Alexandria AG真人官方 Estate Equities, Inc. Reports: 2Q25 and 1H25 Net Loss per Share - Diluted of $(0.64) and $(0.71), respectively; and 2Q25 and 1H25 FFO per Share - Diluted, as Adjusted, of $2.33 and $4.63, respectively
Alexandria AG真人官方 Estate Equities (NYSE:ARE) reported mixed Q2 2025 results with a net loss of $(0.64) per share but maintained strong FFO of $2.33 per share. The company achieved significant leasing activity, including its largest-ever life science lease for 466,598 RSF with a multinational pharmaceutical tenant.
Key operational metrics include 90.8% occupancy (reaching 92.5% including leased but not delivered space), $762.0 million in quarterly revenues, and strong tenant collections at 99.9%. The company maintains a robust balance sheet with $4.6 billion in liquidity and a dividend yield of 7.3%.
ARE's 2025 capital recycling strategy progresses with $786 million in completed and pending dispositions, targeting $1.95 billion total for the year. Development projects delivered $15 million in incremental annual NOI during Q2, with an additional $139 million expected by Q4 2026.
Alexandria AG真人官方 Estate Equities (NYSE:ARE) ha riportato risultati contrastanti per il secondo trimestre 2025, con una perdita netta di $(0,64) per azione, ma ha mantenuto un solido FFO di $2,33 per azione. L'azienda ha registrato un'attivit脿 di locazione significativa, incluso il pi霉 grande contratto mai stipulato nel settore delle scienze della vita per 466.598 RSF con un inquilino multinazionale farmaceutico.
I principali indicatori operativi includono un'occupazione del 90,8% (che raggiunge il 92,5% considerando anche gli spazi affittati ma non ancora consegnati), ricavi trimestrali per $762,0 milioni e solide riscossioni dagli inquilini pari al 99,9%. L'azienda mantiene un bilancio robusto con una liquidit脿 di $4,6 miliardi e un rendimento da dividendi del 7,3%.
La strategia di riciclo del capitale di ARE per il 2025 avanza con $786 milioni in dismissioni completate e in corso, puntando a un totale di $1,95 miliardi per l'anno. I progetti di sviluppo hanno generato $15 milioni di NOI annuale incrementale nel secondo trimestre, con ulteriori $139 milioni previsti entro il quarto trimestre del 2026.
Alexandria AG真人官方 Estate Equities (NYSE:ARE) report贸 resultados mixtos en el segundo trimestre de 2025, con una p茅rdida neta de $(0.64) por acci贸n, pero mantuvo un fuerte FFO de $2.33 por acci贸n. La compa帽铆a logr贸 una actividad significativa de arrendamiento, incluyendo su mayor contrato en ciencias de la vida por 466,598 RSF con un inquilino farmac茅utico multinacional.
Los principales indicadores operativos incluyen una ocupaci贸n del 90.8% (alcanzando el 92.5% incluyendo espacios arrendados pero no entregados), ingresos trimestrales de $762.0 millones y una s贸lida cobranza de inquilinos del 99.9%. La empresa mantiene un balance s贸lido con $4.6 mil millones en liquidez y un rendimiento por dividendos del 7.3%.
La estrategia de reciclaje de capital de ARE para 2025 avanza con $786 millones en disposiciones completadas y pendientes, con un objetivo total de $1.95 mil millones para el a帽o. Los proyectos de desarrollo generaron $15 millones en NOI anual incremental durante el segundo trimestre, con otros $139 millones esperados para el cuarto trimestre de 2026.
Alexandria AG真人官方 Estate Equities (NYSE:ARE)電� 2025雲� 2攵勱赴 鞁れ爜鞐愳劀 欤茧嫻 $(0.64)鞚� 靾滌啇鞁�鞚� 氤搓碃頄堨溂雮�, 欤茧嫻 $2.33鞚� 臧曤牓頃� FFO毳� 鞙犾頄堨姷雼堧嫟. 須岇偓電� 雼り淡鞝� 鞝滌暯 鞛勳皑鞚戈臣鞚� 466,598 RSF 攴滊鞚� 斓滊寑 靸濍獏瓿柬暀 鞛勲寑 瓿勳暯鞚� 韽暔頃� 靸侂嫻頃� 鞛勲寑 頇滊彊鞚� 雼劚頄堨姷雼堧嫟.
欤检殧 鞖挫榿 歆�響滊電� 90.8%鞚� 鞝愳湢鞙�(鞛勲寑 鞕勲霅橃棃鞙茧倶 鞚鸽弰霅橃 鞎婌潃 瓿店皠 韽暔 鞁� 92.5%), 攵勱赴 毵れ稖 $7鞏� 6,200毵�, 鞛勳皑鞚� 靾橁笀毳� 99.9%臧� 鞛堨姷雼堧嫟. 須岇偓電� $46巩�鞚� 鞙犽彊靹标臣 7.3%鞚� 氚半嫻 靾橃澋毳犽 瓴碃頃� 鞛 靸來儨毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟.
ARE鞚� 2025雲� 鞛愲掣 鞛櫆鞖� 鞝勲灥鞚� 鞕勲 氚� 歆勴枆 欷戩澑 毵り皝鞎� $7鞏� 8,600毵�鞚� 旮半頃橂┌ 鞐瓣皠 氇╉憸 $19鞏� 5,000毵�鞚� 頄ロ暣 雮橃晞臧�瓿� 鞛堨姷雼堧嫟. 臧滊皽 頂勲鞝濏姼電� 2攵勱赴鞐� 鞐瓣皠 NOI毳� $1,500毵� 歃濌皜鞁滌及鞙茧┌, 2026雲� 4攵勱赴旯岇 於旉皜 $1鞏� 3,900毵�鞚� 鞓堨儊霅╇媹雼�.
