Alexandria announces that a recently completed large-scale solar farm is now supplying renewable power to meet 100% of its Greater Boston region's electricity load through a long-term power purchase agreement
Alexandria joined Moderna and the Massachusetts governor on June 26 to celebrate the grand opening of the mRNA leader's new HQ and R&D center, designed to be the most sustainable laboratory building in Cambridge, at 325 Binney Street on the One Kendall Square mega campus
PASADENA, Calif., June 28, 2024 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), the first, preeminent, longest-tenured and pioneering owner, operator and developer of collaborative life science mega campuses in AAA innovation cluster locations, today announced that it has released its 2023 Corporate Responsibility Report, reinforcing the company's longstanding operational excellence across its industry-leading, differentiated Labspace® platform. At the vanguard and heart of the life science industry for over 30 years, Alexandria provides the complex infrastructure needed to support this vital industry's mission-critical work to develop new treatments and cures. In Greater Boston, the top life science cluster in the world, Alexandria continues to advance its renewable electricity strategy with the recent completion of a large-scale solar farm in early June, which is now supplying renewable power to meet 100% of the region's electricity load for Alexandria-paid accounts through a long-term power purchase agreement and enabling its tenants to meet their sustainability goals.
An exceptional example of Alexandria's alignment of its strategic sustainability goals with those of its tenants is Moderna's new global HQ and R&D center at 325 Binney Street, for which Alexandria received a Cambridge Chamber of Commerce 2023 Visionary Award. Alexandria joined Moderna and the Massachusetts governor on June 26 to celebrate the grand opening of this state-of-the-art, 462,100 RSF facility. Located on the Alexandria Center® at One Kendall Square mega campus, 325 Binney Street supports Moderna as the company advances its world-class mRNA platform — the platform behind its COVID-19 and RSV vaccines — and helps the company recruit and retain the best talent while minimizing its environmental footprint. The ultra-efficient building is targeting LEED Zero Energy and LEED Platinum Core & Shell certifications, reduced fossil fuel use through the implementation of a geothermal system and 100% renewable electricity, resulting in an estimated 97% emissions reduction.
Alexandria was named one of Newsweek's Most Trustworthy Companies in America for the second consecutive year in April 2024. Its 2023 Corporate Responsibility Report details its innovative strategy for reducing emissions in its essential Labspace infrastructure through energy efficiency, electrification and alternative energy, and renewable electricity. As part of the report, the company launched its new target to reduce operational greenhouse gas (GHG) emissions intensity 30% by 2030 from a 2022 baseline. The report also spotlights Alexandria's pioneering efforts to develop and implement scalable, long-term solutions to some of the nation's most pressing issues through its eight corporate responsibility pillars, including prioritizing mental health and addiction.
Additional notable corporate responsibility initiatives and achievements in the report include:
- Outperforming a CRREM-aligned science-based emissions reduction pathway for operational GHG emissions intensity in 2021, 2022 and 2023.
- Earning several achievements in the 2023 GRESB Real Estate Assessment: 4-Star Ratings in the operating asset and development benchmarks, seventh consecutive Green Star designation and sixth consecutive "A" disclosure score with a perfect score of 100 and a #1 ranking for transparency regarding sustainability practices and reporting.
- Pursuing Zero Energy certification for 685 Gateway Boulevard, which earned an AIA California 2023 Design Award for Climate Action, is designated as Zero Energy Ready and is on track to achieve ILFI Zero Energy certification.
- Utilizing alternative energy sources, such as geothermal energy at the recent development delivery to Eli Lilly at 15 Necco Street in Greater Boston and wastewater heat recovery at Alexandria's innovative energy district on its South Lake Union mega campus in Seattle.
- Generating 50% of its annual rental revenue from 94 properties that have earned or are targeting LEED certification as of December 31, 2023.
- Pioneering OneFifteen, a novel, data-driven comprehensive care model on an integrated campus in Dayton, Ohio that provides the full continuum of care to support addiction recovery and has treated over 7,500 patients since opening in 2019.
The full report, which obtained third-party limited assurance from DNV Business Assurance USA, Inc. and was developed in accordance with the Global Reporting Initiative Standards, is available on the Corporate Responsibility page of the company's website.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science mega campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding Alexandria's corporate responsibility initiatives, practices, goals and investments; the impact of the foregoing on Alexandria's tenants' business and workforce and on the environment and society; and LEED and healthy building certifications and efficiencies. These forward-looking statements are based on Alexandria's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by Alexandria's forward-looking statements as a result of a variety of factors, including, without limitation, the risks and uncertainties detailed in its filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and Alexandria assumes no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in Alexandria's forward-looking statements, and risks and uncertainties to Alexandria's business in general, please refer to Alexandria's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.
CONTACT: Courtney Mulligan, Assistant Vice President – Corporate Social Responsibility &
Strategic Projects, (646) 939-7471, cmulligan@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
