Alexandria Real Estate Equities reported a strong first quarter in 2024, with total revenues of $769.1 million and a net income per share of $0.97. The company highlighted significant leasing activity and rental rate increases, along with a solid net operating income and a flexible balance sheet.
Total revenues increased to $769.1 million, a 9.7% growth compared to Q1 2023.
Net income attributable to Alexandria's common stockholders was $166.9 million, or $0.97 per share.
Funds from operations (FFO) attributable to Alexandria's common stockholders, as adjusted, reached $403.9 million, or $2.35 per share.
Strong leasing volume aggregated 1.1 million RSF during the quarter, with rental rate increases of 33.0%.
Alexandria updated its 2024 guidance to reflect current market conditions, with key updates to earnings per share, funds from operations per share, and funds from operations per share, as adjusted.
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