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lexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the first quarter ended March 31, 2025.
Key highlights include:
* Total revenues of $758.2 million
* Net loss attributable to Alexandria's common stockholders – diluted of $(11.6) million
* Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted of $392.0 million
Operating results for the first quarter ended March 31, 2025 include:
* Total revenues: $758.2 million (down from $769.1 million in Q1 2024)
* Net loss attributable to Alexandria's common stockholders – diluted: $(11.6) million (compared to net income of $166.9 million in Q1 2024)
* Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted: $392.0 million (down from $403.9 million in Q1 2024)
The company reported a sector-leading REIT with a high-quality, diverse tenant base and strong margins.
Key metrics include:
* Occupancy of operating properties in North America: 91.7%
* Percentage of annual rental revenue in effect from Megacampus platform: 75%
* Operating margin: 70%
* Adjusted EBITDA margin: 71%
The company also reported significant leasing progress on its temporary vacancy, including previously disclosed Q1 2025 key lease expirations.
Alexandria Real Estate Equities, Inc. has a strong and flexible balance sheet with significant liquidity, ranking among the top 10% of credit rating rankings among all publicly traded U.S. REITs.
The company's development and redevelopment pipeline delivered incremental annual net operating income of $37 million commencing during Q1 2025, with an additional $171 million of incremental annual net operating income anticipated to deliver by Q4 2026.
Alexandria Real Estate Equities, Inc. will host a conference call on Tuesday, April 29, 2025, at 3:00 p.m. Eastern Time (ET)/noon Pacific Time (PT) to discuss its financial and operating results for the first quarter ended March 31, 2025.
The company's guidance for 2025 has been updated to reflect current market conditions and assumptions for the year ending December 31, 2025. The midpoint of its guidance range for 2025 funds from operations per share – diluted, as adjusted was reduced by seven cents, or 75 basis points.
Alexandria Real Estate Equities, Inc. is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With its founding in 1994, Alexandria pioneered the life science real estate niche. The company has a total market capitalization of $28.8 billion and an asset base in North America that includes 39.6 million RSF of operating properties and 4.0 million RSF of Class A/A+ properties undergoing construction.
The company's forward-looking statements include, without limitation, statements regarding its 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 its projected sources and uses of capital.
