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Jun 30, 2025
Alexandria Q2 2025 Earnings Report
Alexandria reported a net loss for Q2 2025 despite strong leasing momentum and solid operational performance.
Key Takeaways
Alexandria Real Estate Equities posted a net loss in Q2 2025 driven by impairment charges, but maintained strong leasing activity, high occupancy rates, and executed the largest life science lease in company history.
Reported a net loss of $109.6M due to impairment charges.
Funds From Operations (FFO) per share, as adjusted, was $2.33.
Executed 769,815 RSF of leasing activity, with significant July follow-up lease.
Maintained 90.8% occupancy and 97% leases with annual rent escalations.
Forward Guidance
Management expects strong liquidity and leasing momentum to continue, while impairment and market headwinds remain risks.
Positive Outlook
- Targets occupancy between 90.9% and 92.5% by year-end.
- FFO per share, as adjusted, guided to $9.16 to $9.36 for FY25.
- Strong liquidity of $4.6B supports development pipeline.
- Targeted net debt to EBITDA reduction to ≤5.2x by 4Q25.
- Anticipates $139M in incremental annual NOI by 4Q26.
Challenges Ahead
- EPS guidance lowered to $0.40-$0.60 due to impairment charges.
- Same property NOI expected to decline up to 3.7% for FY25.
- High impairment risk remains with non-core asset dispositions.
- Continued exposure to non-real estate investment losses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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