Alexandria Real Estate sues NYC Health+Hospitals and EDC over floodwall dispute; $161.5M at risk

ALEXANDRIA REAL ESTATE EQUITIES, INC.

ARE subsidiary invested $161.5M in pre-construction costs for third tower at Alexandria Center for Life Science – NYC as of June 30, 2024.
Lawsuit filed Aug 6, 2024 against landlord H+H and EDC alleging fraud and breach of implied covenant re floodwall requirements.
Closing date and construction start for the third tower are now indeterminate due to litigation.
ARE seeks damages and equitable relief; potential loss exposure ranges from $0 to the full $161.5M investment.
Company conducted probability-weighted recoverability analysis and concluded no impairment as of report date.

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