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Mar 31, 2022
Alexandria Q1 2022 Earnings Report
Alexandria's financial performance for Q1 2022 was marked by a net loss per share of $0.96 and an FFO per share, as adjusted, of $2.05.
Key Takeaways
Alexandria Real Estate Equities reported a net loss per share of $0.96 and FFO per share, as adjusted, of $2.05 for the first quarter of 2022. The company continued to experience strong leasing volume and internal growth.
Total revenues reached $615.1 million, a 28.2% increase year-over-year.
The company executed long-term leases, including 426,927 RSF with Bristol-Myers Squibb and 333,929 RSF with Eli Lilly and Company.
Net operating income (cash basis) annualized reached $1.5 billion, up 24.9% compared to 1Q21 annualized.
Liquidity stood at $5.7 billion as of March 31, 2022.
Forward Guidance
The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2022.
Positive Outlook
- Same property net operating income increases 5.9% to 7.9%
- Straight-line rent revenue $154 to $164 million
- Common equity $2,250 to $3,250 million
- Construction $2,700 to $3,200 million
- Acquisitions $2,500 to $3,500 million
Challenges Ahead
- Net cash provided by operating activities after dividends $275 to $325 million
- Incremental debt 1,375 to $525 million
- Dispositions and sales of partial interest $1,300 to $2,600 million
- Occupancy percentage in North America as of December 31, 2022 95.2% to 95.8%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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