Alexandria Real Estate Equities launches $750M 2036 note and tenders to extend maturities

Alexandria moves to reshape liability profile with coordinated tender and new-note sale

Alexandria Real Estate Equities is executing a coordinated liability-management program that combines cash tender offers for three long-dated senior note series with a new public notes offering to extend maturities and simplify near-term funding. The company is announcing specific pricing for the tenders and for a $750 million 2036 unsecured note sale that is guaranteed by its wholly owned subsidiary, aiming to replace short-term commercial paper used to fund recent repurchases and redemptions.

Restructuring effort centers on tender offers and a new 2036 issue

Alexandria is pricing cash tenders for its 3.000% notes due 2051, 3.550% notes due 2052 and 4.000% notes due 2050 under an aggregate maximum tender cap of $952,202,784.40. For the 3.000% 2051 notes, which receive the highest acceptance priority, the company uses a 4.750% U.S. Treasury due Aug. 15, 2055 as the reference security with a reference yield of 4.795% and a fixed spread of +75 basis points, producing total consideration of $656.22 per $1,000 tendered. Holders who validly tender by the early date receive an additional $50 per $1,000 early tender premium; acceptance is subject to proration, priority levels and the other terms set out in the company’s previously distributed Offer to Purchase.

Simultaneously, Alexandria is placing $750 million of 5.25% senior notes due 2036, priced at 99.679% with a yield to maturity of 5.291%, to further extend its debt ladder. The new notes are unsecured and fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., and the offering is expected to close on or about Feb. 25, 2026, subject to customary conditions. The notes sale is not conditioned on the outcome of the tender offers.

Tender proceeds and use of funds

Alexandria says it expects to use net proceeds from the 2036 offering to repay a portion of commercial paper the company issued in connection with repurchases or redemptions that aggregate roughly $952.2 million of senior unsecured notes. Pending deployment, proceeds may be invested in high-quality short-term securities or used for general corporate purposes. The company emphasizes the offering is conducted under an effective Form S-3 registration statement and that the press release is not an offer to sell securities.

Underwriting and timing

Citigroup, BofA Securities and J.P. Morgan lead the new-note book-running syndicate, with a broader group of co-managers participating. Reference yields for the tender pricing are determined by the lead dealer managers at 10:00 a.m. New York time on Feb. 10, 2026, and the early tender deadline for the offers was 5:00 p.m. on Feb. 9, 2026.