Alexandria AG真人官方 Estate Equities (NYSE:ARE) a publi茅 des r茅sultats mitig茅s pour le deuxi猫me trimestre 2025, enregistrant une perte nette de $(0,64) par action, tout en maintenant un FFO solide de 2,33 $ par action. La soci茅t茅 a r茅alis茅 une activit茅 locative significative, y compris son plus grand bail en sciences de la vie jamais conclu, portant sur 466 598 RSF avec un locataire pharmaceutique multinational.
Les principaux indicateurs op茅rationnels comprennent un taux d鈥�occupation de 90,8% (atteignant 92,5% en incluant les espaces lou茅s mais non livr茅s), des revenus trimestriels de 762,0 millions de dollars et une forte collecte aupr猫s des locataires 脿 99,9%. La soci茅t茅 dispose d鈥檜n bilan solide avec une liquidit茅 de 4,6 milliards de dollars et un rendement du dividende de 7,3%.
La strat茅gie de recyclage du capital d鈥橝RE pour 2025 progresse avec 786 millions de dollars de cessions r茅alis茅es et en cours, visant un total de 1,95 milliard de dollars pour l鈥檃nn茅e. Les projets de d茅veloppement ont g茅n茅r茅 15 millions de dollars de NOI annuel suppl茅mentaire au deuxi猫me trimestre, avec 139 millions de dollars suppl茅mentaires attendus d鈥檌ci le quatri猫me trimestre 2026.
Alexandria AG真人官方 Estate Equities (NYSE:ARE) meldete gemischte Ergebnisse f眉r das zweite Quartal 2025 mit einem Nettoverlust von $(0,64) je Aktie, behielt jedoch ein starkes FFO von $2,33 je Aktie bei. Das Unternehmen erzielte eine bedeutende Vermietungsaktivit盲t, darunter den bisher gr枚脽ten Life-Science-Mietvertrag 眉ber 466.598 RSF mit einem multinationalen Pharma-Mieter.
Wichtige operative Kennzahlen umfassen eine Belegungsquote von 90,8% (92,5% inklusive vermieteter, aber noch nicht 眉bergebener Fl盲chen), Quartalseinnahmen von $762,0 Millionen und starke Mieteinnahmen mit einer Quote von 99,9%. Das Unternehmen verf眉gt 眉ber eine solide Bilanz mit $4,6 Milliarden Liquidit盲t und einer Dividendenrendite von 7,3%.
Die Kapitalrecycling-Strategie von ARE f眉r 2025 schreitet voran mit $786 Millionen abgeschlossenen und ausstehenden Ver盲u脽erungen und einem Ziel von insgesamt $1,95 Milliarden f眉r das Jahr. Entwicklungsprojekte lieferten im zweiten Quartal ein zus盲tzliches j盲hrliches NOI von $15 Millionen, mit weiteren erwarteten $139 Millionen bis zum vierten Quartal 2026.
- Largest life science lease in company history secured (466,598 RSF, 16-year term)
- Strong tenant collections at 99.9% for Q2 2025
- Significant liquidity of $4.6 billion with only 9% of total debt maturing through 2027
- Development pipeline to deliver $139 million incremental annual NOI by Q4 2026
- General and administrative expenses reduced by 35% year-over-year
- 97% of leases contain annual rent escalations
- Net loss of $(0.64) per share in Q2 2025 compared to $0.25 profit in Q2 2024
- Total revenues declined to $762.0 million from $766.7 million year-over-year
- Same property NOI decreased 5.4% in Q2 2025 over Q2 2024
- Occupancy declined to 90.8% with temporary vacancies
- Investment loss of $30.6 million for Q2 2025
- AG真人官方 estate impairment charges of $129.6 million in Q2 2025
Insights
ARE reports net loss but stable FFO; strong leasing activity and development pipeline offset by investment impairments and temporary vacancies.
Alexandria AG真人官方 Estate Equities (ARE) reported mixed financial results for Q2 2025, with a net loss of
The company's core operating metrics show both strengths and challenges. Occupancy stands at
On the positive side, ARE secured impressive leasing volume of 769,815 RSF during Q2, and notably, in July executed its largest life science lease ever - a 16-year build-to-suit lease for 466,598 RSF with a multinational pharmaceutical tenant. Rental rate increases on renewals and re-leasing were modest at
The company's development pipeline shows strong momentum, with projects placed into service during Q2 adding
ARE's balance sheet metrics show some leverage pressure, with net debt and preferred stock to Adjusted EBITDA at 5.9x, above their Q4 target of 鈮�5.2x. The company is actively addressing this through a
The company maintained its quarterly dividend at
ARE's cost control efforts are showing significant results, with G&A expenses down
听
Key highlights | ||||||||
Operating results | 2Q25 | 2Q24 | 1H25 | 1H24 | ||||
Total revenues: | ||||||||
In millions | $听听听听听听听 762.0 | $听听听听听听听 766.7 | $听听听听听 1,520.2 | $听听听听听 1,535.8 | ||||
Net (loss) income attributable to Alexandria's common stockholders 鈥� diluted: | ||||||||
In millions | $听听听听听听 (109.6) | $听听听听听听听听听 42.9 | $听听听听听听 (121.2) | $听听听听听听听听 209.8 | ||||
Per share | $听听听听听听听 (0.64) | $听听听听听听听听听 0.25 | $听听听听听听听听 (0.71) | $听听听听听听听听听听 1.22 | ||||
Funds from operations attributable to Alexandria's common stockholders 鈥� diluted, as adjusted: | ||||||||
In millions | $听听听听听听听 396.4 | $听听听听听听听 405.5 | $听听听听听听听听 788.4 | $听听听听听听听听 809.4 | ||||
Per share | $听听听听听听听听听 2.33 | $听听听听听听听听听 2.36 | $听听听听听听听听听听 4.63 | $听听听听听听听听听听 4.71 | ||||
A sector-leading REIT with a high-quality, diverse tenant base and strong margins
(As of June听30, 2025, unless stated otherwise) | |||
Occupancy of operating properties in | 90.8听% | (1) | |
Percentage of annual rental revenue in effect from Megacampus鈩� platform | 75听% | ||
Percentage of annual rental revenue in effect from investment-grade or publicly 听 听 听traded large cap tenants | 53听% | ||
Operating margin | 71听% | ||
Adjusted EBITDA margin | 71听% | ||
Percentage of leases containing annual rent escalations | 97听% | ||
Weighted-average remaining lease term: | |||
Top 20 tenants | 9.4 | years | |
All tenants | 7.4 | years | |
Sustained strength in tenant collections: | |||
July 2025 tenant rents and receivables collected as of July听21, 2025 | 99.4听% | ||
2Q25 tenant rents and receivables collected as of July听21, 2025 | 99.9听% |
(1) | Reflects temporary vacancies aggregating 668,795 RSF, or |
Strong and flexible balance sheet with significant liquidity; top
- Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.1x for 2Q25 annualized, with 4Q25 annualized targets of 鈮�5.2x and 4.0x to 4.5x, respectively.
