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Mar 31, 2021
Alexandria Q1 2021 Earnings Report
Alexandria's financial and operating results for the first quarter ended March 31, 2021, were announced.
Key Takeaways
Alexandria Real Estate Equities announced strong financial results for Q1 2021, including a total revenue of $479.8 million and an adjusted FFO per share of $1.91. The company also maintained a strong balance sheet with $4.3 billion in liquidity and continued its dividend strategy, declaring a common stock dividend of $1.09 per share.
Total revenues reached $479.8 million, a 9.1% increase over 1Q20.
Adjusted FFO per share was $1.91, compared to $1.82 in 1Q20.
The company had $4.3 billion in liquidity as of March 31, 2021.
A common stock dividend of $1.09 per share was declared for 1Q21.
Forward Guidance
Alexandria Real Estate Equities provided guidance for the year ending December 31, 2021, with an expected FFO per share, as adjusted, of $7.68 to $7.78 and occupancy percentage in North America as of December 31, 2021, between 95.3% and 95.9%.
Positive Outlook
- Net cash provided by operating activities after dividends is projected between $210 million and $250 million.
- Real estate dispositions and partial interest sales are expected to generate between $1.25 billion and $1.50 billion.
- Common equity is projected to contribute between $2.0 billion and $2.4 billion.
- Capitalization of interest is estimated between $172 million and $182 million.
- Rental rate increases from lease renewals and re-leasing of space are projected between 30.0% and 33.0%.
Challenges Ahead
- Earnings per share is projected between $1.58 and $1.68.
- Straight-line rent revenue is projected between $114 million and $124 million.
- General and administrative expenses are estimated between $146 million and $151 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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