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Dec 31, 2020
Alexandria Q4 2020 Earnings Report
Alexandria's financial and operating results for Q4 2020 were announced, showcasing strong performance.
Key Takeaways
Alexandria Real Estate Equities reported a strong fourth quarter, with net income per share of $3.26 and FFO per share of $1.84. The company highlighted its role in the life science ecosystem and its contribution to COVID-19 solutions. Key strategic transactions generated $874.6 million for reinvestment. Occupancy remained high, and the balance sheet remained strong with significant liquidity.
Reported 4Q20 Net Income per Share – Diluted of $3.26 and 4Q20 FFO per Share – Diluted, As Adjusted, of $1.84.
Investment-grade credit ratings ranked in the top 10% among all publicly traded REITs as of December 31, 2020.
Liquidity of $4.1 billion as of December 31, 2020.
Completed two strategic transactions generating $874.6 million for investment.
Forward Guidance
Alexandria provided guidance for 2021, including projected earnings per share, funds from operations per share, occupancy percentage, rental rate increases, and same property performance.
Positive Outlook
- Earnings per share: $2.14 to $2.34
- Funds from operations per share: $7.60 to $7.80
- Occupancy percentage in North America as of December 31, 2021: 95.6% to 96.2%
- Rental rate increases: 29.0% to 32.0%
- Net debt and preferred stock to Adjusted EBITDA – 4Q21 annualized Less than or equal to 5.2x
Challenges Ahead
- straight-line rent revenue: $114 to $124 million
- General and administrative expenses: $146 to $151 million
- Interest expense: $133 to $143 million
- Capitalization of interest: $167 to $177 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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