- Significant liquidity of
$4.6 billion - Only
9% of our total debt matures through 2027. - 12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.
- Since 2021, our quarter-end fixed-rate debt averaged
97.2% . - Total debt and preferred stock to gross assets of
30% . $297.3 million $116.7 million
Leasing volume and rental rate increases
- Leasing volume of 769,815 RSF during 2Q25.
- In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF. Refer to "Subsequent events" in the Earnings Press Release for additional details.
- Rental rate increases on lease renewals and re-leasing of space of
5.5% and6.1% (cash basis) for 2Q25 and13.2% and6.9% (cash basis) for 1H25. 84% of our leasing activity during the last twelve months was generated from our existing tenant base.
2Q25 | 1H25 | ||||||||
Total leasing activity 鈥� RSF | 769,815 | 1,800,368 | |||||||
Lease renewals and re-leasing of space: | |||||||||
RSF (included in total leasing activity above) | 483,409 | 1,367,817 | |||||||
Rental rate increase | 5.5听% | 13.2听% | |||||||
Rental rate increase (cash basis) | 6.1听% | 6.9听% | |||||||
Leasing of development and redevelopment space 鈥� RSF | 131,768 | 138,198 |
Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment
- Common stock dividend declared for 2Q25 of
$1.32 $5.26 18 cents , or3.5% , over the twelve months ended June 30, 2024. - By maintaining our recent dividend at
$1.32 $40 million - Dividend yield of
7.3% as of June 30, 2025. - Dividend payout ratio of
57% for the three months ended June 30, 2025. - Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating
$2.3 billion
Ongoing execution of Alexandria's 2025 capital recycling strategy
We expect to fund a significant portion of our capital requirements for the year ending December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and sales to owner/users. We expect dispositions of land to represent
(in millions) | ||||
Completed dispositions | $听听听听听听听听听 261 | |||
Our share of pending transactions subject to non-refundable deposits, 听 听 听signed letters of intent, and/or purchase and sale agreement 听 听 听negotiations | 525 | |||
Our share of completed and pending 2025 dispositions | 786 | 40听% | ||
Additional targeted dispositions | 1,164 | 60 | ||
2025 guidance midpoint for dispositions and sales of partial interests | $听听听听听听 1,950 | 100听% |
Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of
- During 2Q25, we placed into service development and redevelopment projects aggregating 217,774 RSF that are
90% occupied across three submarkets and delivered incremental annual net operating income of$15 million - A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way located in this asset at the One Alexandria Square Megacampus in our
Torrey Pines submarket.- Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a
$23 million
- Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a
- A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way located in this asset at the One Alexandria Square Megacampus in our
- Annual net operating income (cash basis) from recently delivered projects is expected to increase by
$57 million - During 1Q25-4Q26, we expect to deliver annual net operating income representing nearly
9% of the total net operating income for 2024. 74% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
Development and Redevelopment Projects | Incremental Annual Net Operating Income | RSF | Occupied/ Leased/ Negotiating Percentage | ||||||||
(dollars in millions) | |||||||||||
Placed into service: | |||||||||||
1Q25 | $听听听听听听听听听听听听听听听听听听听听听听 37 | 309,494 | 100听% | ||||||||
2Q25 | 15 | (1) | 217,774 | 90 | |||||||
Placed into service in 1H25 | $听听听听听听听听听听听听听听听听听听听听听听 52 | (1) | 527,268 | 96听% | |||||||
Expected to be placed into service: | |||||||||||
3Q25 through 4Q26 | $听听听听听听听听听听听听听听听听听听听听 139 | (2) | 1,155,041 | (3) | 84听% | (4) | |||||
2027 through 2028(5) | 261 | 3,270,238 | 28听% | ||||||||
$听听听听听听听听听听听听听听听听听听听听 400 | |||||||||||
(1) | Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025. | |||||
(2) | Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years under "New Class A/A+ development and redevelopment properties: current projects" in the Supplemental Information for additional details. | |||||
(3) | Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond. | |||||
(4) | Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2H25 and 2026. | |||||
(5) | Includes one |
Significant leasing progress on temporary vacancy
Occupancy as of June听30, 2025 | 90.8听% | (1) | ||||
Temporary vacancies now leased with future delivery | 1.7 | (2) | ||||
Occupancy as of June听30, 2025, including leased, but not yet delivered space | 92.5听% |
(1) | Refer to "Summary of properties and occupancy" in the Supplemental Information for additional details. | |||||
(2) | Represents temporary vacancy as of June 30, 2025 aggregating 668,795 RSF, primarily in the |
Key operating metrics
- Net operating income (cash basis) of
$2.0 billion $111.4 million 5.8% , compared to 2Q24 annualized. - Same property net operating income changes of (5.4)% and
2.0% (cash basis) for 2Q25 over 2Q24 and (4.3)% and3.4% (cash basis) for 1H25 over 1H24, which include lease expirations that became vacant during 1Q25 aggregating 768,080 RSF across six properties and four submarkets with a weighted-average lease expiration date of January 21, 2025. Excluding the impact of these lease expirations, same property net operating income changes for 2Q25 would have been (2.1)% and6.5% (cash basis). As of June 30, 2025, 153,658 RSF was leased with a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining 614,422 RSF over the next several quarters. - General and administrative expenses of
$59.8 million $31.9 million 35% , compared to 1H24, primarily the result of cost-control and efficiency initiatives on reducing personnel-related costs and streamlining business processes.- As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended June 30, 2025 were
6.3% , representing the lowest level in the past ten years, compared to9.2% for the trailing twelve months ended June 30, 2024.
