ARE - Earnings call transcript Q1 2020 | Alexandria Real Estate Equities, Inc.

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Operator

Good afternoon. Welcome to Alexandria Real Estate Equities First Quarter 2020 Conference Call. [Operator Instructions]. Please note that this event is being recorded. I would now like to turn the conference over to Paula Schwartz from Investor Relations. ahead. go Please

Paula Schwartz

projected good statements and laws. This call from conference company's statements. Thank the afternoon, meaning forward-looking those materially differ within results securities the of contains forward-looking actual you, might everyone. in the The federal

call could factors And to statements materially the forward-looking Founder. actual results contained Securities to filed now with in like the over and Additional from that to the Joel. Executive in Commission. those I Marcus, information would Chairman turn go cause Please concerning reports Exchange the is differ Joel company's periodic and ahead,

Joel Marcus

Thank everybody. quarterly will known quarter This COVID-XX And quarter to I present team virtually, public excellent call. today, stellar quarter call. reporting and always for circumstances. Moglia to operationally And COVID-XX Foger, you, virtual for presentation we're thank I pleased order Peter all the Paula, do, Shigenaga. lead Jenna is welcome as difficult And with our earnings under Dean first entire In first the Steve extraordinary to I truly want think, be our Richardson, companies. as a me XXXX forever and first

excellent. and and operating current status financial Our is go-forward

And rippled virus replicated more The violence. cases a ultraviolet COVID-XX COVID-XX February World tiny with On what not global until has pandemic. declared XXXX wavelength earnings the on X, was to a date. million it client globe XX, working novel astoundingly, X and year-end very fourth tenants, the across roughly and March Health I that our health of call worldwide quarter on Alexandria on XXX-nanometer commented organization is and the and coronavirus emergency we're light than that XXXX, the already ultra particle, the

especially Tiny when everyone so immense things impact, interconnected and vulnerable. everything is have and

you in our accomplishments first rapid of which China's therapeutics every ever of pace moving this forward day. very We fight the Jenna I'll minutes, during ask laser-focused In kind a and to will quarter, is have testing collective forget. and of this some And vaccines, proud none few had on us Alexandria a update which COVID-XX chernobyl. dubbed regarding literally enormously challenging

and and staying our no tireless on outstanding by mission we mean ego. lean, team's truly all performance are laser-focused and with metrics, Our really

and City, XX,XXX to pieces NXX Boston, priorities. Our teams acquired New individual those cities, PPE, masks York our mostly were over in delivered of Seattle delivered X hospitals and top

consider of We great them responsibility. We Dayton, this San truly LA delivered also be our Diego execution to a and Hospitals. corporate to

return. has has Alexandria is presence inspiring among shareholder Alexandria to second a total Alexandria best-in-class best-in-class assets place-making tenants. powerful the and design and industry another. in leaders market and really cluster

importantly, going optionality relationships. gives We have forward. us our trusted world-class great balance And sheet flexibility fortress and

still novel We, cancer, against neurological cardiovascular, multifaceted while diseases. day in the and serious, science are this COVID-XX, serious of each at new every metabolic, fight and to products technologies and forefront life the industry innovating also treat other

the of REITs most the compare COVID-XX the crisis to today, XXXX. great financial their COVID-XX in XXXX While pandemic and business

the science then Ray the COVID-XX life really XXXX. the were in at solution is A CEO, in and of us, when great to impact America. against today, really to that bull the pandemic. true company and of admired its the really catapulted here its And most years XXXX, sit capabilities we I days in think look run really industry winning This after battle admired the industry. for we time Vagelos, like most start to the industry the which and this was X is CEO Merck and the return innovation as starting

the the blockbuster, biopharma solution R&D million billion and to first scale record and pace, and a COVID-XX quarter, XXXX important our very testing funding and XX being life tenants and invested place of to over here. -- high for quarterly of high accelerated $XXX clinical key of to really X all-time advance the venture-backed the quarter level in BARDA first a in The including of the manufacturer Moderna government science $X.X Moderna set an collaborations novel vaccine companies, took

Biopharma market the COVID-XX continues first the reality. quarter to amidst outperform broad the in

are acute While for adversely most industries this changes affected the demand, in consumer not biopharma. case by is

financial regulatory medicines FDA, very favorable XX $XX.X why billion, were a This condition. for our in the of biopharma product remains As to during first reasons the environment outperformed new support strong of with the is human X% budget the with need new the light bubble other approvals NIH funding tech crash and the fiscal is achieved especially of XXXX, one great a for to crisis up quarter. discrepancy continues and sectors XXXX. in very increase COVID-XX fundamental

never restore international that more to last, states, And to and fair famous pandemic. again his quickly to to to have building philanthropy return a confidence Medical also in hit what built Collins, evidences author be will writer. last introduction on that really would lose and be same and normal, if focus Jim building it important as of a organization is high the that Research solve you well. to pre-COVID-XX business excellence to cease intrinsic it's real something something company the clearly health the is worthy importantly, were say lasting. Jim's How safety. to of about flying public research the built be about the will book world exist. the change. they such built things is was It's quite I XXX, as has situation, an public that be we all-time before How we and after depends new to like think how the much

Collins convinced day. mission X a Collins tangible more Making our endurance. company: XXXX of over distinctive let further define truly and cover And Jenna than impact. are And where on than impact every and are important annual with by the we're we and noble to ever, it ever great is me positive Foger. he we more now that, the building And worthy an that really stated, results, report, X the Alexandria achieved Jim Alexandria great lasting company, superior cause. has fight a graced -- is we each is turn indicated our that a at in Jim of were and lasting enduring outputs great that

Jenna Foger

you coronavirus economic, so global and of social everyone. Thank impact unprecedented backdrop much, health and of good Against afternoon, the and that Joel, the this backdrop pandemic. public

mention strong many truly so and tenants campus by Joel to against philanthropic hope hospitals crisis, this mission-critical COVID-XX. heroic is cluster gratitude prevent life spearheaded work are biopharma of inspiring. to the of across vaccines remain as providing represents to our The industry we therapies the a diagnostics, solving debt of the science absolutely tracking, supplies fight test elegantly in and As initiatives the the being neighboring countless beacon and help described, fundamentals many owe and to medical and we equipment profound our for, are COVID-XX. communities, not to protective treat efforts Effective

