Alexandria Real Estate Equities Closes $5B Senior Unsecured Revolving Credit Facility

Executive Summary

On September 24, 2026, Alexandria Real Estate Equities, Inc. (NYSE: ARE) and its operating subsidiary, Alexandria Real Estate Equities, L.P., finalized and made effective the Fourth Amended and Restated Credit Agreement with Citibank, N.A. as administrative agent and a syndicate of lenders. This agreement replaces the company's Third Amended and Restated Credit Agreement dated September 19, 2024.

Key Terms & Facility Structure

• Facility Size: $5.0 billion unsecured senior revolving credit facility.
• Accordion Feature: Option to increase aggregate commitments by up to an additional $1.0 billion, subject to lender consent and standard conditions.
• Maturity Date: Extended to January 22, 2032, assuming two successive 6-month extension options are exercised by the company.
• Borrowing Rates: Borrowings bear interest based on Floating Rate, Daily RFR Rate, or Base Rate plus an applicable margin. At closing, the applicable margin over Floating Rate / Daily RFR is 0.725%.
• Sustainability Adjustments: The agreement removes existing sustainability margin adjustments while maintaining provisions that allow future amendments for sustainability-linked margin adjustments.
• Hybrid Debt Modification: Added and revised definitions to adjust the treatment of certain hybrid debt instruments under the covenant framework.

Arrangers and Syndicate

• Administrative Agent: Citibank, N.A.
• Joint Lead Arrangers: Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, BBVA, Mizuho Bank, Ltd., SMBC, TD Bank, N.A., Scotiabank, Truist Securities, and U.S. Bank.
• Joint Bookrunners: Citibank, N.A., BofA Securities, Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, and RBC Capital Markets.

Financial & Strategic Impact

This refinancing reinforces Alexandria's liquidity profile and extends debt maturities well into the next decade, locking in favorable investment-grade pricing (0.725% spread) across a substantial $5.0 billion liquidity backstop. The inclusion of the $1.0 billion accordion provides flexible incremental borrowing capacity as needed for ongoing development and operations.