- As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended June 30, 2025 were
Strong and flexible balance sheet
Key metrics as of or for the three months ended June听30, 2025
$25.7 billion $12.4 billion
2Q25 | Target | ||||||||
Quarter Annualized | Trailing 12 Months | 4Q25 Annualized | |||||||
Net debt and preferred stock to 听 听 听Adjusted EBITDA | 5.9x | 5.8x | Less than or equal to 5.2x | ||||||
Fixed-charge coverage ratio | 4.1x | 4.3x | 4.0x to 4.5x | ||||||
Key capital events
- Upon maturity on April 30, 2025, we repaid
$600.0 million 3.45% unsecured senior notes payable with proceeds from our February 2025 unsecured senior notes payable offering. - Under our common stock repurchase program authorized in December 2024, we may repurchase up to
$500.0 million $241.8 million - In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a
76.9% interest. The project is currently76% leased/negotiating and is expected to deliver in 2026. We expect to repay the loan aggregating$153.5 million 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early extinguishment of debt of$99 thousand
Investments
- As of June 30, 2025:
- Our non-real estate investments aggregated
$1.5 billion - Unrealized gains presented in our consolidated balance sheet were
$7.7 million $180.2 million $172.5 million
- Our non-real estate investments aggregated
- Investment loss of
$30.6 million $30.5 million $21.9 million $39.2 million
Other key highlights
Key items included in net income attributable to Alexandria's common stockholders: | |||||||||||||||
2Q25 | 2Q24 | 2Q25 | 2Q24 | 1H25 | 1H24 | 1H25 | 1H24 | ||||||||
(in millions, except per share 听 听 听amounts) | Amount | Per Share 鈥� Diluted | Amount | Per Share 鈥� Diluted | |||||||||||
Unrealized losses on non- 听 real estate investments | |||||||||||||||
Gain on sales of real estate | 鈥� | 鈥� | 鈥� | 鈥� | 13.2 | 0.4 | 0.08 | 鈥� | |||||||
Impairment of non-real 听 estate investments | (39.2) | (12.8) | (0.23) | (0.08) | (50.4) | (27.5) | (0.30) | (0.16) | |||||||
Impairment of real estate(1) | (129.6) | (30.8) | (0.76) | (0.18) | (161.8) | (30.8) | (0.95) | (0.18) | |||||||
Increase in provision for 听 expected credit losses on 听 financial instruments | 鈥� | 鈥� | 鈥� | 鈥� | (0.3) | 鈥� | 鈥� | 鈥� | |||||||
听 Total | $听 (190.7) | $听 (107.8) | $听 (289.4) | ||||||||||||
(1) | Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. |
Subsequent event
- In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University Town Center submarket.
- The tenant currently occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the demolition and development of the new purpose-built life science building at this site. Upon delivery of the new build-to-suit property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the construction of an amenity which will service the entire Megacampus.
Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society
- 8 Davis Drive on the Alexandria Center庐 for Advanced Technologies 鈥� Research Triangle Megacampus won the prestigious 2025 BOMA (Building Owners and Managers Association) International TOBY (The Outstanding Building of the Year) Award in the Life Science category. The TOBY Awards are the commercial real estate industry's highest recognition honoring excellence in building management and operations. The award represents the company's first win in the International TOBY Awards. Of the four regional winners in the Life Science category that progressed as international TOBY nominees, three were Alexandria-owned, -operated, and -developed facilities. The two additional Alexandria facilities were:
- 201 Haskins Way on the Alexandria Center庐 for Life Science 鈥�
South San Francisco campus in theSan Francisco Bay Area and - 188 East Blaine Street on the Alexandria Center庐 for Life Science 鈥� Eastlake Megacampus in
Seattle .
- 201 Haskins Way on the Alexandria Center庐 for Life Science 鈥�
- We released our 2024 Corporate Responsibility Report, which underscores our groundbreaking sustainability approach and the continued execution of our impactful corporate responsibility platform. Notable highlights in the report include:
- The continued advancement of our innovative strategy to reduce operational greenhouse gas (GHG) emissions in our asset base through energy efficiency, electrification and alternative energy, and renewable electricity. We reduced operational GHG emissions intensity by
18% from 2022 to 2024, representing ongoing progress toward our30% reduction target by 2030 relative to a 2022 baseline. - Our steadfast work to catalyze the health and vitality of our local communities and make a tangible positive impact through action-oriented solutions addressing some of the nation's most pressing issues, including mental health and education.
- The continued advancement of our innovative strategy to reduce operational greenhouse gas (GHG) emissions in our asset base through energy efficiency, electrification and alternative energy, and renewable electricity. We reduced operational GHG emissions intensity by
- 15 Necco Street, a state-of-the-art R&D facility totaling 345,996 RSF in our Seaport Innovation District submarket in
Greater Boston , earned LEED Platinum certification, the highest certification level under theU.S. Green Building Council's Core and Shell rating system. Home to the Lilly Seaport Innovation Center, the facility serves as the central hub for Lilly's genetic medicines efforts. - We deepened our commitment to driving educational opportunities for students and supporting STEM education with the opening of the Alexandria AG真人官方 Estate Equities, Inc. Learning Lab at the Fred Hutch Cancer Center in
Seattle . Designed and built by Alexandria in close collaboration with Fred Hutch's Science Education and Facilities teams, the innovative laboratory environment is dedicated to inspiring and training future scientists. - Alexandria was named a recipient of the 2025 Charles A. Sanders, MD, Partnership Award by the Foundation for the National Institutes of Health (FNIH) in recognition of our key role in catalyzing a public-private partnership focused on the development of biomarkers for major depressive disorder to address the urgent need for new medicines for neuropsychology.