We across are intercompany programs and our markets disclosed over tracking our cluster transpiring COVID-XX publicly with with public-private across portfolio. tenants XX currently collaborations dozens of

of strength, fighting forefront COVID-XX position at fortitude and quality the the tenant our Our of base. reflects tenants

and of background alongside in XX each our part with we have know, profound I of we our and pride deep technology science honor a As in is of colleagues team, attract, take of you science which underwritten strategically which tremendous being business. tenants the all by a

the to would developing improving briefly mission-critical X, across I testing, and vaccines. new like our of major quality three, repurposed X capacity, So work treatments; categories: preventative companies highlight tenant and one, advancing and

and genomics capacity, who and quality and course, be the area and The has the trace UCSS reopening and safe availability color who labs, improving exposed immunity widespread and who virus, and society Abbott Diagnostics, nature working work. of return developed of quality and for it. in this tenant serological determine Quest are initiatives rapid been and, of test has So LabCorp, instrumental and to healthy to capacity several and will testing for actively has to the others testing of the screening of Roche, companies, against Thermo Fisher, track accessible enhance including

vaccines XXX potential stage therapies In in treatments the drug are XXX well around and being preclinical trials development. terms studied vaccines, XXX clinical world, with more in over of and than programs over

of studies treatment our Headlining which which, sciences among imagine programs tenants. if in efforts likely them Gilead first positive, a As number will for Remdesivir, the by FDA-approved COVID-XX these basis late-stage the patients, of and treatment the can you are is sponsored include severe form for substantial moderate for COVID-XX.

Lilly, sick fellow and Eli tenants, and company to to Biotechnologies announced COVID-XX and be existing therapies patients. other used existing provide Alnylam, partnered highest with develop the back come similarly therapies to biotechnology recently options drugs and Several including preventative to antibodies are others Tenant to of or treatments Biogen, blood COVID-XX recovered or Other repurpose severe develop as GSK and has with is other coronaviruses. at and new could develop and partnerships AbbVie, tenants, Amgen moderate tenant risk. from those for COVID-XX near-term that endeavoring Novartis novel and identify to patients therapeutic Fiber Adaptive

vaccines. lastly, And

represents pandemic. So clearly, COVID-XX end vaccine prophylactic global of a the effective this

of of Infectious and activity unprecedented BARDA support month. expedite X of FDA the the Joel Moderna's an months Moderna's and help clinic sort approval of the into mRNA-based tens development of Subsequently, Moderna thereafter. To and vaccine scale-up for millions tenants Our last vaccine as to vaccine of the that NIAD Allergy doses the a the committed of National million over supply to next facilitate XX mentioned, $XXX candidate. and up Institute diseases to manufacturing for pace month as partnered clinical

vaccine place health noble unprecedented and vaccine delivery already with R&D the efforts that were technology itself safe at able are Johnson, new Medicago, mobilize to as large and These coronavirus talent equipped their in the Other a to Johnson the and nearly emergency. fact the in the public to Fiber, expediting made companies notice resources and are tenants, & of expertise were this known they PS, well infrastructure, effective part world, platforms that a to moment's development expedient such of our XXXX. global in across these base combat to leveraging Sanofi, the including with Novavax, tenant the goal

I'll it And turn over with Steve. to that,

Stephen Richardson

Thank proven indispensable providing discussed that now years Good mission-critical in inception more you, nature than clear the strategic ago. the is ever Jenna. an laboratory since infrastructure We've health our mission-critical Steve It facilities. these XX unique is here. everyone. afternoon, in leader national Alexandria our office facilities of

Jenna earlier, against and the Joel directly engaged we COVID-XX. outlined companies have in fight XX As

facilities. Our healthy laboratory Class is at Alexandria's to activity platform unique A leading

past During led our feet by flagship QX, GAAP with we a Tech XX.X% and the leased Actually, increases. a very basis, XX.X% on basis at rentable highest years Square during in cash Cambridge. XX campus on lease rate a the XXX,XXX square large strong rental in

strong Our mark-to-market be and XX.X% at cash. to GAAP continues XX.X%

underway. ongoing ground-up the new our of total redevelopment and a will QX subleases constructing Diego for of negotiations We of coming on with inception demand of at market now important that renewals South strong in also serious lab completed have and state-of-the-art XX.X% XX XX X It's with Lab acquired that and well opportunities. interest occupancy pace of vacancy an supply nearly do tenants to growth velocity. projects And and adopter been since our San in early constraints and and the leases projects continued the have to initiatives provide Alexandria health continue has we well healthy projects. future form campuses with developments Executed in highlight April in on long Francisco certification the that and the currently and we campuses important note with pandemic designing another discipline the and excluding when facilities. the are XX to San month leasing pioneer, fit recently expansions

facilities these Cambridge, the score of fit ever well fact, in One in highest awarded. received

by state mission-critical going and operational versed and adaptable to of needed teams already skilled as easily the facilities in art filtration who measures guided may feature Our of our deliver many are types the be are needed attributes well mechanical environments. forward enhanced

grow to is partner protect this strategic value Class at A industry the a our and to operational levels fully all and to beat inherent prepared of to Alexandria positioned and as facilities well science trusted the life pandemic. Finally, continue unique

I'll that, it Peter. With off hand to

Peter Moglia

XQ projects Thank to Coming going XX% have our and under some XX in closed markets capital you, development are quickly activity. leased, and our on Steve. XXXX, X% you touch redevelopment update we negotiation. all development in pipeline another into on I'm that with pipeline. Acquisitions

growth is we've region. X pipeline that the particular and of on of presentations that the good from about is levels submarkets, any activity among X leased traded. things shelter there various One and all really spread our many we partially our to progressing are initial Despite our our like that is story tenants, built just to that are shows tour to reducing in in being our ability at which clusters the assets not about markets place is contributing it orders, paper potential online ecosystems

Steve still seeing accelerate should activity and percentages As leasing our related pent-up mentioned, are healthy demand these the new And we COVID-XX given in markets. requirements. the

last work. X I'll you on other We are due pause upon to are have delay orders, average on work looking day. for refer a do in to may first San day XXX have we to supplemental, performing of JV In not we where quarter's they've those the material they corridor with are time -- closed them of had how in days any orders the anticipate and depend extended. it projects on day upon the but shelter for temporary do construction, delay really Boston grove delays. to recommences or what Route about stoppages we As general, these are we the subcontractor X supply touching and further are chain the back day do yields we anticipate temporary between current The that noted, SIP in going as SIP, anticipate elsewhere. depending any anticipate place in and call, Page by in assuming movement they South material staging this takes in on to X is XXX work Delays X XX projects, at the acquisitions, issues. due deemed in properties not and They essential. long remobilized the subcontractors X/X been likely discussed orders on We of and not In projects the or in day related have on the of and to construction restarted as of quarter, lifting not on-site were delay, of the Francisco. per for labor amount

