Alexandria Real Estate Equities says it has reached a point where the firm can say it has really built a fortress balance sheet with more than $3.4 billion in liquidity and a weighted average remaining debt term of greater than 10 years. “We also have a pipeline which will – which could enable us to double rental revenue from January of 2018 to December 2022,” explained Joel Marcus, executive chairman and founder, on the firm’s Q2 earnings call.
“The strongest client tenant base with 53% of our annual rental revenue from investment grade or publicly-traded large cap client tenants with a weighted average lease term of 8.4 years,” he said. “In addition, a robust 2Q cash same-store growth number and robust cash re-leasing spreads this past quarter.
“And we’re very proud of a very strong value-add pipeline leading into 2020 with significant positive activity in each one of our markets,” he added, “including the 88 Bluxome win, which is a really big win and a very unique one. Notably, we increased our dividend — our quarterly dividend 3.1% during the second quarter as well.”