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Alexandria Real Estate Equities (ARE) investor relations material
Alexandria Real Estate Equities Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Achieved the largest lease in company history: 466,598 RSF, 16-year term, signed in July 2025, reinforcing brand trust and sector resilience.
Reported Q2 2025 net loss attributable to common stockholders of $109.6M ($0.64/share), compared to net income of $42.9M in Q2 2024.
FFO per share (diluted, as adjusted) was $2.33 for Q2 2025; 1H25 FFO per share was $4.63.
Maintained solid performance across financial and operating metrics despite macro and industry headwinds.
84% of leasing activity in the last 12 months came from existing tenants.
Financial highlights
Q2 2025 total revenues were $762.0M, down 0.6% year-over-year; 1H25 revenues were $1.52B, down 1.0%.
Same property NOI was down 5.4% (GAAP) and up 2% (cash basis) for Q2 2025.
Adjusted EBITDA margin remained strong at 71% for Q2 2025.
General and administrative expenses fell 35% year-over-year to $29.1M for Q2 2025, reflecting cost-control initiatives.
Real estate impairment charges totaled $129.6M in Q2 and $161.8M for H1 2025, mainly related to assets held for sale.
Outlook and guidance
2025 FFO per share, as adjusted, is guided at $9.16–$9.36; year-end occupancy expected between 90.9% and 92.5%.
Rental rate increases on lease renewals and re-leasing expected at 9.0%–17.0% (straight-line) and 0.5%–8.5% (cash basis).
2025 construction spending guidance: $1.45B–$2.05B; midpoint for asset dispositions and partial interest sales is $1.95B.
Net debt and preferred stock to Adjusted EBITDA targeted at ≤5.2x by Q4 2025; fixed-charge coverage ratio targeted at 4.0x–4.5x.
Expect continued pressure on same property results in H2 2025 due to recent occupancy declines and burn-off of initial free rent.
What is Alexandria's Megacampus strategy?
What is driving the impairment of real estate?
How does the OBBBA affect REIT taxation?
What drove initial stabilized yield improvements?
How much NOPI is expected from projects?
What's the expected cap rate on dispositions?
What drove the Campus Point lease?
What's the outlook on free rent?
When will ARE's occupancy trough?
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Next Alexandria Real Estate Equities earnings date
Q3 202528 Oct, 2025
LIVEat 18:00
Next Alexandria Real Estate Equities earnings date
Q3 202528 Oct, 2025
LIVEat 18:00
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Frequently asked questions
Alexandria Real Estate Equities Inc is a real estate investment trust focused on the development, ownership, and operation of life science and technology campuses. The company provides specialized real estate solutions to companies in the life sciences, agtech, and technology sectors. Alexandria serves a tenant base that includes pharmaceutical, biotechnology, and academic institutions. The company is headquartered in Pasadena, California, and its shares are listed on the NYSE.
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