Scranton yield located Mesa. into a Scranton in we leased from currently the to opportunity value investment-grade Hill with X.X% total feet assets leasing future directly Road SD companies. XXXX vacant in subsequently opportunities XXX,XXX asset tech And strong those, they present space being A addition the from In joint received predominant closed Park. campus. They Research $XX.X and in Stanford us and to venture, assets street tenants sale. are The into net as view will these across The and creation XXXX and our the Road XX% the are to achieve square XXXX on and XXXX assets be sold and cash lab. stabilized we a by incorporated Sereno are million convertible interest XX% was the

to fully on rents A for and XXXX mentioned, square in As Class closed we Research us addition, and Park are near-term high-quality to the in Stanford creation offer buildings also leased considerably feet opportunities and convertible total creation long-term X The are Hillview XXX,XXX approximately under value tenants. further million. office XXXX value the lab irreplaceable These properties $XXX an location. down in are offering The credit road. and optionality market

to Alexandria the X full assemblage district Subsequent we end Caltrain XXXX XXX upon Acre This Commercial will XX.X close and closed to XXX of to is the in XX campus branded piece million quarter, that and County site Street as fourth our the final Road, the Carlos. is in the square acre of old reach proximity and on development. a feet XXXX St. to station

in Greater well is another pre-leased has phase by under over construction it Class a been feet cluster purpose-built lab little the of the A X% received as illustrated Stanford with XX% First being only campus and under square currently negotiation. XXX,XXX

campus gone Boston by in for on a know is has up that cap cap in the contract X is in from rate, has area reliable the wrap that suburban a shining that I'll assets the surprising conversations mentioning X.X% foot of a demand positive we of. office number light interest transaction investors. while April lowest And product robust. brokers on type our life in indicate another the set diverse square strong at there source XXX,XXX Waltham that end, the of closed with science lab under industry, a post Massachusetts To it rate remains shutdown. us a With told in not still

And with to Dean. that, I'll pass over it

Dean Shigenaga

Adjusted first the quarter. off annual average Thanks, first XX%. Peter. almost was Revenues as everybody. and my commentary, today. outstanding to Dean kicking at rent the strong Shigenaga quickly quarter over up results well with of here. was up for I'm Good over afternoon, XX.X% first Contractual X% the through margin just 'XX. EBITDA rattle were going very NOI escalations quarter. XX.X% really

creation revenue leased Our back and a flows, pipeline generate to come this cash I'll and topic significant will value is in XX% and moment.

million cash development rent that income growth, environment. cash We today quarters. as and projects. at operating also growth was have and $XX and next a on through and you properties XX% of from redevelopment and service recently into on space X net to burns operating Related basis. placed basis. over solid renewals primarily about off X.X% open NOI Same-property the annual very will a very up as cash releasing rate and commence this X.X% on was are heard Steve the And XX% Rental strong, our lease earlier, free

about as on X% immune X.X% you stock as year-to-date outperformed up yesterday. and from a roughly basis. index, noted, Our is through on down has business unusual basis, of relative was of well unprecedented year-to-date, biotech as absolutely of our environment. NASDAQ a But is this not some relative And very The yesterday. doing again have may

to responsibility we working on diligently corporate expect around mid annual report, which issue team year. is Our our

the the in our of shape liquidity. really remains highlighted, the sheet company. in had $X about Joel as billion of best We had history balance Now

top We debt the with in our publicly top credit have on a until an REITs. we maturity rank profile XX% maturities profile And the compared all roughly no to excellent traded with when XXXX. ranking relative

just these real And strong and remain our roster, cetera, to have improving today. tenant cetera. mean, best profile. in et are some high-quality we statistics I committed credit We industry REIT a the et the of

dividends, above well This from FFO XX% just which Our a use with under portion is an cash is activities just today. covered to our flows payout of today. strategically us after allows ratio dividend $XXX million operating

into ground-up creation investment our development For projects. value

taken update rent requests rent handful deferrals, we've collections, rent a on these month requests by time. in our the a deferrals at the an primarily deferrals month these only we've we'll and is briefly of side X review The on And the rent review received which $XXX,XXX X each of Now range total tenancy. April. one, really of and for for retail each were on low

outstanding very of just proud relationships. long-term these for for roster of management property recoveries, high-quality we're and care outstanding. research Now an collected really which We've our expense and is and tenant rent our of April building and really teams taking XX.X%

Friday, our balance And to lowest AR crisis. of depth team has since representing great both look back balance, when was the the XXXX. Our our million, XX, the we balance of as April $X.X financial successfully AR decreased

We've to to again, of other balances priority relative the month. of was our We're from our at account April really continue REITs. that all So feeling each is our a really end doing collected would now the goal clear of well, we April. business almost receivable good beginning make this that we're

XX about the quarters this We're $X.XX to FFO this really this as this related to To X% an retail last to as rental an and end is of to in X very XX about transient guidance. of our to will outlook limited annual is And perspective, forecasted believe and that for is and of the parking is or revenue, parking. into put XX XXXX. per $X.XX of reduction a year at of this related the is primarily short-term we well the midpoint point short-term a occupancy. have impact have the as and and roughly relatively our to adjusted unprecedented basis only be retail, decline However, forecasting our our XX% share minor $X.XX, we tenancy we points environment, of range basis related a this remainder transient

requires hope that minor an was mind, revenue minor, third XX, related leases quarter these related have in allowances these and revenue March occupancy impact And the be most NOI we our occur revenue to quarter which of recognized very in today. retail cash fourth will the leases As right still details and recognition away million to or about annual useful. of from million. $XX.X rental retail of $X.X since results, may And not to second declines, keep XXXX, allowance these our a second, expect to about of reserves. are really retail basis GAAP for of occur We the specific our is very now retail-related in are operating but effect part we since

Parking these primarily income markets is or markets. daily parking and parking to from needs. limited very CBD have And service for ARE tenants urban

about XXX Therapeutics parking have about that for only employee example, has XX% base. Seattle For in employees, but of Juno they

really these CBD urban submarkets the limited risk supply in of spaces very have to generally major due parking of markets. a in income the lower So dense decline

