daily RFR Rate," or "Base Rate" specified in the Fourth Amended Credit Agreement, plus, in any case, a margin specified in the Fourth Amended Credit Agreement. The margin at closing applicable to loans based on the Floating Rate and Daily RFR is anticipated to be 0.725%. The Fourth Amended Credit Agreement is expected to remove the sustainability margin adjustments provided for in the Existing Credit Agreement, but is also expected to permit amendments for future sustainability-linked margin adjustments, subject to customary conditions and parameters.
The Fourth Amended Credit Agreement is expected to extend the maturity date for the Revolving Credit Facility to January 22, 2032, provided that the Company exercises its rights to extend the maturity date twice by an additional six months for each exercise upon the satisfaction of certain conditions.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 is incorporated herein by reference.
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