PASADENA, Calif. (Sept. 26, 2018) – Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, today announced that Moody’s Investors Service (Moody’s) upgraded the company’s corporate credit rating, including its long-term issuer and senior unsecured ratings, to Baa1 from Baa2. The rating outlook is stable.
The rating upgrade reflects Alexandria’s continued and significant improvement of its credit profile, which is supported by lower leverage levels and strengthened fixed-charge coverage. The rating upgrade was also largely driven by the company’s high-quality and diversified asset base of Class A properties clustered in key urban innovation cluster locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park, and the quality of its REIT industry-leading tenant base.
“We are pleased to be recognized by Moody’s, and we are very proud of the steady improvement in our credit profile since we received our initial credit rating,” said Dean A. Shigenaga, co-president and chief financial officer of Alexandria Real Estate Equities, Inc. “We remain in a unique position in our niche within the office REIT sector today with solid real estate and life science industry fundamentals, which allows, and will continue to allow, our best-in-class team to deliver strong operating and financial performance.”
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $18.8 billion and an asset base in North America of 32.0 million SF as of June 30, 2018. The asset base in North America includes 21.5 million RSF of operating properties and 3.5 million RSF of development and redevelopment of new Class A properties currently undergoing construction and pre-construction activities with target delivery dates ranging from 2018 through 2020. Additionally, the asset base in North America includes 7.0 million SF of intermediate-term and future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide its 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 and technology companies through its venture capital arm. 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 additional information, please visit www.are.com.