The the to down our guidance offset adjustment. to upper about Translates same-property forecast XX of basis was $X.XX basis remains of And for prior about our range running by same-property in same-property this outlook end share at only for points to related points. retail per very this of XXXX to results. Our XX parking the revenue. FFO performance strong, results XX and

in well XXXX until impairments. were an every certain and on way with comply solid, land for monetize to Maryland. orders of Now to local opportunities deal almost now bit and analyzing including assets, we We perspective, unconsolidated turning venture their tenant our joint estate in X with this retail into executive our NOI, quite as in was back this retail really doing spent a close of to for required opportunity put developer stabilized came looking To ventures. we this a this land joint COVID-XX found together to options business. its into parcel, case, time contribute And to this arrived a was project real

we're that our million. we Now investment approximately of bases wrote going off to and not concluded our recover $X.X

Turning done to has portfolio venture date. our really investment to portfolio. well The

of investments For million. example, $X.X this aggregate billion. our $XXX gains venture about But unrealized includes

first million, did ALS, smart recognize Parkinson's aggregating quarter, a impairments During privately about third related glass on primarily $XX.X we And One focused in held area. another company. X the technology-related the and investments. to the is is dermatology

Now really each of have great companies these innovation and technology.

However, we do investment. not expect entire to recover our

On $XX.X really XXXX. the on positive Recent the realized put for were recognized in note, for in gains -- gains million. quarter gains quarterly track the first realized were $XX.X exceed on are XXXX to million

positioned Turning positioned to uniquely creation with to unprecedented future We're our also demand. prudent to during well very address time, this value while flexibility we're be pipeline.

more has markets limited following construction and while to guidelines. impacted been suburban continue other Now markets of our no with in having urban appropriate COVID-XX projects impact.

$XXX of our XXXX it felt of plan with of both significantly million in spend million reduce reduction a and we $XXX prudent guidance. our midpoint capital acquisitions, to construction was Now the at

focused our Now is construction on committed primarily tenants. construction to XXXX is spend remaining that now for

positioned Importantly, for our basis meet future well-located though, projects. the pipeline development on of a ground-up we uniquely opportunities demand to project-by-project remain for

included diluted of range our in as beginning FFO from supplemental updated and we $X.XX package. please Page XXXX underlying usual, a $X.XX assumptions X from EPS $X.XX, share our $X.XX per our XXXX to for refer to on adjusted to the guidance, Now for guidance to detailed as dilutive

back turn to Joel. there it pause me Let and

Joel Marcus

open it up let's Q&A, Operator, for please.

Operator

[Operator Instructions].

Sheila McGrath question from first Evercore Our from ISI. is

Sheila McGrath

your could will funding Joel, mentioned tenants? you if was X also working tenants COVID big for some single for tenants positive they the the across cure, responses. funding talk XX I picture, you laser wondering or any in do have on X portfolio? think your dominated outcome in life the research Are thoughts you on for for the R&D focus science race And or markets

Joel Marcus

call. the to welcome Sheila,

the care I the there this -- being billion was recent second the focus knows about may additionally, $XX talked bill up who decide this, So I on in where addition Congress to X% focused year, NIH testing. think,

call In some there's be where I testing. of novel some to on a day, fact, was other amazing the pretty rollout going

of lot into So a money sector. is that going

that find of Rutgers it the may some could will be aren't And be can do swab In research imagine, smartphone a virus indicating there's out that practical nasal a using point, you and will that alerted on old unique be be basis. Yale, on people actually technology simply at able spit. fact, and you daily research solution. some out that actually to you you pretty go if that would to in And your be could work, of

pharma, of fair So from amount a from money, side, the Bio, see venture we from from both from government. and the obviously, philanthropy

focus BARDA almost testing I that mentioned up think the area. million think, in I vaccine try deal ramp to Jenna mentioned with and extraordinary to X the this and $XXX Moderna is example of, I

multiple regions. it's really think I across broad-based So and

Sheila McGrath

Great. of that well numbers? quarter, if could years. might market mentioned they're any X think strongest the XX impacted spreads for in the lease was mix I us wondering that the the I the on on below give increases more detail And you leasing And then have Okay. was Steve geographically? there was if

Joel Marcus

somewhat Yes, It Steve I'll was have broad-based. comment.

don't important I part driving. Steve, of of that, important further in leases One the comments? the want of Tech get renewal to was was details Square. but But certainly a any into that an

Stephen Richardson

as square a strong lease particular have it for driver. quarter, did Tech was and that do particular X that of exactly have, No, nice But this we said, regions, typically general, broad-based across mark-to-market we have Sheila, We at we it's do is in Steve. right. the opportunities. most that's mark-to-market

Sheila McGrath

question. Last

status postponed? postponed. project I'm indefinitely XX-Q in just On wondering would mentioned Or be is York, development? that, that that the if future that that North of Tower, your what's -- the

Joel Marcus

was to towers, of maybe some Right, that of site, Examiner many, X reports our many go on for Office of news the occupied have the you even to location that television years. the the is next which pad Medical as right media OCME, seen when County was

there. would postponement at forth. are this to tent probably of unidentified New They've So where dying a reclaim They then trade world it's remains weeks a We then see site, they how morgues vacate But they'll would long for the just center and the we City or sense to them have we look don't and with diligence expect mobile going the victims. economy area. that the there of We know of the the in so of because be just point. York indefinite number that number an a ago, the and I of people be period don't summer with temporary site vacated by began think that white there. we to the in the fall,

Operator

question Paolone next JPMorgan. Anthony from is from Our

Anthony Paolone

demand talked for continued life just their You maybe about from changing reading your of space headlines plans. companies. space these about And Google, some science the

if think life markets? was I some this, talk so what's think on and in of maybe your happen you rents? could when do what's all is happening will occupancy happening you happening Tech of with net what science on about And the you you wondering ground your And what together, do with on

Joel Marcus

a come think Well, business. we're Steve a dominantly I'll general, in minute. I life But focused to in science ask

office. office in different the where We we number of you original typically important a do lots a of buildings that in have et don't Tony, of the campus. Google. have started have multi-tenant Facebook, long, single-tenant cetera. different companies like and for They We They have know, have As long lots time. tenants buildings

-- on It broadly. seeing could more think particular that's any you're ground? may And us. comment on the have But don't so to Steve, what going we you impact

Stephen Richardson

well. then Cambridge, these Broadly, Francisco, low space you my at regions has other they're on just San X.X% Yes. it's well, single and any significant X.X% vacancy since in look come as typically with sublease Tony, the there really and Steve. mid-single been Look markets, digits comment digits. pandemic. And as at market not availability when even vacancy, to the overall that's