- Lawrence J. Diamond, co-chief operating officer and regional market director of
Maryland , was honored with the Beacon of Service Award at the Maryland Tech Council's 2025 ICON Awards. The award recognizes Mr. Diamond's leadership, service, and profound impact onMaryland's innovation ecosystem and broader community.
About Alexandria AG真人官方 Estate Equities, Inc.听
Alexandria AG真人官方 Estate Equities, Inc. (NYSE: ARE), an S&P 500庐 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus鈩� ecosystems in AAA life science innovation cluster locations, including
Guidance听 |
June听30, 2025 |
(Dollars in millions, except per share amounts) |
Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current related to the regulatory environment, life science funding, the that could cause actual results to differ materially from those anticipated, refer to our discussion of "forward-looking statements" of the Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. |
2025 Guidance Midpoint | 2025 Guidance Midpoint | |||||||||
Summary of Key Changes in Guidance | As of 7/21/25 | As of 4/28/25 | Summary of Key Changes in Sources and Uses of Capital | As of 7/21/25 | As of 4/28/25 | |||||
EPS, FFO per share, and FFO per share, as adjusted | See updates below | Repayment of secured note payable(5) | $听听听听听听听听听听听听听听 154 | $听听听听听听听听听听听听听听听听 鈥� | ||||||
Key Credit Metric Targets(3) | ||
Net debt and preferred stock to Adjusted EBITDA 鈥� 4Q25 annualized | Less than or equal to 5.2x | |
Fixed-charge coverage ratio 鈥� 4Q25 annualized | 4.0x to 4.5x | |
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to 听 听 听Alexandria's Common Stockholders 鈥� Diluted | |||||||||
As of 7/21/25 | As of 4/28/25 | ||||||||
Earnings per share(1) | |||||||||
Depreciation and amortization of real estate assets | 7.05 | 7.05 | |||||||
Gain on sales of real estate | (0.08) | (0.08) | |||||||
Impairment of real estate 鈥� rental properties and land(2) | 0.77 | 0.21 | |||||||
Allocation to unvested restricted stock awards | (0.03) | (0.03) | |||||||
Funds from operations per share and funds from operations 听 听per share, as adjusted(3) | |||||||||
Unrealized losses on non-real estate investments | 0.53 | 0.40 | |||||||
Impairment of non-real estate investments(2) | 0.30 | 0.07 | |||||||
Impairment of real estate | 0.23 | 0.19 | |||||||
Allocation to unvested restricted stock awards | (0.01) | (0.01) | |||||||
Funds from operations per share, as adjusted(3) | |||||||||
Midpoint | |||||||||
Key Sources and Uses of Capital | Range | Midpoint | Certain Completed Items | ||||||
Sources of capital: | |||||||||
Reduction in debt | $听听听听 (290) | $听听听听 (290) | $听听听听 (290) | See below | |||||
Net cash provided by operating activities after 听 听 听dividends | 425 | 525 | 475 | ||||||
Dispositions and sales of partial interests | 1,450 | 2,450 | 1,950 | (6) | |||||
Total sources of capital | $听听 1,585 | $听听 2,685 | $听听听 2,135 | ||||||
Uses of capital: | |||||||||
Construction | $听听 1,450 | $听听 2,050 | $听听听 1,750 | ||||||
Acquisitions and other opportunistic uses of 听 听 听capital(7) | 鈥� | 500 | 250 | $听听听听听 208 | (7) | ||||
Ground lease prepayment | 135 | 135 | 135 | $听听听听听 135 | |||||
Total uses of capital | $听听 1,585 | $听听 2,685 | $听听听 2,135 | ||||||
Reduction in debt (included above): | |||||||||
Issuance of unsecured senior notes payable | $听听听听听 550 | $听听听听听 550 | $听听听听听听 550 | $听听听听听 550 | |||||
Repayment of unsecured notes payable | (600) | (600) | (600) | $听听听 (600) | |||||
Repayment of secured note payable(5) | (154) | (154) | (154) | ||||||
Unsecured senior line of credit, commercial paper, and other | (86) | (86) | (86) | ||||||
Net reduction in debt | $听听听听 (290) | $听听听听 (290) | $听听听听 (290) | ||||||
Key Assumptions | Low | High | ||
Occupancy percentage in | 90.9听% | 92.5听% | ||
Lease renewals and re-leasing of space: | ||||
Rental rate changes | 9.0听% | 17.0听% | ||
Rental rate changes (cash basis) | 0.5听% | 8.5听% | ||
Same property performance: | ||||
Net operating income | (3.7)听% | (1.7)听% | ||
Net operating income (cash basis) | (1.2)听% | 0.8听% | ||
Straight-line rent revenue | $听听听听听听听听 96 | $听听听听听听 116 | ||
General and administrative expenses | $听听听听听听 112 | $听听听听听听 127 | ||
Capitalization of interest | $听听听听听听 320 | $听听听听听听 350 | ||
Interest expense | $听听听听听听 185 | $听听听听听听 215 | ||
AG真人官方ized gains on non-real estate investments(4) | $听听听听听听 100 | $听听听听听听 130 | ||
(1) | Excludes unrealized gains or losses on non-real estate investments after June 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted. |
(2) | Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. |
(3) | Refer to "Definitions and reconciliations"听in the Supplemental Information for additional details. |
(4) | Represents realized gains and losses included in funds from operations per share 鈥� diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to "Investments" in the Supplemental Information for additional details. |
