The same rating was also affirmed for the LA-based REIT's seniorunsecured debt, New York-based S&P says. Arden is one of theregion's largest office landlords, with more than 18 million sf ofSouthern California real estate in its portfolio.
"The ratings reflect the company's good business position infavorable markets, while embedded growth in Arden's portfoliocurrently supports solid debt coverage measures," Standard &Poor's said in a statement. The rating agency characterized Arden'sleverage as "moderate" and its debt coverage "strong."
Arden Realty's stock, traded on the New York Stock Exchangeunder the symbol ARI, was unchanged late Monday at about $24.50,not far from its 52-week high of $27.12. The REIT is expected toreport its third-quarter earnings tomorrow.
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