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Mar 31, 2025
Alexandria Q1 2025 Earnings Report
Alexandria reported a net loss for the quarter but demonstrated strong leasing and liquidity performance.
Key Takeaways
Alexandria Real Estate Equities, Inc. delivered resilient operating results in Q1 2025, maintaining high occupancy and liquidity levels despite posting a net loss mainly due to non-real estate investment losses.
Revenue reached $758,158,000 for Q1 2025.
Reported Net Loss was $(11,599,000) with EPS of $(0.07).
Adjusted FFO per share was strong at $2.30.
Occupancy across North America stood at 91.7% with 99.9% of rents collected.
Forward Guidance
Guidance for 2025 has been revised downward mainly due to slower leasing activity and reduced capitalization of interest.
Positive Outlook
- Targeted net debt and preferred stock to Adjusted EBITDA below 5.2x by 4Q25.
- Fixed-charge coverage ratio maintained between 4.0x to 4.5x.
- Significant liquidity of $5.3 billion as of March 31, 2025.
- Robust pipeline with expected incremental NOI growth through 4Q26.
- Continued strong tenant collections above 99%.
Challenges Ahead
- Reduction in 2025 FFO per share midpoint by 7 cents to $9.26.
- Slower than expected re-leasing of expiring and vacant spaces.
- 70 bps reduction in occupancy forecast for end of 2025.
- Decreased straight-line rent revenue guidance by $15 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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