(5) | In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a |
(6) | As of July 21, 2025, completed dispositions aggregated |
(7) | Under our common stock repurchase program authorized in December 2024, we may repurchase up to |
听
Dispositions and Sales of Partial Interests June听30, 2025 (Dollars in thousands) | |||||||||||||||
Square Footage | Gain on Sales of AG真人官方 Estate | ||||||||||||||
Property | Submarket/Market | Date of Sale | Interest Sold | Operating | Future Development听 | Sales Price | |||||||||
Completed in 1Q25 | $听听听听听听 176,352 | $听听听听听听听 13,165 | |||||||||||||
Completed in 2Q25: | |||||||||||||||
Properties with vacancies | |||||||||||||||
2425 Garcia Avenue and 2400/2450 Bayshore Parkway | Greater Stanford/ | 6/30/25 | 100听% | 95,901 | 鈥� | 11,000 | 鈥� | ||||||||
Land | |||||||||||||||
Land parcel | 5/7/25 | 100听% | 鈥� | 1,350,000 | 73,287 | 鈥� | |||||||||
84,287 | 鈥� | ||||||||||||||
Dispositions completed in 1H25 | 260,639 | $听听听听听听听 13,165 | |||||||||||||
Our share of pending dispositions and sales of partial interests subject to 听 听 听non-refundable deposits, signed letters of intent, and/or purchase and 听 听 听sale agreement negotiations | 524,745 | ||||||||||||||
Our share of completed and pending 2025 dispositions and sales of 听 听 听partial interests | $听听听听听听 785,384 | ||||||||||||||
2025 guidance range for dispositions and sales of partial interests | |||||||||||||||
2025 guidance midpoint for dispositions and sales of partial interests | $听听听 1,950,000 | ||||||||||||||
听
Earnings Call Information and About the Company
June 30, 2025
We will host a conference call on Tuesday, July 22, 2025, at 2:00 p.m. Eastern Time ("ET")/11:00 a.m. Pacific Time ("PT"), which is open to the general public, to discuss our financial and operating results for the second quarter ended June 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria AG真人官方 Estate Equities, Inc. The audio webcast can be accessed at 听in the "For Investors" section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday, July听22, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1006663.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June听30, 2025 is available in the "For Investors" section of our website at 听or by following this link: .听
For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria AG真人官方 Estate Equities, Inc. (NYSE: ARE), an S&P 500庐 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus鈩� ecosystems in AAA life science innovation cluster locations, including
Forward-Looking Statements
This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "goals," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," "targets," or "will," or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria AG真人官方 Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria AG真人官方 Estate Equities, Inc. and our consolidated subsidiaries. Alexandria庐, Lighthouse Design庐 logo, Building the Future of Life-Changing Innovation庐, That's What's in Our DNA庐, Megacampus鈩�, At the Vanguard and Heart of the Life Science Ecosystem鈩�, Alexandria Center庐, Alexandria Technology Square庐, Alexandria Technology Center庐, and Alexandria Innovation Center庐 are copyrights and trademarks of Alexandria AG真人官方 Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 6/30/25 | 6/30/24 | ||||||||
Revenues: | ||||||||||||||
Income from rentals | $听听听听听听 737,279 | $听听听听听听 743,175 | $听听听听听听 763,249 | $听听听听听听 775,744 | $听听听听听听 755,162 | $听听听 1,480,454 | $听听听 1,510,713 | |||||||
Other income | 24,761 | 14,983 | 25,696 | 15,863 | 11,572 | 39,744 | 25,129 | |||||||
Total revenues | 762,040 | 758,158 | 788,945 | 791,607 | 766,734 | 1,520,198 | 1,535,842 | |||||||
Expenses: | ||||||||||||||
Rental operations | 224,433 | 226,395 | 240,432 | 233,265 | 217,254 | 450,828 | 435,568 | |||||||
General and administrative | 29,128 | 30,675 | 32,730 | 43,945 | 44,629 | 59,803 | 91,684 | |||||||
Interest | 55,296 | 50,876 | 55,659 | 43,550 | 45,789 | 106,172 | 86,629 | |||||||
Depreciation and amortization | 346,123 | 342,062 | 330,108 | 293,998 | 290,720 | 688,185 | 578,274 | |||||||
Impairment of real estate | 129,606 | 32,154 | 186,564 | 5,741 | 30,763 | 161,760 | 30,763 | |||||||
Total expenses | 784,586 | 682,162 | 845,493 | 620,499 | 629,155 | 1,466,748 | 1,222,918 | |||||||
Equity in (losses) earnings of unconsolidated real estate joint ventures | (9,021) | (1) | (507) | 6,635 | 139 | 130 | (9,528) | 285 | ||||||
Investment (loss) income | (30,622) | (49,992) | (67,988) | 15,242 | (43,660) | (80,614) | (376) | |||||||
Gain on sales of real estate | 鈥� | 13,165 | 101,806 | 27,114 | 鈥� | 13,165 | 392 | |||||||
Net (loss) income | (62,189) | 38,662 | (16,095) | 213,603 | 94,049 | (23,527) | 313,225 | |||||||
Net income attributable to noncontrolling interests | (44,813) | (47,601) | (46,150) | (45,656) | (47,347) | (92,414) | (95,978) | |||||||
