Alexandria Real Estate Equities, Inc. filed a Form 8-K with the SEC on August 21, 2026, disclosing the issuance and sale of $1,000,000,000 aggregate principal amount of 7.250% Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057 in a registered public offering.

Key Highlights

  • Offering size: $1,000,000,000 aggregate principal amount of junior subordinated notes issued and sold on August 21, 2026.
  • Initial interest rate: 7.250% per year from the original issuance date through, but excluding, February 15, 2032 (the First Reset Date).
  • Reset rate: After the First Reset Date, the rate resets each Reset Period to the Five-year U.S. Treasury Rate plus a spread of 2.889%, with a floor of 7.250%.
  • Maturity date: The Notes mature on February 15, 2057, with semi-annual interest payments on February 15 and August 15, beginning February 15, 2027.
  • Guarantee and ranking: The Notes are fully and unconditionally guaranteed on a subordinated unsecured basis by Alexandria Real Estate Equities, L.P., and rank junior to all of the company's existing and future Senior Debt.
  • Redemption at Rating Agency Event: In the event of a Rating Agency Event, the company may redeem the Notes in whole at 102% of principal amount, plus accrued and unpaid interest.

Alexandria Real Estate Equities Enters $1 Billion Junior Subordinated Note Agreement

According to the filing, Alexandria Real Estate Equities, Inc. (NYSE:ARE) completed the issuance of $1,000,000,000 in aggregate principal amount of 7.250% Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057 on August 21, 2026. The offering was conducted as a registered public offering under an effective shelf registration statement on Form S-3. The Notes are governed by an Indenture dated February 13, 2025, as supplemented by Supplemental Indenture No. 3, dated August 21, 2026, with U.S. Bank Trust Company, National Association serving as trustee.

The filing states that the Notes bear interest at 7.250% per year until the First Reset Date of February 15, 2032. After that date, the interest rate will reset each Reset Period to the Five-year U.S. Treasury Rate as of the most recent Reset Interest Determination Date, plus a spread of 2.889%. The filing specifies that the interest rate during any Reset Period will not reset below 7.250%. The company disclosed that it retains the right to defer interest payments as described in the Third Supplemental Indenture. The Notes are described as junior subordinated unsecured obligations that rank subordinate and junior in right of payment to all of the company's existing and future Senior Debt.

The filing also outlines redemption provisions. The company may redeem the Notes at 100% of principal, plus accrued and unpaid interest, during specified windows around the First Reset Date and on any Interest Payment Date thereafter. In the event of a Tax Event, redemption in whole is permitted within 120 days at 100% of principal. A Rating Agency Event triggers an optional whole redemption within 120 days at 102% of principal. The Indenture further limits the company's and guarantor's ability to consummate mergers or declare dividends during any Optional Deferral Period, subject to exceptions described in the filing.

What Was Disclosed

Alexandria Real Estate Equities, Inc. disclosed the entry into a material agreement and creation of a direct financial obligation through the issuance of $1,000,000,000 in junior subordinated notes due 2057, governed by a supplemental indenture dated August 21, 2026.