So and you QX do level supply be Again, pricing during have to will maintained of consistent we demand what continues was April's be again, the a of year. activity We situation. saw with think strong. constrained power this

with at fact, installed close base. point, in very, are, we're markets the So well them to very as this healthy our and tenant

Joel Marcus

Yes.

shifts decide know something somehow will in And put remote to be asking, we don't is, locations they the that's obviously I therapeutic even home. until there's think office at that a of There working, you do an question, wait vaccine well. in Tony, an tenants or yet. new who've way in fact, that just of are effective people hopefully companies too, either maybe and indicated number maybe as effective a may bigger more have or, these telecommuting will or will

seen spaces haven't spaces have deal We roll building our of leases out. of in major full we the lots companies. most with world, that are really and to don't smaller the office with. But again, rolling tech leases So

that's the So on good a side. office thing

Anthony Paolone

is what what And Can maybe and walked in in then view the And the $XX was value from give or on as away terms you of it? a of sense acquisition, changed Okay. the leaving you million prompt, now size us to table? of the to quarter. your the

Joel Marcus

Yes.

So maybe Steve then well. I'll comment maybe have and as Dean

Dean Shigenaga

Tony, Dean here.

thought holding want I and decisions the the to prudent constantly terminate and $XX And economics our decision different. was to really as can the when simple it's of the our to totality it pause our history take to And we've of cash talking it near-term lightly for deploy where revisit though and pretty where that. think flow We through, don't the size I deal. was company in the the about day, as you're because the do on came to capital. the these that the end $XXX today, diligence with performance million. well the meaningfully only think down we range. of took in transaction $XXX us at in views well even we the during And of Tony. the had business million and It it So was roughly analysis period, investors deal is decision, the But of a in we million

Joel Marcus

it anything asset in mind, of keep office want -- the add? Was San Francisco. else you'd city to in an Steve, was

Stephen Richardson

there. No, Dean really it covered

Anthony Paolone

else unfolded? Okay. giving crapped But a or tenant you some the wasn't there what's Or was capital something? situated out of somewhere just us just matter it saw make to understand, more it -- better was your

Joel Marcus

in a this was assets. office I what multi-tenant this think remember -- I Well, said, office an asset,

things of sector. office imagine to in So saw really you the first went the as that unfolding your we can question heart

changed. Our underwriting

no. your in of to so you capital kind alert want deploy And kind was of this is this to would where that you answer The particular environment?

Operator

from Our next BTIG. Tom is Catherwood from question

William Catherwood

projects others restarted. your impacted point? three plans spending delayed been prioritizing the also seven had square some your you helpful it over there have this the construction And on are in you're that But was feet Peter, opportunities. Have at had comments active that been million these that X.X another near-term capital projects? of development

Peter Moglia

Yes.

at let kind first So shot take maybe Dean ask me of to that.

Dean Shigenaga

to deliver, in could for commenced everything way infrastructure, shrink we a is portion we release. to pipeline strength to the the parking now. We if in is our we yet years a our did time earnings always future which are anything have to So the capital many move have from construction our time be Tom, deliver. but now below work. true category doing vertical to flexibility large of thought not spend obviously, with projects necessary, not and them could The entitlement tenants moderate, These yet. like just the which capital, the committed of about We include just that means this along to the grade, garage, that site

and to getting capacity because think costs prudent confident time, important out continuing, themselves, but closer expansion deals this I bulk to this opportunities the things think normal. the could that's temporarily as tenants Now have. going looking I'm And a And that we Tom. these present most of at get we deal has the do pretty that within we paused to there's portfolio i.e., spend thing been land see X do COVID of clearing in we for will to clarity still holdings we're environment.

and we demand And the how future. the when The term, will we're want that's And spend they've near appropriate. medium the think and can I moderate to We we been really think that's large, be opportunistic pull by that more can ones will the of around what convey. in. also trigger the the disclosed have, that's I specific driven. position beauty the from we but priority, projects, remain we way in rank be like them But generally.

Joel Marcus

on this the to go-forward further a capital our plan pivoting here ourselves business adjusted dime, in mind, to very almost we crisis maximum our of great don't our -- year any overriding as one on having need accomplish keep in give raise goals, financial guidance, presented our the what And and Tom, said quickly spend lived call. so any optionality we that that we we so was through further to

William Catherwood

obviously, makes a would you guess where level I follow-on then aren't kind That total startup I there again. get the it. we're near-term sense. of I projects so guess very Got if to thinking tell full be down would early that I without that. and impacts, delays. costs imagine or of without entitlements was to yield up kind full for midstream But would there to on longer-term start-up be -- then that -- significant costs those assume that it's restart or approval shut able be are to it

So all the that part calculation? of is

Joel Marcus

didn't of to financial there call. great was be And a Yes. I turned tower having crisis we but in -- tower West York the yet to really build similarity foundation, mean, but go out kind we East similar Yes. extent, it continue is and New something and the the during different, finished to we down we a great did when vertical, the some shut

William Catherwood

sense years. on get for your the to But the pricing Joel. you in capital on seeing pull XXXX getting side of of that to the their came plans. And more I as over want Obviously, color Understood. Is general. the that guidance transaction flip lower the -- not go sellers sorry, properties market you're and The acquisitions. because want part they they're lower two guidance acquisitions in over talk allocation makes through past higher-than-expected ahead,

Joel Marcus

let just to quickly. respond I was say, going me

maximum parcel as debt even don't part giving the have the so tap have think we had as to of money or or equity we through we many where I at sales ourselves all interest that earlier the optionality of Now and or raise markets assumption whatever. acquisitions an don't either that's partial

that and So to the driving do the maximum force. to with -- with here. outside state ourselves of the had giving nothing part had It was optionality market. total That do of was

William Catherwood

might was as I it. far lower if the that were that that out like wondering as the of like guidance, is we on out force. it. sound but it Got opportunities Got there driving doesn't there just missed you because

Joel Marcus

No.

do in a where balance sheet, today Dean given as lot do and that we have a to environment. optionality to our different maybe of articulated, we wouldn't are Although things we have had

be. which I position, puts So excellent us think, unique and, be in it if you can is a you to where want really in a

