Alexandria Real Estate Equities, Inc.

Good day and welcome to the Alexandria Real Estate Equity's third quarter 2021 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the call over to Paula Schwartz with Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The company's actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's periodic reports filed with the Securities and Exchange Commission. And now I'd like to talk to different materially from those in the forward chairman and founder. Please go ahead, Joel.

Thank you, Paula. And welcome, everyone, to Alexandria's third quarter 21 earnings call and our seventh consecutive quarter into COVID-19, which for sure has forever changed our world and our lives in very fundamental ways. With me today are Jenna Foger, Peter Moglia, Steve Richardson, and Dean Shigenaga. In honor of my favorite NCAA basketball coach and in his final year as head coach for Duke men's basketball, Coach K has said, imagination has a great deal to do with winning. And I'd like to say to our extraordinary Alexandria family, thank you from the bottom of our hearts for a spectacular third quarter and operational pace and execution tempo that really defines the terms operational excellence. and for your great imagination, as Coach K said, in all things big and small. Moving on, the keys to Alexandria's stellar third quarter performance biometrics amid a historic demand environment. I think, and importantly, the best is yet to come. Continuing historic high demand for Alexandria's best-in-class lab space, the niche which we invented, and our mission-critical and operationally excellent lab operations. year to date, and others will talk about this, we've leased 5.4 million square feet and looking for a great fourth quarter to end the year. Alexandria is at the vanguard and the heart of meeting this historic high and unprecedented immediate lab space demand from many of our over 750 client tenants. Moderna is a prime example, and another one which Dean will talk about, a big tenant in South San Francisco for a full building. as well as a critical path for future growth, which is so needed. Thus, the need for our acquisitions, redevelopment, and developments. And it has been repeated time and time again by licensed tenants and their brokers. If any other company is going up against Alexandria for leasing space, the tenant will almost always pick Alexandria. We are proud to partner with Moderna on their Cambridge headquarters and core R&D facility. And as Dean and others will talk about, it'll be the most sustainable lab building in Cambridge with very strong economics and really great value creation. We're very honored and proud that Alexandria has had very strategically significant tenant relationships and stellar brand reputation across all of our cluster markets. We're also very fortunate to continue to have to truly demonstrate and do demonstrate pricing power in each of our core cluster markets. And by the way, the war for talent, like other industries in the life science industry, is creating an even greater space need, set of space needs and demands in the core key life science clusters, and that is very good for Alexandria. And we see an accelerating leasing demand even above and beyond what we see this quarter in several of our key cluster markets continuing. Rental rate growth continues strongly, and excess supply is not a current threat. Alexandria's differentiated expertise and unique platform with its compelling internal and external growth drivers and outlook translates into genuine earnings power. As indicated in the press release and supplemental, Our visible multi-year highly leased development pipeline is expected to generate approximately $615 million in future incremental revenue. And beyond that, the future leasing prospects really look extraordinary, as I've said. The biotech boom and historic life science demand driven by the strong industry fundamentals is evident. The 21st century is really the biological century as biology is in transition to from an empirical science of trial and error to really an engineerable science with much more predictable and scalable outcomes. We're witnessing the industrial revolution in biotech. As we accelerate the application of new and innovative tools, we will see an acceleration in value creation. Products will come to market faster for less capital and with fewer failures. The life science industry and its ecosystem and its positive impact on humanity is truly a crown jewel of the United States and a testament to the free enterprise system of innovation. I think it's important to remember politically those who seek to create a cradle-to-grave entitlement society should not use this industry as its bully pulpit. And then finally I want to turn to the second anniversary of our 115 project in Dayton, Ohio, which this month we celebrate. Sad to say that overdoses have claimed a staggering 96,000 lives during the 12 months ended March of 2021, a 30% increase in the year before. 115 is an innovative data-driven nonprofit evidence-based healthcare ecosystem dedicated to the full and sustained recovery of people with addiction in, as I said, Dayton, Ohio. 115 is revolutionizing the way addiction is treated through its tech-enabled care platform, which applies analytics to measure the effectiveness of various treatments and choices throughout the full continuum of care and continuously evolves its approach based on insights derived. Since its opening in 2015, 115 has served almost 4,000 individuals struggling with addiction and conducted over 9,000 telehealth visits since the start of COVID-19 pandemic. With our 115 partners, we're unwavering in our commitment to help people recover from addiction, live healthier lives while revitalizing the community. We would like to see this model replicated across the country, but politicians seem wholly ineffective even given the large amount of capital that came to the cities and states during COVID-19. And our goal is not only to have 115 be a model for the success against opioid addiction in Dayton, Ohio. We hope to bring that model in a varied way to address the homeless crisis on the West Coast. And so with that, I'd like to turn it over to Jenna Fogar, who's going to comment on some important COVID-19 matters the NIH and the FDA. Take it away, Jenna.