Net (loss) income attributable to Alexandria AG真人官方 Estate Equities, Inc.'s 听 听 听stockholders | (107,002) | (8,939) | (62,245) | 167,947 | 46,702 | (115,941) | 217,247 | |||||||
Net income attributable to unvested restricted stock awards | (2,609) | (2,660) | (2,677) | (3,273) | (3,785) | (5,269) | (7,444) | |||||||
Net (loss) income attributable to Alexandria AG真人官方 Estate Equities, Inc.'s 听 听 听common stockholders | $听 听 听 (109,611) | $听听听听听听 (11,599) | $听听听听听听 (64,922) | $听听听听听听 164,674 | $听听听听听听听听 42,917 | $听听听听 (121,210) | $听听听听听听 209,803 | |||||||
Net (loss) income per share attributable to Alexandria AG真人官方 Estate Equities, 听 听 听Inc.'s common stockholders: | ||||||||||||||
Basic | $听听听听听听听听听听听 (0.64) | $听听听听听听听听听听 (0.07) | $听听听听听听听听听听听 (0.38) | $听听听听听听听听听听听听 0.96 | $听听听听听听听听听听听听 0.25 | $听听听听听听听听听听听 (0.71) | $听听听听听听听听听听听听 1.22 | |||||||
Diluted | $听听听听听听听听听听听 (0.64) | $听听听听听听听听听听 (0.07) | $听听听听听听听听听听听 (0.38) | $听听听听听听听听听听听听 0.96 | $听听听听听听听听听听听听 0.25 | $听听听听听听听听听听听 (0.71) | $听听听听听听听听听听听听 1.22 | |||||||
Weighted-average shares of common stock outstanding: | ||||||||||||||
Basic | 170,135 | 170,522 | 172,262 | 172,058 | 172,013 | 170,328 | 171,981 | |||||||
Diluted | 170,135 | 170,522 | 172,262 | 172,058 | 172,013 | 170,328 | 171,981 | |||||||
Dividends declared per share of common stock | $听听听听听听听听听听听听 1.32 | $听听听听听听听听听听听听 1.32 | $听听听听听听听听听听听听 1.32 | $听听听听听听听听听听听听 1.30 | $听听听听听听听听听听听听 1.30 | $听听听听听听听听听听听听 2.64 | $听听听听听听听听听听听听 2.57 | |||||||
(1) | Refer to footnote 1 in "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. |
听
Consolidated Balance Sheets | ||||||||||
6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | ||||||
Assets | ||||||||||
Investments in real estate | $听 32,160,600 | $听 32,121,712 | $听 32,110,039 | $听 32,951,777 | ||||||
Investments in unconsolidated real estate joint ventures | 40,234 | 50,086 | 39,873 | 40,170 | 40,535 | |||||
Cash and cash equivalents | 520,545 | 476,430 | 552,146 | 562,606 | 561,021 | |||||
Restricted cash | 7,403 | 7,324 | 7,701 | 17,031 | 4,832 | |||||
Tenant receivables | 6,267 | 6,875 | 6,409 | 6,980 | 6,822 | |||||
Deferred rent | 1,232,719 | 1,210,584 | 1,187,031 | 1,216,176 | 1,190,336 | |||||
Deferred leasing costs | 491,074 | 489,287 | 485,959 | 516,872 | 519,629 | |||||
Investments | 1,476,696 | 1,479,688 | 1,476,985 | 1,519,327 | 1,494,348 | |||||
Other assets | 1,688,091 | 1,758,442 | 1,661,306 | 1,657,189 | 1,356,503 | |||||
Total assets | $听 37,623,629 | $听 37,600,428 | $听 37,527,449 | $听 38,488,128 | ||||||
Liabilities, Noncontrolling Interests, and Equity | ||||||||||
Secured notes payable | $听听听听听听 153,500 | $听听听听听听 150,807 | $听听听听听听 149,909 | $听听听听听听 145,000 | $听听听听听听 134,942 | |||||
Unsecured senior notes payable | 12,042,607 | 12,640,144 | 12,094,465 | 12,092,012 | 12,089,561 | |||||
Unsecured senior line of credit and commercial paper | 1,097,993 | 299,883 | 鈥� | 454,589 | 199,552 | |||||
Accounts payable, accrued expenses, and other liabilities | 2,360,840 | 2,281,414 | 2,654,351 | 2,865,886 | 2,529,535 | |||||
Dividends payable | 229,686 | 228,622 | 230,263 | 227,191 | 227,408 | |||||
Total liabilities | 15,884,626 | 15,600,870 | 15,128,988 | 15,784,678 | 15,180,998 | |||||
Commitments and contingencies | ||||||||||
Redeemable noncontrolling interests | 9,612 | 9,612 | 19,972 | 16,510 | 16,440 | |||||
Alexandria AG真人官方 Estate Equities, Inc.'s stockholders' equity: | ||||||||||
Common stock | 1,701 | 1,701 | 1,722 | 1,722 | 1,720 | |||||
Additional paid-in capital | 17,200,949 | 17,509,148 | 17,933,572 | 18,238,438 | 18,284,611 | |||||
Accumulated other comprehensive loss | (27,415) | (46,202) | (46,252) | (22,529) | (27,710) | |||||
Alexandria AG真人官方 Estate Equities, Inc.'s stockholders' equity | 17,175,235 | 17,464,647 | 17,889,042 | 18,217,631 | 18,258,621 | |||||
Noncontrolling interests | 4,554,156 | 4,525,299 | 4,489,447 | 4,469,309 | 4,391,806 | |||||
Total equity | 21,729,391 | 21,989,946 | 22,378,489 | 22,686,940 | 22,650,427 | |||||
Total liabilities, noncontrolling interests, and equity | $听 37,623,629 | $听 37,600,428 | $听 37,527,449 | $听 38,488,128 | ||||||
听
Funds From Operations and Funds From Operations per Share | ||||||||||||||
The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with attributable to Alexandria's common stockholders 鈥� diluted, and funds from operations attributable to Alexandria's common stockholders 鈥� diluted, as adjusted, for the periods below: |
Three Months Ended | Six Months Ended | |||||||||||||
6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 6/30/25 | 6/30/24 | ||||||||
Net (loss) income attributable to Alexandria's common stockholders 鈥� basic 听 听 听and diluted | $听听 (11,599) | $听听 (64,922) | $听听 164,674 | $听听听听 42,917 | $听听 209,803 | |||||||||
Depreciation and amortization of real estate assets | 343,729 | 339,381 | 327,198 | 291,258 | 288,118 | 683,110 | 573,068 | |||||||
Noncontrolling share of depreciation and amortization from consolidated real estate 听 听 听JVs | (36,047) | (33,411) | (34,986) | (32,457) | (31,364) | (69,458) | (62,268) | |||||||
