Alexandria Real Estate Q1 adjusted FFO falls

Alexandria Real Estate Equities

27/04/2026 21:30

Overview

U.S. life science REIT's Q1 net income per share rebounded from prior-year loss

Adjusted FFO per share fell yr/yr as occupancy declined following key lease expirations

Company maintained quarterly dividend and completed $1.33 bln debt repurchase

Outlook

Alexandria sees 2026 funds from operations per share, as adjusted, at $6.30-$6.50

Company expects 2026 dispositions and sales of partial interests at $2.9 bln midpoint

Alexandria projects year-end 2026 occupancy of operating properties at 86.2%-87.8%

Result Drivers

LEASE EXPIRATIONS AND VACANCY - Co said quarter-over-quarter decline in same property net operating income was mainly due to decrease in same property occupancy, primarily driven by South San Francisco submarket

TENANT WIND-DOWNS - Co recognized reduction in funds from operations related to tenants winding down operations, with similar reductions expected through 2026

COST CONTROL - General and administrative expenses fell 18% from 2024 quarterly average due to cost-control and efficiency initiatives

Company press release: ID:nPn27T5BPa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$2.10
Q1 Adjusted FFO Per Share
$1.73
Q1 Dividend
$0.72


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 13 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Alexandria Real Estate Equities, Inc is $60.00, about 26.6% above its April 24 closing price of $47.40

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)