PASADENA, Calif., Jan. 30,
2023 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE) announced financial and operating results for the
fourth quarter and year ended December 31,
2022.
Key
highlights
|
|
|
|
|
|
Operating
results
|
4Q22
|
|
4Q21
|
|
2022
|
|
2021
|
Total
revenues:
|
|
|
|
|
|
|
|
In millions
|
$
670.3
|
|
$ 576.9
|
|
$
2,589.0
|
|
$
2,114.2
|
Growth
|
16.2 %
|
|
|
22.5 %
|
|
Net income attributable
to Alexandria's common stockholders – diluted
|
In millions
|
$
51.8
|
|
$ 72.8
|
|
$
513.3
|
|
$ 563.4
|
Per share
|
$
0.31
|
|
$ 0.47
|
|
$
3.18
|
|
$ 3.82
|
Funds from operations
attributable to Alexandria's common stockholders – diluted, as
adjusted
|
In millions
|
$
353.6
|
|
$ 303.6
|
|
$
1,361.7
|
|
$
1,144.9
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Per share
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$
2.14
|
|
$ 1.97
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|
$
8.42
|
|
$ 7.76
|
An operationally excellent, industry-leading REIT with a
high-quality client base of approximately 1,000 tenants supporting
high-quality revenues, cash flows, and strong margins
Percentage of total
annual rental revenue in effect from investment-grade or
publicly traded large cap tenants
|
|
48 %
|
|
|
Sustained strength in
tenant collections:
|
|
|
|
|
Tenant receivables as
of December 31, 2022
|
|
$ 7.6
|
million
|
January
2023 tenant rent and receivables
collected as of January 30, 2023
|
|
99.4 %
|
|
|
Occupancy of operating
properties in North America
|
|
94.8 %
|
|
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Operating
margin
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70 %
|
|
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Adjusted EBITDA
margin
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69 %
|
|
|
Weighted-average
remaining lease term:
|
|
|
|
|
All tenants
|
|
7.1
|
years
|
Top 20
tenants
|
|
9.4
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years
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Second-highest annual leasing volume and rental rate
increases (cash basis)
- Annual leasing volume of 8.4 million RSF in 2022 represents the
second highest in Company history, with 74% generated from our
client base of approximately 1,000 tenants.
- 4Q22 leasing volume of 2.0 million RSF represents the fourth
highest in Company history.
- Rental rate increase (cash basis) of 22.1% on lease renewals
and re-leasing of space represents the second-highest rental rate
growth (cash basis) in Company history.
|
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4Q22
|
|
2022
|
|
Total leasing activity
– RSF
|
|
2,000,322
|
|
8,405,587
|
|
Lease renewals and
re-leasing of space:
|
|
|
|
|
|
RSF (included in total
leasing activity above)
|
|
1,494,345
|
|
4,540,325
|
|
Rental rate
increases
|
|
26.0 %
|
(1)
|
31.0 %
|
|
Rental rate increases
(cash basis)
|
|
19.6 %
|
(1)
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22.1 %
|
|
|
|
(1)
|
Includes rental rate
increases related to two recently acquired office leases, including
one lease subject to a fixed-rate renewal option and one
full-building lease in a non-core submarket. Excluding these
leases, rental rate increases for the three months ended
December 31, 2022 were 36.8% and 31.4% (cash
basis).
|
Continued strong net operating income and internal growth,
including highest annual same property and third-highest quarterly
same property growth (cash basis)
- Net operating income (cash basis) of $1.7 billion for 4Q22 annualized, up $248.4 million, or 17.3%, compared to 4Q21
annualized.
- 96% of our leases contain contractual annual rent escalations
approximating 3%.
- Same property net operating income growth:
-
- 4.7% and 10.9% (cash basis) for 4Q22 over 4Q21, representing
the third-highest (cash basis) growth in Company history.
- 6.6% and 9.6% (cash basis) for 2022 over 2021, with both
increases representing the highest growth in Company history.
- Our 2022 same property growth outperformed our 10-year averages
of 3.6% and 6.7% (cash basis) as a result of an increase in same
property occupancy of 100 bps and early lease renewals that
commenced in late 2021/early 2022.
