Alexandria said pre-construction costs for the Option Parcel, including design, engineering, environmental, survey/title, permitting and legal costs, totaled $161.5 million as of June 30, 2024.

1. 01

   Alexandria said pre-construction costs for the Option Parcel, including design, engineering, environmental, survey/title, permitting and legal costs, totaled $161.5 million as of June 30, 2024.

2. 02

   The company said it filed a lawsuit on August 6, 2024 in the U.S. District Court for the Southern District of New York against H+H and EDC. The suit asserts fraud in the inducement and, in the alternative, breach of contract for violation of the implied covenant of good faith and fair dealing.

3. 03

   The company said its complaint alleges that H+H and EDC made misrepresentations and concealed material facts in connection with a floodwall that the two parties are seeking to require it to integrate into development of the Option Parcel. The company said that, because of the pending litigation, the closing date for the option and therefore the start date for construction of the third tower on the campus have not yet been set.

4. 04

   The company said the matter could expose it to potential losses ranging from zero to the full amount of the project investment. It also said a probability-weighted recoverability analysis based on initial estimates of possible outcomes determined that no impairment was present as of the date of the report.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.