Alexandria Real Estate Equities, Inc. (NYSE: ARE) has priced a public offering of $1,000,000,000 in aggregate principal amount of 7.250% Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057, according to a press release from the Pasadena, California-based company.

The notes were priced at 100% of principal and will initially bear interest at 7.250% per year through February 15, 2032. After that date, the rate will reset every five years to the five-year U.S. Treasury Rate plus 2.889%, subject to a floor of 7.250%.

The notes are junior subordinated unsecured obligations of the company and will be fully and unconditionally guaranteed on a subordinated unsecured basis by Alexandria Real Estate Equities, L.P., an indirectly wholly owned subsidiary. The offering is expected to close on or about August 21, 2026, subject to customary closing conditions.

The company stated it intends to use net proceeds for general corporate purposes, which may include working capital, reducing the outstanding balance on its unsecured senior line of credit, reducing indebtedness under its commercial paper program, repaying other debt, and selectively developing, redeveloping, or acquiring properties.

J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and RBC Capital Markets, LLC are among the joint book-running managers for the offering.