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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): MARCH 26, 1998
ALEXANDRIA REAL ESTATE EQUITIES, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 1-12993 95-4502084
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
135 NORTH LOS ROBLES AVENUE
SUITE 250
PASADENA, CALIFORNIA 91101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (626) 578-0777
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On March 26, 1998, Alexandria Real Estate Equities, Inc. (together with
its subsidiaries, the "Company") acquired certain real property located at
4757 Nexus Centre Drive, San Diego, California (the "Property"), and 3.8
acres of vacant land adjacent thereto, for a total investment of $18,600,000.
"Total investment" includes the acquisition price and estimated transaction
and closing costs. The Property contains approximately 67,050 rentable
square feet of office and laboratory space. The Company acquired the
Property from Matrix Pharmaceuticals, Inc. ("Matrix") in a sale/leaseback
transaction. Matrix is obligated to continue to fully occupy the Property
pursuant to a 13-year lease. Matrix has occupied the space since 1996.
The Company paid the acquisition price with borrowings from its unsecured
line of credit. The Company also made a fully secured $6 million loan to Matrix
in connection with the transaction. The loan bears interest at a rate of 11%
per year, matures on March 25, 2002 and is cross-defaulted to the lease with
Matrix.
Matrix is an unaffiliated third party with respect to the Company. The
transactions described above were negotiated at arms-length, and the purchase
price was determined based on the Company's assessment of the fair market value
of the assets acquired, the geographic market and competitive conditions in the
area.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED
Financial statements have not been presented for the Property because it
was owned, occupied and operated by the current tenant prior to acquisition by
the Company.
(b) PRO FORMA FINANCIAL INFORMATION
Not applicable.
(c) EXHIBITS
None.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALEXANDRIA REAL ESTATE
EQUITIES, INC.
Date: April 9, 1998 By: /s/ Peter J. Nelson
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Peter J. Nelson
Chief Financial Officer, Treasurer and
Secretary
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