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Sep 30, 2025
Alexandria Q3 2025 Earnings Report
reported a net loss and lower funds from operations in Q3 2025
Key Takeaways
Alexandria Real Estate Equities posted a net loss of $234.9M in Q3 2025, driven primarily by impairments on real estate assets. Despite this, the company maintained strong FFO per share, completed significant leasing activity, and reported robust tenant collections.
Reported a net loss of $234.9M due to real estate impairments
Adjusted FFO per share came in at $2.22
Signed the largest life science lease in company history for 466K RSF
Maintained tenant rent collections at 99.9% during Q3 2025
Forward Guidance
Guidance was revised downward, with reduced expectations for net income and FFO due to impairments, slower leasing, and delayed asset sales.
Positive Outlook
- Strong liquidity of $4.2B covering debt maturities through 2027
- Dividend payout ratio of 60% maintained
- Substantial real estate pipeline expected to contribute future NOI
- Executed significant lease extension with investment-grade tenant
- G&A cost reductions of $46.6M YTD through efficiency initiatives
Challenges Ahead
- Midpoint of 2025 net income guidance lowered from $0.50 to -$2.94 per share
- Same property NOI forecast lowered due to slower leasing
- Asset sales delayed to 1H26, reducing expected 2025 cash flow
- Operating occupancy expected to decline further in Q4 2025
Historical Earnings Impact
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Avg. Return Before/After Earnings
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