Alexandria Real Estate Equities, Inc. (ARE) a California-based REIT, announced the launch of an underwritten public offering of senior notes.
The notes will be unsecured obligations of the Company and guaranteed by its wholly-owned subsidiary, Alexandria Real Estate Equities, L.P.
The company plans to use the net proceeds from this offering to redeem or repay all or part of its 3.45% Senior Notes due 2025, maturing on April 30, 2025.
Until then, the proceeds will be invested in high-quality short-term securities or used for general working capital and corporate purposes, including reducing outstanding balances on its unsecured senior line of credit, commercial paper program, other debt, and for selective property development, redevelopment, or acquisitions. Any excess proceeds will be allocated to general working capital and corporate purposes.
ARE is currently trading at $97.88 or 2.18% higher on the New York Stock Exchange.
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