PASADENA, Calif., Sept. 30, 2019 /PRNewswire/ -- Alexandria
Real Estate Equities, Inc. (NYSE: ARE) ("Alexandria" or the "Company") today announced
that it has elected to cause the mandatory conversion of all
2,298,432 issued and outstanding shares of its 7.00% Series D
Cumulative Convertible Preferred Stock (NYSE: ARE/PD) (CUSIP 015271
505) (the "Series D Preferred Stock") into shares of its Common
Stock, par value $0.01 per share,
pursuant to Section 6 of the Company's Articles Supplementary
relating to the Series D Preferred Stock (the "Articles
Supplementary"). The effective date of the conversion of the Series
D Preferred Stock will be October 7,
2019 (the "Effective Date").
As previously announced, the $0.4375 per-share dividend on the Series D
Preferred Stock for the third quarter of 2019 will be paid
separately on October 15, 2019, to
holders of record of the Series D Preferred Stock on September 30, 2019. Any dividends on the Series D
Preferred Stock will cease to accrue as of the Effective Date (and
no dividends on such converted shares shall be payable except as
provided in the terms of the Articles Supplementary and as
described in the immediately preceding sentence).
The Series D Preferred Stock will be converted at the conversion
rate of 0.2513 shares of Common Stock for each share of Series
D Preferred Stock, which is equivalent to a conversion price of
approximately $99.48 per share.
In accordance with the Articles Supplementary, we will not issue
fractional shares of Common Stock upon the conversion of shares of
Series D Preferred Stock. Instead, holders will receive the cash
value of any such fractional share based upon the closing price of
the Common Stock on the trading day immediately preceding the
Effective Date.
The Common Stock and the Series D Preferred Stock are listed on
the New York Stock Exchange (the "NYSE") under the symbols "ARE"
and "ARE/PD," respectively. Upon the effectiveness of the
conversion, the Series D Preferred Stock will be canceled and will
be delisted and cease trading on the NYSE.
Questions regarding the conversion of the Series D Preferred
Stock should be directed to the conversion agent, American Stock
Transfer & Trust Company, LLC at 6201 15th Avenue, Brooklyn, New York 11219 or by telephone at
877-248-6417 or 718-921-8317.
About Alexandria Real Estate Equities, Inc.
Alexandria, an S&P
500® urban office real estate investment trust, is the
first and longest-tenured owner, operator and developer uniquely
focused on collaborative life science, technology and agtech
campuses in AAA innovation cluster locations. Founded in 1994,
Alexandria pioneered this niche
and has since established a significant market presence in key
locations, including Greater
Boston, San Francisco,
New York City, San Diego, Seattle, Maryland and Research Triangle.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are based on the
Company's present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by the Company's forward-looking statements as a result
of a variety of factors. All forward-looking statements are made as
of the date of this press release, and the Company assumes no
obligation to update this information. For more discussion relating
to risks and uncertainties that could cause actual results to
differ materially from those anticipated in the Company's
forward-looking statements, and risks and uncertainties to the
Company's business in general, please refer to the Company's
filings with the Securities and Exchange Commission, including its
most recent annual report on Form 10-K and any subsequently
filed quarterly reports on Form 10-Q.
CONTACT: Sara
Kabakoff, AVP – Corporate Communications, Alexandria Real
Estate Equities, Inc., (626) 788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.