Alexandria Real Estate Equities

The balance sheet is at the upper end of quality among REITs: liquidity of about $4.6B, net debt and preferred to Adjusted EBITDA of 5.9x (2Q25 annualized), fixed-charge coverage of 4.1x, and only 9% of total debt maturing through 2027. Weighted-average remaining debt term is 12 years, and since 2021 ~97% of debt has been fixed at quarter-end, materially reducing rate volatility.

Unsecured covenants were comfortably met as of 2Q25. Credit ratings sit in the top decile among U.S. REITs per company disclosures.