Operator

question next Citi. Our Manny from from Korchman is

Emmanuel Korchman

that's supportive a the Research. In your new fact your in is That facilities. in that the press that, those as to work talked about you lot shift development of of obviously that's a release, the would pipeline imply COVID-XX happening ground-up

stuff does in those pre the those So And one, with tenants demand of more two, should the and be were there other is that work now shadow up that they're doing doing that mean type be all simply spaces that already be that in signed an for they that facilities? of they overlap would to covered? going thought

Joel Marcus

before. is type to is areas a move infectious good and antiviral need therapeutic basic able requirements, and question, manpower particular disease of companies a a are the from is And mean, say, side stretch. COVID-XX who already not or be and the example. the I in That focus Because should to therapies there. buildings. technology or in to I focused antiviral business These infectious in of was much the disease in requirements the already in the their in capabilities Well, maybe Vera COVID-XX infrastructure COVID-XX certain areas areas, first testing so areas. type certain are

the capability question, I a individuals a from your tenants half testing. yes, where where progression I've looking dozen facilities they contacted. they vaccine, be I got of of fact, about COVID-XX, for second whether therapeutics mean, ramp-up who their for e-mails, in already from on a of been for from or in it we've additional think I are companies isn't are the additional personally part can But it COVID-XX big all among at. there but development natural lot a East over was were. Lake were pivoting Adaptive. So area, mean, they working the

And pent-up be so think there. do will demand we some there

Emmanuel Korchman

that on look retail be going those this? other what then be environment spaces retail out help it to side of retail comment And within your like what sort not on to of what the the like? of get it assets, and of going Great. your retail? a does look at Is first about of all? will different Sort mix Is all, us retail there

Joel Marcus

we're environment, we're see, Yes. a to to We make probably not does sit think in to retail-oriented hard not quickly down. by so and to sense want clean, prepackaged, that retail say. going one, heavily really one new going this are That's sense a people the look developer is that and that given My operator. operations at

to I be there's some So going shift. think

as Some And do operators will Luckily, be pretty numbers think will be don't one we won't. on facile of said, one just at that. done being those have being probably able to immense by retail a basis. And tenants. others I

there is I But it. used methodical fair vaccine, going we'll truly try think So way they pretty through that eating socializing be people for and it's say to be analysis. go are effective us, to not the until to to a

Operator

from Jamie Bank question of is Feldman from Our next America.

James Feldman

tenant tenant in in life basically science that's your mean, those I for business? base not involved tenants the about still COVID-XX. are base talk could you open hoping was I

Joel Marcus

They are.

James Feldman

any on for kind And earnings rent pushing or relief any of issues revenue? or

Joel Marcus

No.

every size the of working good a many virtually. what's of users. just very are got depending got essentially, people nature in is are the office people company who people. labs, by between I in And Because happening think office people then you've component type labs, are spacing you've their upon

San in working Diego God, we've especially a when tours in "Oh, labs. fact, the in anybody my there are saying, member done In people the past,

will. and of then have there on around But those to need people day. they on people than because the -- think shift have new essential there in rules essentially working. the is But I they so rather if pretty and experiments lifted. in in new the stay mission-critical well, weeks, But they through and lot beautiful and day, night adapted times, be -- rules and going work place So during worked do to are you who everything days of the crews continue and a aren't don't orders open under those road, until a

James Feldman

you think think long-term lab you building about do lot as space think any the you a in sector. about different for design? then of what do in be the you if this sector, a changes And office might about talk Okay. there's is design, But think catalyst

Joel Marcus

Yes.

Peter, you to So want maybe comment?

Peter Moglia

Sure.

one, get So lab always for and Jamie, as about we to asked was spaces used the one people. that because it no lab, things densification for about trend answer is the about was to of going the office as equipment affect much

distancing right examine safer. that a make be and just some by people bench studying design. already will the this. that even social now way with large, done circulation within has research been things with we've with into kind is equipment lab in, filling that already the things So really of But every to There that be may factored other can done

more looking traditional bit is might will products Our plans we'll lab already at little little got more be for some some costly, this that create a practical We're our we've in that bit just in product environment. safety. reconfigurations of not but a dense, and be safe proprietary already probably place

James Feldman

Or the or lot if forward? are help even assets that Mean about office you in that there office. for might talk lab a think strategic your there's design air And that traditional just Okay. change of knowledge assets quality that actually are development you business things going how you think more in business? might

Joel Marcus

changes We up, the won't you're fresh non-lab air. don't in floors they when publicity. bring they're go But from XXX% provide. had air with asking lab love come has really that ceiling if and off, not our large high actually is air space, our for same good now they RFPs up such sure I'm a and and pre-COVID, were feedback which that us, because same put point. they as that buildings you the great have answer. Well, way, of large with X by filtration, great their experience tenants, they would have tenant even mind to new the employees one I really fallen you name tech This out the Yes, of running you into the really want such we that you they the that and for only

is the in does a laboratory. built that may infrastructure but is in efficient bit is potentially about everything and of would have MEP that therefore, it It for look, So lab it enable have thought And office, that ceilings. that with to more high office exceptions, have we we a minor couple have be future. for put design

are the the ability have even standards, we that actual the well which and that fit mirrors natural to light have provide like building, from and look of Steve an We'll in factor space the that they the I they office atmosphere And will do space, lab. But have amount because move such that the a the work mechanical things the And advantage. people have expanding. space that we So buildings amount extent at standpoint, think mentioned as tenants see the growing comes outdoor happens. been to have that of wealth to into like people ours, to in. around when

are really things those as this to important All office. decide environment be want in where people to going they of

business, as these and for fit in us into who our thought is is well lab pay from but our office not getting leasing to so well-designed going anybody standards And off well. to only

James Feldman

not are balance so strong? as me, be owned that across there you And by that sheets finally for helpful. Okay. look buildings competitive then That's And landscape, of fit the landlords would have point? kind owned do you well see better the buildings pretty some think -- at are with this that you opportunities? your you distressed quality see could may Or portfolio

Joel Marcus

it's possible. would say I

So stay tuned.