Our share of depreciation and amortization from unconsolidated real estate JVs | 942 | 1,054 | 1,061 | 1,075 | 1,068 | 1,996 | 2,102 | |||||||
Gain on sales of real estate | 鈥� | (13,165) | (100,109) | (27,114) | 鈥� | (13,165) | (392) | |||||||
Impairment of real estate 鈥� rental properties and land | 131,090 | (1) | 鈥� | 184,532 | 5,741 | 2,182 | 131,090 | 2,182 | ||||||
Allocation to unvested restricted stock awards | (1,222) | (686) | (1,182) | (2,908) | (1,305) | (1,916) | (4,736) | |||||||
Funds from operations attributable to Alexandria's common stockholders 鈥� 听 听 听diluted(2) | 328,881 | 281,574 | 311,592 | 400,269 | 301,616 | 610,447 | 719,759 | |||||||
Unrealized losses (gains) on non-real estate investments | 21,938 | 68,145 | 79,776 | (2,610) | 64,238 | 90,083 | 35,080 | |||||||
Impairment of non-real estate investments | 39,216 | (3) | 11,180 | 20,266 | 10,338 | 12,788 | 50,396 | 27,486 | ||||||
Impairment of real estate | 7,189 | 32,154 | 2,032 | 鈥� | 28,581 | 39,343 | 28,581 | |||||||
Increase (decrease) in provision for expected credit losses on financial instruments | 鈥� | 285 | (434) | 鈥� | 鈥� | 285 | 鈥� | |||||||
Allocation to unvested restricted stock awards | (794) | (1,329) | (1,407) | (125) | (1,738) | (2,116) | (1,528) | |||||||
Funds from operations attributable to Alexandria's common stockholders 鈥� 听 听 听diluted, as adjusted | $听听 396,430 | $听听 392,009 | $听听 411,825 | $听听 407,872 | $听听 405,485 | $听听 788,438 | $听听 809,378 | |||||||
Refer to "Definitions and reconciliations"听in the Supplemental Information for additional details. | |
(1) | Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as |
(2) | Calculated in accordance with standards established by the Nareit Board of Governors. |
(3) | Primarily related to one non-real estate investment in a privately held entity that does not report NAV. |
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Funds From Operations and Funds From Operations per Share (continued) | ||||||||||||||
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common stockholders 鈥� diluted, and funds from operations per share attributable to Alexandria's common stockholders 鈥� diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding. |
Three Months Ended | Six Months Ended | |||||||||||||
6/30/25 | 3/31/25 | 12/31/24 | 9/30/24 | 6/30/24 | 6/30/25 | 6/30/24 | ||||||||
Net (loss) income per share attributable to Alexandria's common stockholders 鈥� 听 听 听diluted | $听听听听听听听 (0.64) | $听听听听听听听 (0.07) | $听听听听听听听 (0.38) | $听听听听听听听听 0.96 | $听听听听听听听听 0.25 | $听听听听听听听 (0.71) | $听听听听听听听听 1.22 | |||||||
Depreciation and amortization of real estate assets | 1.81 | 1.80 | 1.70 | 1.51 | 1.50 | 3.61 | 2.98 | |||||||
Gain on sales of real estate | 鈥� | (0.08) | (0.58) | (0.16) | 鈥� | (0.08) | 鈥� | |||||||
Impairment of real estate 鈥� rental properties and land | 0.77 | 鈥� | 1.07 | 0.03 | 0.01 | 0.77 | 0.01 | |||||||
Allocation to unvested restricted stock awards | (0.01) | 鈥� | 鈥� | (0.01) | (0.01) | (0.01) | (0.02) | |||||||
Funds from operations per share attributable to Alexandria's common 听 听 听stockholders 鈥� diluted | 1.93 | 1.65 | 1.81 | 2.33 | 1.75 | 3.58 | 4.19 | |||||||
Unrealized losses (gains) on non-real estate investments | 0.13 | 0.40 | 0.46 | (0.02) | 0.37 | 0.53 | 0.20 | |||||||
Impairment of non-real estate investments | 0.23 | 0.07 | 0.12 | 0.06 | 0.08 | 0.30 | 0.16 | |||||||
Impairment of real estate | 0.04 | 0.19 | 0.01 | 鈥� | 0.17 | 0.23 | 0.17 | |||||||
Allocation to unvested restricted stock awards | 鈥� | (0.01) | (0.01) | 鈥� | (0.01) | (0.01) | (0.01) | |||||||
Funds from operations per share attributable to Alexandria's common 听 听 听stockholders 鈥� diluted, as adjusted | $听听听听听听听听 2.33 | $听听听听听听听听 2.30 | $听听听听听听听听 2.39 | $听听听听听听听听 2.37 | $听听听听听听听听 2.36 | $听听听听听听听听 4.63 | $听听听听听听听听 4.71 | |||||||
Weighted-average shares of common stock outstanding 鈥� diluted | ||||||||||||||
Earnings per share 鈥� diluted | 170,135 | 170,522 | 172,262 | 172,058 | 172,013 | 170,328 | 171,981 | |||||||
Funds from operations 鈥� diluted, per share | 170,192 | 170,599 | 172,262 | 172,058 | 172,013 | 170,390 | 171,981 | |||||||
Funds from operations 鈥� diluted, as adjusted, per share | 170,192 | 170,599 | 172,262 | 172,058 | 172,013 | 170,390 | 171,981 | |||||||
Refer to "Definitions and reconciliations"听in the Supplemental Information for additional details. |
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SOURCE Alexandria AG真人官方 Estate Equities, Inc.
FAQ
What were Alexandria AG真人官方 Estate's (ARE) key financial results for Q2 2025?
What is ARE's occupancy rate and leasing activity in Q2 2025?
What is Alexandria AG真人官方 Estate's dividend yield and payout for Q2 2025?
How much NOI growth is ARE expecting from its development pipeline?
What is ARE's progress on its 2025 capital recycling strategy?
How has ARE's same property net operating income changed year-over-year?
