Alexandria's
investment-grade credit ratings, which rank in the top 10% among
all publicly traded U.S.
REITs, and significant liquidity of $6.3
billion afford the company important flexibility to execute
its
differentiated life science real estate platform
PASADENA, Calif., Sept. 29,
2023 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE), the first, preeminent, longest-tenured and
pioneering owner, operator and developer of collaborative life
science, agtech and advanced technology mega campuses in AAA
innovation cluster locations, today announced that S&P Global
Ratings has reaffirmed the company's strong credit rating of BBB+
with a positive outlook.
![(PRNewsfoto/Alexandria Real Estate Equities, Inc.) (PRNewsfoto/Alexandria Real Estate Equities, Inc.)](https://mma.prnewswire.com/media/1930628/Alexandria_Real_Estate_Equities_Logo_v1.jpg)
This important assessment reflects the scale and quality of
Alexandria's essential
Labspace® assets, which it has aggregated into highly
differentiated mega campuses primarily concentrated in
high-barrier-to-entry markets. The reaffirmed credit rating was
also driven by strong long-term life science fundamentals that fuel
continued demand for Alexandria's
high-quality asset base; a high-quality and diverse client base
that supports the company's growing revenues, stable cash flows and
strong margins; its favorable triple-net lease structure with
annual rent escalations for 96% of its leases; and a track record
of consistently strong operating performance.
"We are pleased that S&P Global has reiterated our credit
rating and positive outlook," said Marc E.
Binda, chief financial officer and treasurer of Alexandria
Real Estate Equities, Inc. "This crucial designation is a testament
to continued operational excellence by our best-in-class team. Our
reaffirmed rating is underpinned by our disciplined and consistent
approach to making incremental enhancements to our fortress balance
sheet — one of the strongest in the REIT industry — which has
resulted in stellar credit metrics and positions us well to execute
on our pioneering, mission-driven business model."
Alexandria's growth is
supported by a strong and flexible balance sheet with no debt
maturities prior to 2025, 99.2% of debt at fixed rates, credit
ratings ranking among the top 10% of all publicly traded U.S. REITs
and significant liquidity of $6.3
billion as of June 30, 2023.
Its weighted-average remaining debt term of 13.4 years as of
June 30, 2023 represents one of the
longest among all U.S. REITs. Additionally, the company has a REIT
industry-leading adjusted EBITDA margin of 70% for 2Q23.
About Alexandria Real Estate
Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
our founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator and developer
of collaborative life science, agtech and advanced technology mega
campuses in AAA innovation cluster locations, including
Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland and Research Triangle.
Alexandria has a total market
capitalization of $30.6 billion and
an asset base in North America of
74.9 million SF as of June 30, 2023,
which includes 41.1 million RSF of operating properties and 5.3
million RSF of Class A/A+ properties undergoing construction, 9.4
million RSF of near-term and intermediate-term development and
redevelopment projects and 19.1 million SF of future development
projects. Alexandria has a
longstanding and proven track record of developing Class A/A+
properties clustered in life science, agtech and advanced
technology mega campuses that provide our innovative tenants with
highly dynamic and collaborative environments that enhance their
ability to successfully recruit and retain world-class talent and
inspire productivity, efficiency, creativity and success.
Alexandria also provides strategic
capital to transformative life science, agrifoodtech, climate
innovation and technology companies through our venture capital
platform. We believe our unique business model and diligent
underwriting ensure a high-quality and diverse tenant base that
results in higher occupancy levels, longer lease terms, higher
rental income, higher returns and greater long-term asset value.
For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on Alexandria's present intent, beliefs or
expectations, but forward-looking statements are not guaranteed to
occur and may not occur. Actual results may differ materially from
those contained in or implied by Alexandria's forward-looking statements as a
result of a variety of factors, including, without limitation, the
risks and uncertainties detailed in its filings with the Securities
and Exchange Commission. All forward-looking statements are made as
of the date of this press release, and Alexandria assumes no obligation to update
this information. For more discussion relating to risks and
uncertainties that could cause actual results to differ materially
from those anticipated in Alexandria's forward-looking statements, and
risks and uncertainties to Alexandria's business in general, please refer
to Alexandria's filings with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K and any subsequently filed quarterly
reports on Form 10-Q.
CONTACT: Sara
Kabakoff, Senior Vice President – Chief Content Officer,
(626) 788-5578, skabakoff@are.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/alexandria-real-estate-equities-incs-strong-bbb-credit-rating-with-positive-outlook-reaffirmed-by-sp-global-ratings-301942460.html
SOURCE Alexandria Real Estate Equities, Inc.