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Jun 30, 2023
Alexandria Q2 2023 Earnings Report
Alexandria's financial and operating results for Q2 2023 were announced.
Key Takeaways
Alexandria Real Estate Equities, Inc. reported total revenues of $713.9 million and net income attributable to Alexandria's common stockholders of $87.3 million, or $0.51 per share.
Total revenues increased by 10.9% compared to Q2 2022.
Net income attributable to Alexandria's common stockholders was $87.3 million, or $0.51 per share.
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted was $382.4 million, or $2.24 per share.
Occupancy of operating properties in North America as of June 30, 2023, was 93.6%.
Alexandria
Alexandria
Forward Guidance
Guidance for 2023 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2023.
Positive Outlook
- Proceeds from dispositions and sales of partial interests are expected to increase by $225 million.
- The revised midpoint to our 2023 guidance range for dispositions and sales of partial interests is $1.75 billion.
- The revised midpoint to our 2023 guidance range for construction spending is $2.9 billion.
- Occupancy percentage in North America as of December 31, 2023, is expected to be between 94.6% and 95.6%.
- Net debt and preferred stock to Adjusted EBITDA – 4Q23 annualized is expected to be less than or equal to 5.1x.
Challenges Ahead
- Incremental debt is expected to decrease by $15 million.
- Net cash provided by operating activities after dividends remains unchanged at $375 million.
- Cash expected to be held at December 31, 2023, remains unchanged at $275 million.
- Rental rate increases are expected to be between 28.0% and 33.0%.
- Same property net operating income increases are expected to be between 2.0% and 4.0%.