The next question comes from Joshua Dennerlein with Bank of America. ", "I am deeply honored and incredibly moved to receive this honor from the 9/11 Memorial & Museum, especially as we commemorate the 20th anniversary of the 9/11 attacks," said Mr. Marcus. With me today are Peter, Dean, Hallie and Dan. But there are definitely some folks that are on the sidelines that are facing redemptions. His publications include two monographs on Mark, a two-volume commentary on the same Gospel in the Anchor Bible series (2000, 2009), Jesus and the Holocaust: Reflections on Suffering and Hope (1997), John the Baptist in History and Theology (2018), and several articles about the parting of the ways between Judaism and the Christianity of the first three centuries of the Christian era. WebJoel Marcus. Joel Marcus - Executive Chairman and Founder Peter Moglia - Chief Executive Officer & Co-Chief Investment Officer Dean Shigenaga - President & Chief Each of the markets is seeing strong demand. They're one-off. Supply in all submarkets is very likely to be muted beyond what is under construction today due to high construction costs that I referenced, higher cost of capital and the lessening of generic tenant demand. Theyre certainly not overcommitted in any way, and they have several great projects going forward. And then Peter, sticking with you, appreciated your comments on availability rates when including 2023 and 2024 deliveries. So we have added a lot of high-quality assets to our portfolio in recent years as well as coming online here over the next two to three years. But a judge dismissed the complaint last month. Bringing these elements together creates thriving centers that incorporate our cluster model, which guides how we select our real estate hubs, and build collaborative, sustainable campuses that enable scientific and technological breakthroughs to benefit humankind. After over 25 years in the industry, our various executives have an amazing network, which we have developed through our summits and our real estate, as well as through our venture investments. The overarching larger vertical is real estate the infrastructure and collaborative campuses that we build to support entities like life science and ag companies. Now key updates on the underlying detailed assumptions included the following; a significant reduction of $325 million in both sources and uses of capital, including a $75 million reduction in the midpoint of acquisitions to $225 million and a $250 million reduction in construction spend at $2.725 billion. Transitioning to private venture-backed biotech which makes up 8% of our total ARR, we continue to see a reset of venture deployment to pre-2020, 2021 levels, which while down from peak remains strong by historic standards. Okay. We focus on four core areas: first, biomedical research to help discover drugs and new technologies that will help cure disease. In addition to this transaction, we have signed letters of intent or purchase and sale agreements for a number of assets, including the office campus referenced in the press release, aggregating to a total sales price of $799.3 million. As we all know, the rapid rise in interest rates have not only increased investors' cost of capital, but created a lot of uncertainty causing a number of investors to remain on the sidelines. He was named one of Real Estate Forums 2017 Best Bosses in commercial real estate and was previously a recipient of the EY Entrepreneur Of The Year Award (Los Angeles Real Estate). Even now, many office buildings in the country are 30% to 40% occupied. Now we have also identified other dispositions and sales of partial interest to bring our total for the year to $1.5 billion. That was almost all of the change in the tenancy from roughly 1,000 to 850. Nareits members are REITs and other real estate companies throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. How pandemic-driven talent migration will change Joel S. Marcus, the real estate tycoon credited with helping to turn Cambridge into one of the worlds biggest biotech hubs, has lost a key battle in a legal war against his son. Copyright Nareit 2023. Alexandria Weve got a built-in demand driver by our own clients, which is very unusual.. If you look at Hallie indicated, if you look at the tenant collections by segment, they're 99% to 100%. And yes, we have liquidity, and I'm not too concerned about that at this point. And now 20 years later, in the brutal wake of the end of the country's war in Afghanistan, we again find ourselves immensely indebted to the thousands of service members who have devoted and sacrificed so muchespecially the many who have made the ultimate sacrificefor the sake of their missions and their teams, the defense of our country and the fight against terrorism at its roots, and the safeguarding of our freedoms.". [1], The company's 740,972 square foot Alexandria Center for Life Science in Manhattan has several biotechnology tenants.