Operator

Anderson Our next SMBC. is from Rick from question

Richard Anderson

of amount has doing and sort things or to shape awesome involved some asked it to kind I different ask -- here impact this? are in research they things of redirected of to along. of doing a towards on? some profitability know a am is I XX perhaps And answered, the a I quite. is in So a business completely off on that, try tenants, this way. potential but Or there and But wanted bit suggesting but drug resources The way, been question process kind move way a not that form they little on there of COVID-XX own -- about own as think delay. base Is their gets their and course, a reasonable core to shouldn't be short-term of

Joel Marcus

your that that's where certainly little report bigger quarterly report actually for possibility. doctor your I home, you're Merck's in think little a today, that more care. it's those of who biotech, when pharmaceuticals Well, people in can't go hospital I for Saw fact, that pharma normal medical and go -- visit bigger a problematic. earnings, procedures a of think And clear stuck is the the bit access the pretty can't into kind to for and in

any big other comments? that reached I counts. don't make Jenna, because the a biotech think know, that's or don't the pipeline that for such companies haven't I value the the private you and biotechs profitability, the to think I issue really it's do want of pipeline

Jenna Foger

Yes.

other would really thing add, the themselves platforms they're that I Rich, I think that is optimizing. the that

incredibly the successful. be of not. the company So in this actually speed that valuable rapid the overall. and by is even intelligence or they're Hopefully, optimizing and learnings the in Moderna, case pure if notion getting the they'll they're for But rapid platform

So COVID, not trouble that. clinical clearly, it's I progressing. as large think will them as it. their of about as to have the as think, some way to own that's I But efforts actually far far Joel the refocusing to expensive And all as pharma do that think and trials folks mentioned, for

And So to drugs. in biotech lot other old if because back with not, it's them. they're they're doing much either using successful, it is I think work that the they're not collaboration or it's great and companies a of I'll repurposing that if come really

think overview. that's the I So just

Richard Anderson

a reference earlier aftermath when and your that But space science of business, XX-XX this. home thinking Great. then think might space. office of the it your XX your buildings, Or soon different about all lab of call the sort office other is strategy? pure office? call of longer-term Okay. that tenants just of And the of on you that think I build-out perhaps Do for lab even the too start office work component to there in for the utilization in life is not make side maybe from the was the sort type that's of

Joel Marcus

into city going be the when and by and Well, I new the company. that's by be they and company think at different the will to city, reintegrate whatever -- state-by-state moment opening even

to it's find I be you'll begin think time working work who over hard home when brought pretty you to from when you maybe home have build you these into number shifts think from or people system of of a I senior it's people because the are probably those working people -- culture maintain especially Those a companies. a a have with. of lot consistently. will clear culture people can And management back

the is, a will and issue. issue, because end there think but a But a there if of at don't I big that's think it So to going a be -- once light there's time think be the tunnel frame we being people I that in lot habit hugging, or settings effective never that except an shaking away, vaccine. the like people will a that. be may rethought age-old family Hopefully, goes probably things will hands, and change, although be close by probably of there's to

will long-term I've be office I changes. described side. I there as But what happen on the think that's some reintegration, the would likely think So

Richard Anderson

Right.

Lastly. Sure. Peter?

Peter Moglia

lot space office that the -- of Peter. lab. If you is a working for office This don't people Yes. is the actually the people space in mind. The

do their those they things. to they and and things up lab, office the their and in then communicate go back So experiments about write

So work from you can't home. actually

that. to the -- is and be research and It's the has our do that have actually of working that companies next has there's are you're You have to and large, out to office there. some revenue-producing majority space. in office. that office It's that in And But lab back because space I'm of by not with we lab. nothing office majority few the sure space have development. that people may a are the of in back going

can't home. be that So brought

Richard Anderson

or side. But the Obviously, the not be on no is or all? this unexpected caused completely quarter. could rethink me for at noise, it question answer VC some that tweak Next you perhaps... And strategy has to be to

Joel Marcus

Slightly, no.

market. Yes, Dean kind to the items situations. that has do are the of mentioned product. It's just a consumer Okay. very all three of with One more unique

are to business management Another the issues, one not -- has X with fundamental other really due to do actually, underlying primarily issues.

And so yes, change to portfolio, no in perform. don't some any venture going And you're whatsoever. expect

Operator

Capital Markets. Carroll from is question from next RBC Our Michael

Michael Carroll

Mercer talk going environment something not that little bit sure if It the block. can COVID to if a current was there. delayed. mega we I see asset seems about if on or unique because like there's wanted was that's of the it right I'm delayed

expectations? right now? is is And how acquisition any that So going there within changes

Joel Marcus

Yes. I And COVID. things think there's it's to than get -- other in hard we're delays diligence. done. get don't hard to It's any just

I early either we changed. to when And extent cities -- is are end the 'XX. materially that the anticipation year were that's so we're have -- to Sometimes you're down toward to don't when the that and shut down working when be or see we close shut of mobilely, virtually and I don't the think any

Michael Carroll

about call, in Okay. assets? to a harder think Great. throughout I activity? is certain the the But current delaying still several ago? has And it stopping And it guess, trends good what's leasing Is seems for bit then to environment that talk very healthy. like comments transactions? those and compared can that? I months we it not made I way to this And but see three about people little guess, know potentially the are leasing changed, you transactions,

Joel Marcus

think delays that, virtually any you but Steve, at huge Yes. there's I are looking assets. can don't people and take

Stephen Richardson

different than outlined, need I the right. space, Peter for continues, qualitatively that's No, the mean space. Steve. demand as is it's Michael, has office lab

to keep funding beginning, to the markets come As want fruition. Joel have forward. the people's They lock that highlighted space. down to want to come no programs are moving and lab very major subleases Again, in the They tight. The market.

able all So very sense explicitly and to defined the diligently essential market. have still forward pharma they with go the and services. we are acting a are buildings. orders, clearly and of biotech need that These buildings people deliberately the and as to been into In are move service do essential

are we open they see so So to demand. healthy continue

Joel Marcus

considerably seen that of XXX this we've of COVID our upzoned still as you we asset example. And Yes. and press example remarkable amount release and in development that had month two good saw during supplement, at good last shutdown, from announced we the or a that's in a interest as a

Michael Carroll

the to pretty going there's the that I coming And And lot demand drive, you already I more then Or seen levels? it one just Okay. coming of biotech good do a I is last COVID funding know there's that demand? seems think post guess. I is assume into pretty that's that incremental the to be mean, pace. in guess, for a into been environment, me, you've funding like could logical it's record that space. at

Joel Marcus

there Wuhan? was I to going think But sort don't China, theories, whether you different really whether but other in effort of whether mean, I what I was going testing we lot there's I don't And the and I the I'm a therapeutics, more more to do capabilities, to there with are research, are local weapon. that, what really to -- remember, state how markets a pure more, vaccines. And X biological be think strain a guys of be federal, stockpile it the web there know. the don't to coronavirus. there's know the expert. try as But and much and not out ones than it intense are maybe happened they are things cause think going out medicines, to up necessarily exact were open of know come.

