Follow-on offering.Life sciences landlord Alexandria Real Estate Equities Inc. hasn't added much value for investors so far this year as the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. rocks real estate investment trusts. But that's not stopping the Pasadena REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). from going to market. Alexandria shares fell nearly 4 percent to $96.16 on Sept. 20, after the REIT announced the previous evening a public offering of 2 million shares of common stock. Proceeds will be used to reduce the balance on its outstanding credit and acquire new properties. The offer, which the company anticipates will net $200 million, is expected to close Sept. 25. Citigroup and Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. are joint book-running managers. Alexandria acquires converts and manages office and industrial space in or near established biotech clusters, such as Seattle, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Boston. It owns more than 155 properties. Staff reporter Deborah Crowe can be reached at (323) 549-5225, ext. 232, or at dcrowe@labusinessjournal.com. |
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