ALEXANDRIA REAL ESTATE EQUITIES,INC. (NYSE:ARE-E) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Election of Co-Chief Investment Officer
On May22, 2018, the Board of Directors (the “Board”) of Alexandria Real Estate Equities,Inc. (the “Company”) elected Daniel J. Ryan as Co-Chief Investment Officer and Regional Market Director — San Diego, effective as of May22, 2018. In connection with such election, Peter M. Moglia’s title was also amended by the Board to Co-Chief Executive Officer and Co-Chief Investment Officer, effective as of May22, 2018.
With over 30 years of commercial real estate experience and almost two decades of life science real estate experience, Mr. Ryan is known for being forward thinking, prioritizing value-creation projects and attracting and nurturing partnerships with innovative tenants. Mr. Ryan has been responsible for the management of the Company’s San Diego asset base and operations and has led the growth and transformation of the region, tripling its footprint to nearly 5 million RSF (including development projects) and increasing its annual rental revenue by more than 300 percent as of the end of 1Q18.
Prior to the effective date of Mr.Ryan’s election, he served as Executive Vice President — Regional Market Director — San Diego& Strategic Operations since May2012. Mr.Ryan previously served as the Company’s Senior Vice President — Regional Market Director — San Diego& Strategic Operations from June2010, when the Company acquired certain assets of Mr.Ryan’s company, Veralliance Properties,Inc. (“Veralliance”), to May2012. During his tenure with the Company, Mr.Ryan has been responsible for the management of the Company’s San Diego region asset base and operations, as well as involvement with developments, redevelopments, joint ventures, financing, leasing, and other strategic opportunities outside the San Diego region. Prior to joining the Company, Mr.Ryan was Chief Executive Officer of Veralliance, a commercial real estate developer, which he founded in 2002. Veralliance owned, managed, developed, and leased an approximately $1 billion portfolio primarily consisting of life science assets in the greater San Diego region. Veralliance had significant institutional equity partners, including a REIT, Prudential Real Estate Investors, and UBS. Prior to 2002, Mr.Ryan worked in the commercial real estate industry in Southern California. He was a founding principal of Pacific Management Services,Inc., a commercial developer focused on value-added transactions in the greater San Diego area, including life science, office, industrial, and multifamily transactions. Mr.Ryan is a board member of BIOCOM, a Southern California trade organization, the San Diego Economic Development Corporation, a not-for-profit regional body comprising business, government, and civic leaders committed to maximizing economic growth, and the Policy Advisory Board of the University of San Diego — School of Real Estate. He is also a member of the NAIOP and the Urban Land Institute, both public policy organizations focused on public advocacy of the built environment. Mr.Ryan received his Bachelor of Science degree in Economics, cum laude, from the University of Wisconsin— Madison and was admitted to Omicron Delta Epsilon, the honor society for excellence in achievement in the study of economics. Mr.Ryan will continue to be based in San Diego.
Amended Executive Employment Agreement
On May22, 2018, the Company entered into an amended executive employment agreement (the “Agreement”) with Mr.Ryan to his election as Co-Chief Investment Officer and Regional Market Director — San Diego, which Agreement became effective as of May22, 2018. As amended, the Agreement reflects Mr.Ryan’s new position, duties and reporting structure and provides that his annual base salary will be $595,000 effective as of May22, 2018. Mr.Ryan will continue to be eligible for an annual bonus and periodic equity awards as the Board may determine.