Continued strong and flexible balance sheet with lowest
leverage in Company history and 13.2 years of remaining term of
outstanding debt
- Investment-grade credit ratings ranked in the top 10% among all
publicly traded U.S. REITs.
- Net debt and preferred stock to Adjusted EBITDA of 5.1x, the
lowest ratio in Company history, and fixed-charge coverage ratio of
5.0x for 4Q22 annualized.
- Total debt and preferred stock to gross assets of 25%.
- 99.4% of our debt has a fixed rate.
- 13.2 years weighted-average remaining term of debt.
- No debt maturities prior to 2025.
- $5.3 billion of liquidity.
- $1.4 billion of contractual
construction funding commitments from existing real estate joint
venture partners expected over the next four years.
Continued strong, consistent, and increasing dividends with a
focus on retaining significant net cash flows from operating
activities after dividends for reinvestment
- Common stock dividend declared for 4Q22 of $1.21 per common share, aggregating $4.72 per common share for the year ended
December 31, 2022, up 24 cents, or 5%, over the year ended December 31, 2021.
- Dividend yield of 3.3% as of December
31, 2022.
- Dividend payout ratio of 58% for the three months ended
December 31, 2022.
- Average annual dividend per-share growth of 6.5% over the last
five years.
Alexandria's value-creation
pipeline drives visibility for future growth aggregating over
$655 million of incremental net operating income
Highly leased value-creation pipeline of current and seven
near-term projects expected to generate greater than $655 million of incremental net operating income,
primarily commencing from 1Q23 through 4Q25.
- 7.6 million RSF of value-creation projects, which are 72%
leased.
- 77% of the leased RSF of our value-creation projects was
generated from our client base of approximately 1,000 tenants.
Key items included in operating results
Key items included in
net income attributable to Alexandria's common
stockholders:
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|
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4Q22
|
|
4Q21
|
|
4Q22
|
|
4Q21
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
(In millions, except
per share
amounts)
|
Amount
|
|
Per Share –
Diluted
|
|
Amount
|
|
Per Share –
Diluted
|
Impairment of real
estate
|
$ (26.2)
|
|
$ —
|
|
$ (0.16)
|
|
$ —
|
|
$ (65.0)
|
|
$ (52.7)
|
|
$ (0.40)
|
|
$ (0.35)
|
Loss on early
extinguishment of debt
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.3)
|
|
(67.3)
|
|
(0.02)
|
|
(0.46)
|
Gain on sales of real
estate
|
—
|
|
124.2
|
|
—
|
|
0.80
|
|
537.9
|
|
126.6
|
|
3.33
|
|
0.86
|
Acceleration of
stock
compensation expense
due to executive officer
resignation
|
—
|
|
—
|
|
—
|
|
—
|
|
(7.2)
|
|
—
|
|
(0.04)
|
|
—
|
Unrealized (losses)
gains
on non-real estate
investments
|
(24.1)
|
|
(139.7)
|
|
(0.15)
|
|
(0.91)
|
|
(412.2)
|
|
43.6
|
|
(2.55)
|
|
0.30
|
Impairment of
non-real
estate investments
|
(20.5)
|
|
—
|
|
(0.12)
|
|
—
|
|
(20.5)
|
|
—
|
|
(0.13)
|
|
—
|
Significant realized
gains on
non-real estate
investments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
110.1
|
|
—
|
|
0.75
|
Total
|
$ (70.8)
|
|
$ (15.5)
|
|
$ (0.43)
|
|
$ (0.11)
|
|
$
29.7
|
|
$ 160.3
|
|
$
0.19
|
|
$
1.10
|
|
Refer to "Funds from
operations and funds from operations per share" of this Earnings
Press Release for additional
details.
|
Strong balance sheet management
Key metrics as of December 31, 2022
- $35.0 billion in total market
capitalization.
- $24.9 billion in total equity
capitalization, which ranks in the top 10% among all publicly
traded U.S. REITs.
- No remaining LIBOR-based debt ahead of June 2023 phase-out.
|
|
4Q22
|
|
Goal
|
|
|
Quarter
|
|
Trailing
|
|
4Q23
|
|
|
Annualized
|
|
12 Months
|
|
Annualized
|
Net debt and preferred
stock to
Adjusted EBITDA
|
|
5.1x
|
|
5.2x
|
|
Less than or equal to
5.1x
|
Fixed-charge coverage
ratio
|
|
5.0x
|
|
5.0x
|
|
4.5x to 5.0x
|
|
Key capital events
- During 4Q22, we settled outstanding forward equity sales
agreements by issuing 8.0 million shares of common stock at an
average price of $186.87 and received
net proceeds of $1.5 billion.
