AlexandriaReal Estate Equities Inc., in reporting its first-quarter earnings,detailed its recent operational activities.
The company said it is recycling $104.4 million in estimatedproceeds from the sale of its investments in Asia in separate transactions inthe next 12 months. It will allocate the proceeds to the development of class Abuildings in high-value urban investment clusters.
In March, the company realized a $29.0 million impairmentcharge for two land parcels in India that were deemed to be classified as heldfor sale during the month. One of the parcels was sold for $7.5 million with nogain or loss May 2.
Alexandria said it recognized a total impairment charge of$153.0 million to trim its net book value to fair value less cost to sell forits remaining investments in Asia. The impairment charge followed the April 22board approval of the company's plan to monetize the said investments in theregion.
According to SNL data, Alexandria has an equity ownership of3.79% in two properties totaling 634,328 square feet in China and 3.38% in sixproperties aggregating 565,386 square feet in India.
Additionally, the company in April closed the $54 millionpurchase of the remainingoutstanding noncontrolling interest in its 1.2 million-rentable-square-footcampus at AlexandriaTechnology Square in its Cambridge, Mass., submarket.
Also in April, Alexandria wrapped up the $6.4 million saleof 16020 Industrial Drivein its Gaithersburg, Md., submarket and closed a secured construction loan forits development project at 100Binney St. in its Cambridge submarket. The loan had $304.3 millioncommitments available for borrowing and an interest rate equal to LIBOR plus200 basis points.
Further, the company said it repaid a $126.0 million securednote, with a 6.64% effective interest rate, on May 2.