From the technology standpoint, the lifeblood of biotech and pharma, we’re seeing really a variety of emerging new highly disruptive first-in-class drugs including things like small molecule inhibitors for cancer stem cell, which really potential have the ability to someday reduce or maybe even eliminate radiation in chemotherapy. So, the outlook, we’re really entering a second wave for biotech’s successes and we’re extremely well-positioned as the leader in each of our key adjacency submarkets to take maximum advantage of this second wave expansion.
Moving to the balance sheet and capital allocation. I think it’s clear and Dean will speak to this a bit. Our goal over time is as we’ve said is to operate in about the 6.5 times debt-to-EBITDA range, achieved through a variety of strategies including on boarding of additional NOI continued use of the ATM and pay down of debt, continued sales of selected non-income producing land parcels, you’ll see some coming up here in the third quarter, and we’ll likely see an equity partner for Asia operations to share CapEx for what we consider to be a big opportunity.
We see significant near-term opportunities to take advantage in – of two converging macro forces of pharma penetration of our adjacency clusters as we’ve referred to and now the emergence of this second wave of biotech expansion, primarily Greater Boston, San Francisco, and New York City. We’ll selectively continue to allocate capital including recycled from suburban asset sales including some even closed today to our core cluster development sites with quality tenants where yields are significantly better than prevailing cap rates on sales of stabilized assets in such submarkets. So, there is a real good business there.
And in the second quarter, we did acquire a modest redevelopment site in the AAA location in Torrey Pines for almost $14 million. When we look to the second quarter internal and external growth, I think one thing that is I think we’re very proud of and kind of an amazing statistic is an astounding 48% of our annual base rent from investment grate tenants.
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