us maybe I history the for humanity think is here. So of this with

Operator

from is Rogers from next question Our Baird. Dave

David Rodgers

things some both and Peter following Steve maybe And earlier. mentioned that Mike's question on up and

activity well. the in first just private with with proposal the activity what consistent we've was about talked the and talked prior consistent the in in leasing new You slower. quarters, But that's pretty market leasing, as quarter

see to see the that just third be that in on multiyear maybe maybe quarter, second kind around some take the committing core just quickly that? address portfolio, was fourth more do us specifically, that spike you question you're to quarter, just we pipeline it give today slower a always So do quarter, start than more And going COVID feeling maybe little Or was a about Can you way a that? color then people you we the could developments? timing and -- little kind leases, happens the of how to to future of of materializing? think bit say, maybe that the

Joel Marcus

different to anybody not sure locations. But I'm that? really you Steve, different could at what local on a even so Yes. crack state commentary take given do many knows, and in

Stephen Richardson

all remains consistent regions. here. activity again, the Steve it's Yes, of consistent. It is Dave, the across

very We'll see bit velocity a think throes full still we're what was QX. TBD, intensity think April very just of the we it with saw demand. I exactly it but is the We're magnitude encouraging. of capture to the well pandemic, nevertheless, So It of and it. in little but positioned was again, I during and consistent high-quality have the demand, that the to is

David Rodgers

there, see been a would you've coming? the spike the Or of it that demand that is just we'll COVID be terms seeing? seeing already you're that to leasing In of that or incremental the activity notable kind

Joel Marcus

hard I say. to it's think

response. mean, if half or X you know it's that's considered a spike, there's or spike or don't an I that I a possible think when dozen? if say requirements, a additional there mean, of building expect evolution vaccines. are I would given range But money the a into testing of amount pandemic out the of natural requirements to be therapeutics going that we there, flowing and

if have you a to think wave, -- don't to or I Tsunami but it's believe going a know it's happen. that it'll

David Rodgers

year, Are around liquidity Any sales, would and you so those? for in of confidence public those market likely kind confidence liquidity helpful. market. that the the and from already gives largely the be Last maybe your gains comment, your the investments Talk $XX.X last would thought Dean, right, realized you for I beat that think year's if this that gains thoughts be about I heard equity million. identified was me. it to

Dean Shigenaga

Dave. Sure,

by trend of my realized So gains. comment really the driven is just historical

look roughly back you million $XX number in a if been the quarter, quarter So quarters, of this over it's that XX%. about last range

think already ahead the we're as where to XXXX. quarter, of number There's at we always in the I the just thinking last today. portfolio, historical XX the that is million to today run over an an that I've amount million of about trend $XX example, unrealized rate a $XXX of annualized of watch think on quarters, the way mentioned, gains I best we're in headed. basis And recognized it at so a tremendous And

So there's tapped. be still to good value

Operator

question Our is Securities. from from Mizuho Tayo next Okusanya

Omotayo Okusanya

at that question. Investor could in had currently the about your right markets been there Day, other was markets was what think at interest not was less? whether potentially interest now, in curious quick some you core there clusters I outside more one some in today? markets or you're conversation I any those be Just if current some looking the there of

Joel Marcus

there in think time. something environment, this I this But comment will markets, probably point. we're nothing but think this term, about not long Well, that's likely the be at I that at thinking over on other we'd

Operator

Our Korchman Citi. next Manny from is from question

Michael Bilerman

have involved view the the bit and this perspective you focused your office to the XXX% back questions. Michael about and with you multi-tenant forward you this relationships office sort little talked the could investment sciences on you've lab user forward, building. how a that or of going you've sort a does science, deal you on pandemic towards labs? had single multi-tenant change of either tech of broader capital of and where lot about the been It's life a been you for being company building life a opportunities where targeted you developed, of think been a going sort that sort byproduct the One, and office, that two you've whole whether I of that see a have in being walked away from single-use Bilerman. exclusively markets going Do

Joel Marcus

one But put science Well, the allocated always is whole thing our might which industry. I will as you never our change, IT the it, booming. science world you think, is which and sure, for know, whole Michael, capital really is have life we the the of always life call intersection core, to

something we're a Gen of note Gen now, the millennials months it's because was at it And kind that what Z pretty occasionally use the so I or XX% Right forefront it's that think, because spiked of -- too. I healthy or with telemedicine from got up Xers mean, would that's involved went I've X they're company ago.

I that in Microsoft, forget, are heavily, ours, the can't heavily mean, So sector. care Verily ever I , tenants you Google, others involved of think health

are So ways the pretty in that X overlap fundamental.

have office I would So really where can in always tech see buildings. we future. that's a still in office of described, be pure interest. don't of that ours. we've been had -- But building, be but think as much today, That focus of in ever location that office I never those buildings, That's that think a interest an as we lots tenant will we'll great great interest don't se. buildings. office a Peter of I Per really owning think interest. the in convert multi-tenant And be may

So I focus. our think continue we

Michael Bilerman

a what it's about How and are aspect schools that come about physically tenant occurring opening of buildings close that reopen? out the whether those clearly and And other now from proximity your that lot not a potentially to not think COVID-XX do sort from base up may in MIT, institutions, effects the Clearly, activities academic some of be right schools that focus bit How talked then you sort there academia with potentially you of of the for key little tenants. on could side you your in fall. UCFS. about do are of think don't all

Joel Marcus

those Yes. undergraduates. mostly one, are for Well, I think number

where If people the operations lot are the But time. of labs you still look are same They've related and COVID are all MIT, and in, labs at lot at a to working. lot a still graduate at the open. of students a of gone and professors the professors cycling not

where focused the what not model. of so So not in are But kind tied are work and we in pretty to right going the our the kind to campus, strong will don't in people of just they're areas that's close computational, institutions fundamental that have on that's labs. near all -- aren't populations. chemical, -- and continue we're being to undergraduate labs continue to United States there visit of the We that work being sense, kind university to business out biological, we

So anything changes I we're Iota. don't think doing that any

Operator

to like question-and-answer turn Marcus session. now to remarks. back would the conference I our Joel over concludes for This closing

Joel Marcus

to quarter you Okay. Thank and most sorry talking been so to a that. for the on call, you, stay safe. call second forward long It's look importantly, and everybody,

Operator

for has Thank now concluded. conference The attending you today's presentation.

You now may disconnect.

Alexandria Real Estate Equities (ARE) 28 Apr 202020 Q1 Earnings call transcript