- In December 2022, we entered into
new forward equity sales agreements aggregating $104.7 million to sell 699,274 shares under our
ATM program at an average price of $149.68 per share (before underwriter discounts).
We expect to settle these forward equity sales agreements in
2023.
- As of December 31, 2022, the
remaining aggregate amount available under our ATM program for
future sales of common stock was $141.9
million. We expect to establish a new ATM program in
1Q23.
Investments
- As of December 31, 2022:
-
- Our non-real estate investments aggregated $1.6 billion.
- Unrealized gains presented in our consolidated balance sheet
were $397.0 million, comprising gross
unrealized gains and losses aggregating $506.4 million and $109.4
million, respectively.
- Investment loss of $19.7 million
for the three months ended December 31,
2022 presented in our consolidated statement of operations
consisted of $25.0 million of
realized gains, $24.1 million of
unrealized losses/changes in fair value, and $20.5 million of impairments primarily related to
three non-real estate investments in privately held entities that
do not report NAV.
External growth and investments in real estate
Delivery and commencement of value-creation projects
- During 4Q22, we placed into service development and
redevelopment projects aggregating 497,755 RSF across multiple
submarkets, resulting in $28 million
of incremental annual net operating income.
- Annual net operating income (cash basis) is expected to
increase by $57 million upon the
burn-off of initial free rent from recently delivered
projects.
- Commenced two development projects aggregating 467,567 RSF
during 4Q22, including 212,796 RSF at 1450 Owens Street in our
Mission Bay submarket, which will be 100% funded by our joint
venture partner, and 254,771 RSF at 10075 Barnes Canyon Road in our
Sorrento Mesa submarket, which will be 50% funded by our joint
venture partner.
Value-creation pipeline
of new Class A development and redevelopment projects as
a percentage of gross assets
|
|
4Q22
|
Under construction
projects 68% leased/negotiating
|
|
10 %
|
Near-term projects
expected to commence construction in the next four quarters
88% leased
|
|
2 %
|
Income-producing/potential cash flows/covered land
play(1)
|
|
7 %
|
Land
|
|
3 %
|
|
|
|
(1)
|
Includes projects that
have existing buildings that are generating or can generate
operating cash flows. Also includes development rights associated
with existing operating campuses. These projects aggregate 1.1% of
total annual rental revenue as of December 31, 2022 and are
included in targeted for a future change in use in our industry mix
chart. Refer to "High-quality and diverse client base in AAA
locations" in our Supplemental Information.
|
- 81% of construction costs related to active development and
redevelopment projects aggregating 5.6 million RSF are under a
guaranteed maximum price ("GMP") contract or other fixed contracts.
Our budgets also include construction cost contingencies in GMP
contracts plus additional landlord contingencies that generally
range from 3% to 5%.
Industry and ESG leadership: catalyzing and leading the way
for positive change to benefit human health and society
- In January 2023, Alexandria
Venture Investments was recognized by Silicon Valley Bank in its
"Healthcare Investments and Exits: Annual Report 2022" as the #1
most active corporate investor in biopharma by new deal volume
(2021-2022) for the sixth consecutive year. Alexandria's venture activity provides us
with, among other things, mission-critical data on and insights
into key macro life science industry and innovation trends.
- In November 2022, our executive
chairman and founder, Joel S.
Marcus, presented at the much-anticipated Annual Baron
Investment Conference for a rare second time. Mr. Marcus opened the
program with a presentation on what renowned author and business
strategist Jim Collins describes as
our "Superior Results, Distinctive Impact, and Lasting
Endurance."
- In November 2022, Alexandria earned several 2022 TOBY (The
Outstanding Building of the Year) Awards from BOMA (Building Owners
and Managers Association) in Boston, Seattle, and Raleigh-Durham. The TOBY Awards
recognize quality in commercial buildings and reward excellence in
building management.
