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Sep 30, 2022
Alexandria Q3 2022 Earnings Report
Alexandria's financial and operating results for Q3 2022 were announced.
Key Takeaways
Alexandria Real Estate Equities, Inc. reported total revenues of $659.9 million, net income of $341.4 million, and FFO per share of $2.13 for the third quarter ended September 30, 2022. The company also completed 1.7 million RSF of leasing activity and maintained a high occupancy rate of 94.3% in North America.
Total revenues increased by 20.5% to $659.9 million compared to 3Q21.
Net income attributable to Alexandria's common stockholders was $341.4 million, or $2.11 per share.
Funds from operations (FFO) attributable to Alexandria's common stockholders, as adjusted, was $344.7 million, or $2.13 per share.
Completed 1.7 million RSF of leasing activity during 3Q22, with 87% generated from existing tenants.
Forward Guidance
Alexandria Real Estate Equities updated its guidance for the year ending December 31, 2022, projecting earnings per share of $3.56 to $3.58 and funds from operations per share, as adjusted, of $8.40 to $8.42.
Positive Outlook
- Expects occupancy percentage in North America as of December 31, 2022 to range between 95.0% and 95.6%.
- Anticipates lease renewals and re-leasing of space to yield rental rate increases between 30.0% and 35.0%.
- Projects rental rate increases on a cash basis for lease renewals and re-leasing of space to range from 18.0% to 23.0%.
- Forecasts net operating income increase between 6.0% and 8.0%.
- Estimates net operating income increase on a cash basis to range from 6.8% to 8.8%.
Challenges Ahead
- Straight-line rent revenue is projected to be between $139 million and $149 million.
- General and administrative expenses are expected to range from $172 million to $180 million.
- Interest expense is projected to be between $90 million and $100 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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