undation for collaboration, with a rich and prolific history of generating commercially viable intellectual capital. UCSF's entrepreneurial faculty and technology transfer office have led to the creation of more than 60 biopharmaceutical companies. UCSF, a powerful life science innovation engine, is unique among nearly all centers of excellence across the nation Other Alexandria client tenants at Mission Bay include such prestigious entities as Celgene Corporation, Merck & Co., Inc., Presidio Pharmaceuticals, Inc., Five Prime Therapeutics, Inc., Ion Torrent Systems, Inc., the J. David Gladstone Institutes, UCSF Orthopedic Clinic and blue-chip venture capital firms.
Further executing on its capital plan, Alexandria announced the closing of a new $120 million 10-year fixed rate secured financing with a top tier life insurance company. The proceeds of the loan will initially be used to reduce outstanding indebtedness on its unsecured line of credit. The collateral for this loan consists of six properties, which were previously part of our unencumbered assets. As of June 30, 2009, our unencumbered net operating income approximated 60.8 percent of our total net operating income.
Also, as part of the ongoing execution of Alexandria's multi-faceted capital plan, Alexandria reported the identification of four properties for sale aggregating approximately 269,000 rentable square feet, including several properties that are under negotiation for sale. These properties will be sold primarily to life science users with anticipated closings over the next several quarters. Total estimated sales prices for these properties, including the three properties that have been sold to date in 2009, aggregate approximately $50 million. The proceeds of these asset sales have and will be used to repay outstanding indebtedness on Alexandria's unsecured revolving line of credit.
Alexandria also today announced the receipt of Gold LEED certifica
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|SOURCE Alexandria Real Estate Equities, Inc.|
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