-
- In our Cambridge/Inner Suburbs
submarket: Four recognitions across three of our premier mega
campuses – Alexandria Center® at Kendall Square,
Alexandria Center® at One Kendall Square, and Alexandria
Technology Square® – for Corporate Facility, Laboratory
Building, Renovated Building, and Building Under 100,000 SF
categories.
- In our Lake Union submarket: A recognition for 1165 Eastlake
Avenue East on The Eastlake Life Science Campus by Alexandria mega campus in the Corporate
Facility category.
- In our Research Triangle submarket: A recognition for
9 Laboratory Drive on our Alexandria Center® for AgTech
campus in the Life Science category.
- In October 2022, Mr. Marcus, as a
newly appointed member of the Prix Galien USA's esteemed Awards jury, honored
groundbreaking medical innovations in life science. He served on
the Prix Galien committee, alongside other influential science
leaders, that recognized the Best Startup, Best Digital Health
Solution and the inaugural Best Incubators, Accelerators and
Equity.
- In October 2022, 9880 Campus
Point Drive on the Campus Point by Alexandria mega campus in our University Town
Center submarket received an Orchid award for Architecture from the
San Diego Architectural Foundation, and a People's Choice Orchid.
The facility is home to Alexandria GradLabs®, a dynamic
platform that is accelerating the growth of promising early-stage
life science companies.
- Alexandria is addressing some
of today's most urgent societal challenges through our eight social
responsibility pillars, including the mental health crisis and
opioid addiction. In October
2022:
-
- Alexandria presented a timely
conversation on the state of mental health in America with former
congressman Patrick J. Kennedy, one
of the world's leading voices and policymakers on mental health, at
the Galien Forum USA 2022, which
was held at the Alexandria Center® for Life Science –
New York City.
- OneFifteen, a novel, data-driven comprehensive care model we
developed in partnership with Verily, celebrated its third
anniversary of the campus's opening in Dayton, Ohio. OneFifteen has treated over
5,800 patients since opening its doors in October 2019.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
its founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator, and
developer of collaborative life science, agtech, and technology
campuses in AAA innovation cluster locations, including
Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland, and Research Triangle.
The trusted partner to approximately 1,000 tenants,
Alexandria has a total market
capitalization of $35.0 billion and
an asset base in North America of
74.6 million square feet ("SF") as of December 31, 2022, which includes 41.8 million
RSF of operating properties and 5.6 million RSF of Class A
properties undergoing construction, 9.9 million RSF of
near-term and intermediate-term development and redevelopment
projects, and 17.3 million SF of future development projects.
Alexandria has a longstanding and
proven track record of developing Class A properties clustered in
life science, agtech, and technology campuses that provide our
innovative tenants with highly dynamic and collaborative
environments that enhance their ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency,
creativity, and success. Alexandria also provides strategic capital to
transformative life science, agrifoodtech, climate innovation, and
technology companies through our venture capital platform. We
believe our unique business model and diligent underwriting ensure
a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher
returns, and greater long-term asset value. For additional
information on Alexandria, please
visit www.are.com.
Acquisitions December 31, 2022
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Square
Footage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions With
Development/Redevelopment
Opportunities(1)
|
|
|
|
|
|
Property
|
|
Submarket/Market
|
|
Date
of Purchase
|
|
Number of
Properties
|
|
Operating Occupancy
|
|
Future
Development
|
|
Operating With
Future Development/
Redevelopment
|
|
Operating(2)
|
|
Total(3)
|
|
Purchase
Price
|
|
Completed in YTD
3Q22
|
|
|
|
|
|
39
|
|
92
|
%
|
|
6,538,991
|
|
3,305,764
|
|
451,760
|
|
9,600,231
|
|
$
|
2,437,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Completed in
4Q22:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 Gatehouse
Drive(4)
|
|
Route 128/Greater
Boston
|
|
12/29/22
|
|
1
|
|
100
|
|
|
75,000
|
|
31,611
|
|
265,965
|
|
372,576
|
|
|
272,500
|
|
1001 Trinity Street and
1020 Red River Street
|
|
Austin/Texas
|
|
10/4/22
|
|
2
|
|
100
|
|
|
51,038
|
|
198,972
|
|
—
|
|
250,010
|
|
|
108,000
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360
|
|
|
|
|
|
|
|
3
|
|
100
|
|
|
126,038
|
|
230,583
|
(5)
|
265,965
|
(5)
|
622,586
|
|
|
380,860
|
|
Total 2022
acquisitions
|
|
|
|
|
|
42
|
|
93
|
%
|
|
6,665,029
|
|
3,536,347
|
|
717,725
|
|
10,222,817
|
|
$
|
2,818,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We expect to provide
total estimated costs and related yields for development and
redevelopment projects in the future, subsequent to the
commencement of construction.
