BB&T Capital Markets Serves as a Co-Manager on Alexandria Real Estate Equities, Inc.’s Follow-On Offering
BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise a total of $774,110 for our client. Gross proceeds includes the initial issuance of 2,100,000 shares at this time, and full physical settlement of the forward sale agreements, expected to occur no later than March 9, 2018.
The Company intends to use the net proceeds from the offering and forward sale agreements to fund pending and recently completed acquisitions, near-term highly leased development projects, and the redemption of Series E Preferred Stock, with any remaining proceeds being held for general working capital and other corporate purposes, including the reduction of the outstanding balance on its unsecured senior line of credit, if any. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which they purchased an additional 755,000 shares.
About the Companies
Alexandria Real Estate Equities, Inc. (“ARE” or “The Company”), is an urban office real estate investment trust ("REIT") uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations. The Company’s asset base in North America includes 19.9 million RSF of operating properties and development and redevelopment of new Class A properties, and 5.3 million square feet of future ground-up development projects. ARE has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses and has established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park.
The BB&T Capital Markets Real Estate Group is led by an experienced banking team focused on serving the broad needs of Real Estate Investment Trusts (REITs) and private real estate sponsors. Our corporate and investment bankers are experts in all aspects of REITs and commercial real estate, allowing us to provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting, joint venture equity placements, and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs and strategic initiatives.
Core services include at-the-market (ATM) offerings, entity-level recapitalizations, follow-on equity offerings, initial public offerings, joint venture equity, merger and acquisition (M&A) advisory, preferred stock offerings, sale leasebacks, senior debt offerings, and stock repurchase programs.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.