RE:RE:RE:RE:RE:RE:RE:DebtExcept there is nothing saying they need to keep funding debt with debentures (i.e. what is rated by the ratings agencies). Yes other large REITS do, but many REITs finance exclusively with asset level debt.
Office as a sector is somewhat toxic, and the narrative is a flight to quality - Allied could easily cherry pick its most stable properties with long-term leases and get very good mortgages as the bonds come due.
The Well was recently built for about $1B (Allied share), they could probably get a mortage of $600 million at 5% on that alone, maybe 3.5-4% in a year if rates trend lower. Thats just one example