|
(2)
|
Represents the
operating component of our value-creation acquisitions that is not
expected to undergo future development or redevelopment.
|
(3)
|
Represents total square
footage upon completion of development or redevelopment of one or
more new Class A properties. Square footage presented includes RSF
of buildings currently in operation with future development or
redevelopment opportunities. Refer to "Definitions and
reconciliations" in our Supplemental Information for additional
details on value-creation square feet currently included in rental
properties.
|
(4)
|
Represents an
opportunity to expand our existing properties at 40, 50, and 60
Sylvan Road and 840 Winter Street into a mega campus.
|
(5)
|
We expect the
acquisitions completed during the three months ended December 31,
2022 to generate initial annual net operating income of
approximately $28 million for the twelve months following
acquisition. These acquisitions included three operating properties
with a weighted-average acquisition date of December 8, 2022
(weighted by initial annual net operating income).
|
Dispositions and
Sales of Partial Interests December 31, 2022
(Dollars in thousands, except per RSF amounts)
|
|
Property
|
|
Submarket/Market
|
|
Date of
Sale
|
|
Interest
Sold
|
|
RSF
|
|
Capitalization
Rate
|
|
Capitalization
Rate (Cash
Basis)
|
|
Sales
Price
|
|
Sales Price
per RSF
|
|
Gain or
Consideration
in Excess of
Book Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Binney
Street
|
|
Cambridge/Inner
Suburbs/
Greater
Boston
|
|
3/30/22
|
|
70 %
|
|
432,931
|
|
3.6 %
|
|
|
3.5 %
|
|
|
$
713,228
|
(1)
|
$
2,353
|
|
|
$ 413,615
|
(2)
|
|
300 Third
Street
|
|
Cambridge/Inner
Suburbs/
Greater
Boston
|
|
6/27/22
|
|
70 %
|
|
131,963
|
|
4.6 %
|
|
|
4.3 %
|
|
|
166,485
|
(1)
|
$
1,802
|
|
|
113,020
|
(2)
|
|
Alexandria Park at 128,
285 Bear Hill
Road, 111 and 130 Forbes
Boulevard, and 20 Walkup Drive
|
|
Route 128 and Route
495/
Greater
Boston
|
|
6/8/22
|
|
100 %
|
|
617,043
|
|
5.1 %
|
|
|
5.1 %
|
|
|
334,397
|
|
$ 542
|
|
|
202,325
|
|
|
1450 Owens
Street
|
|
Mission Bay/San
Francisco Bay Area
|
|
7/1/22
|
|
20 %
|
(3)
|
191,000
|
|
N/A
|
|
|
N/A
|
|
|
25,039
|
(1)
|
N/A
|
|
|
10,083
|
(2)
|
|
341 and 343 Oyster
Point Boulevard,
7000 Shoreline Court, and Shoreway
Science Center
|
|
South San Francisco and
Greater
Stanford/San Francisco Bay Area
|
|
9/15/22
|
|
100 %
|
|
330,379
|
|
5.2 %
|
|
|
5.2 %
|
|
|
383,635
|
|
$
1,161
|
|
|
223,127
|
|
|
3215 Merryfield
Row
|
|
Torrey Pines/San
Diego
|
|
9/1/22
|
|
70 %
|
|
170,523
|
|
4.5 %
|
|
|
4.2 %
|
|
|
149,940
|
(1)
|
$
1,256
|
|
|
42,214
|
(2)
|
|
Summers Ridge Science
Park
|
|
Sorrento Mesa/San
Diego
|
|
9/15/22
|
|
70 %
|
|
316,531
|
|
4.9 %
|
|
|
4.6 %
|
|
|
159,600
|
(1)
|
$ 720
|
|
|
65,097
|
(2)
|
|
7330 and 7360 Carroll
Road
|
|
Sorrento Mesa/San
Diego
|
|
9/15/22
|
|
100 %
|
|
84,442
|
|
4.4 %
|
|
|
4.6 %
|
|
|
59,476
|
|
$ 704
|
|
|
35,463
|
|
|
Other
|
|
Various
|
|
|
|
|
|
|
|
|
N/A
|
|
|
N/A
|
|
|
230,496
|
|
N/A
|
|
|
77,003
|
|
|
Total 2022 dispositions
and sales of
partial interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
2,222,296
|
|
|
|
|
$
1,181,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents the
contractual sales price for the percentage interest of the property
sold by us.
