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Alexandria Real Estate Equities Inc. Sep 11
Standard & Poors, Sep 2011
Abstract
High-quality life science portfolio; High barriers to entry; Strong tenant credit quality; and Stable historical portfolio performance. Narrow focus serving the life science sector contributes to geographic concentration; Above-average short-term floating rate debt exposure; and Active development pipeline and significant land holdings. Our rating on Alexandria Real Estate Equities Inc. reflects the company's satisfactory business risk profile evidenced by the portfolio's well-located assets in key life science markets, which have exhibited stability and positive same-store performance through the recent downturn, a strong tenant roster, and favorable lease terms that should support core cash flow stability. These attributes are balanced by an active development pipeline, including significant land holdings. We consider the financial risk profile to be significant, reflecting an improved...
Companies mentioned in this report are: Alexandria Real Estate Equities, Inc.,Alexandria Real Estate Equities L.P.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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