|
(2)
|
We retained control
over the newly formed real estate joint venture and therefore
continued to consolidate this property. We accounted for the
difference between the consideration received and the book value of
the interest sold as an equity transaction, with no gain or loss
recognized in earnings.
|
(3)
|
Relates to the sale of
a partial interest in a land parcel. The noncontrolling interest
share of our joint venture partner is anticipated to increase to
75% as our partner contributes capital for construction over time.
As of December 31, 2022, the noncontrolling interest share of our
joint venture partner was 40.3%.
|
Guidance December 31, 2022
(Dollars in millions, except per share amounts)
|
|
The following
guidance is based on our current view of existing market
conditions and assumptions for the year ending December 31, 2023
and is consistent with the guidance issued on our Form 8-K filed on
November 30, 2022, except for an update to "excess 2022 bond
capital held as cash at December 31, 2022," which reflects the
actual amount of $300 million as of December 31, 2022, compared to
the prior guidance range from $200 million to $300
million.
|
|
There can be no
assurance that actual 2023 results will not be materially higher or
lower than these expectations. Also, refer to our discussion of
"forward-looking statements" on page 7 of this Earnings Press
Release for additional details.
|
|
Projected 2023
Earnings per Share and Funds From Operations per Share Attributable
to
Alexandria's Common Stockholders –
Diluted
|
Earnings per
share(1)
|
|
$3.41 to
$3.61
|
Depreciation and
amortization of real estate assets
|
|
5.50
|
Allocation to
unvested restricted stock awards
|
|
(0.05)
|
Funds from operations
per share(2)
|
|
$8.86 to
$9.06
|
Midpoint
|
|
$8.96
|
Key
Assumptions
|
|
Low
|
|
High
|
|
Occupancy percentage in
North America as of December 31, 2023
|
|
94.8 %
|
|
95.8 %
|
|
Lease renewals and
re-leasing of space:
|
|
|
|
|
|
Rental rate
increases
|
|
27.0 %
|
|
32.0 %
|
|
Rental rate
increases (cash basis)
|
|
11.0 %
|
|
16.0 %
|
|
Same property
performance:
|
|
|
|
|
|
Net operating
income increase
|
|
2.0 %
|
|
4.0 %
|
|
Net operating
income increase (cash basis)
|
|
4.0 %
|
|
6.0 %
|
|
Straight-line rent
revenue
|
|
$
130
|
|
$
145
|
|
General and
administrative expenses
|
|
$
183
|
|
$
193
|
|
Capitalization of
interest
|
|
$
342
|
|
$
362
|
|
Interest
expense
|
|
$
74
|
|
$
94
|
|
Key Credit
Metrics
|
|
2023
Guidance
|
Net debt and preferred
stock to Adjusted EBITDA – 4Q23 annualized
|
|
Less than or equal to
5.1x
|
Fixed-charge coverage
ratio – 4Q23 annualized
|
|
4.5x to 5.0x
|
Key Sources and Uses
of Capital
|
|
Range
|
|
Midpoint
|
|
Sources of
capital:
|
|
|
|
|
|
|
|
Incremental
debt
|
|
$
550
|
|
$
850
|
|
$ 700
|
|
Excess 2022 bond
capital held as cash at December 31,
2022
|
|
300
|
|
300
|
|
300
|
|
Net cash provided by
operating activities after dividends
|
|
350
|
|
400
|
|
375
|
|
Real estate
dispositions, sales of partial interests, and
issuances of common equity
|
|
1,400
|
|
2,400
|
|
1,900
|
(3)
|
Total sources of
capital
|
|
$ 2,600
|
|
$ 3,950
|
|
$
3,275
|
|
Uses of
capital:
|
|
|
|
|
|
|
|
Construction (refer to
page 48)
|
|
$ 2,400
|
|
$ 3,550
|
|
$
2,975
|
|
Acquisitions (refer to
page 4)
|
|
200
|
|
400
|
|
300
|
|
Total uses of
capital
|
|
$ 2,600
|
|
$ 3,950
|
|
$
3,275
|
|
Incremental debt
(included above):
|
|
|
|
|
|
|
|
Issuance of
unsecured senior notes payable
|
|
$
500
|
|
$ 1,000
|
|
$ 750
|
|
Unsecured senior
line of credit, commercial paper, and other
|
|
50
|
|
(150)
|
|
(50)
|
|
Incremental
debt
|
|
$
550
|
|
$
850
|
|
$ 700
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes unrealized
gains or losses after December 31, 2022 that are required to be
recognized in earnings and are excluded from funds from operations
per share, as adjusted.
|
(2)
|
Refer to "Funds from
operations and funds from operations, as adjusted, attributable to
Alexandria's common stockholders" in the "Definitions and
reconciliations" of our Supplemental Information for additional
details.
|
(3)
|
Refer to "Key capital
events" on page 2 of this Earnings Press Release for additional
details. During the three months ended December 31, 2022, we
entered into new forward equity sales agreements aggregating $104.7
million to sell 699,274 shares under our ATM program at an average
price of $149.68 per share (before underwriter discounts). We
expect to settle these forward equity sales agreements in 2023 and
establish a new ATM program in 1Q23.
|
Earnings Call Information and About the Company
December 31, 2022
We will host a conference call on Tuesday, January 31,
2023, at 3:00 p.m. Eastern Time
("ET")/noon Pacific Time ("PT"),
which is open to the general public, to discuss our financial and
operating results for the fourth quarter and year ended
December 31, 2022. To participate in this conference call,
dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon
PT and ask the operator to join the call for Alexandria Real
Estate Equities, Inc. The audio webcast can be accessed at
www.are.com in the "For Investors" section. A replay of the call
will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT
on Tuesday, January 31, 2023. The replay number is
(877) 344-7529 or (412) 317-0088, and the access code is
7024203.
Additionally, a copy of this Earnings Press Release and
Supplemental Information for the fourth quarter and year ended
December 31, 2022 is available in the "For Investors" section
of our website at www.are.com or by following this link:
https://www.are.com/fs/2022q4.pdf.
For any questions, please contact Joel
S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and
co-chief investment officer; Dean A.
Shigenaga, president and chief financial officer;
Paula Schwartz, managing director of
Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, vice president – strategic
communications.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an
S&P 500® company, is a best-in-class, mission-driven
life science REIT making a positive and lasting impact on the
world. As the pioneer of the life science real estate niche since
its founding in 1994, Alexandria
is the preeminent and longest-tenured owner, operator, and
developer of collaborative life science, agtech, and technology
campuses in AAA innovation cluster locations, including
Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland, and Research Triangle.
The trusted partner to approximately 1,000 tenants,
Alexandria has a total market
capitalization of $35.0
billion and an asset base in North
America of 74.6 million SF as of December 31, 2022,
which includes 41.8 million RSF of operating properties and 5.6
million RSF of Class A properties undergoing construction, 9.9
million RSF of near-term and intermediate-term development and
redevelopment projects, and 17.3 million SF of future development
projects. Alexandria has a
longstanding and proven track record of developing Class A
properties clustered in life science, agtech, and technology
campuses that provide our innovative tenants with highly dynamic
and collaborative environments that enhance their ability to
successfully recruit and retain world-class talent and inspire
productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to
transformative life science, agrifoodtech, climate innovation, and
technology companies through our venture capital platform. We
believe our unique business model and diligent underwriting ensure
a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher
returns, and greater long-term asset value. For additional
information on Alexandria, please
visit www.are.com.
***********
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation,
statements regarding our 2023 earnings per share attributable to
Alexandria's common stockholders –
diluted, 2023 funds from operations per share attributable to
Alexandria's common stockholders –
diluted, net operating income, and our projected sources and uses
of capital. You can identify the forward-looking statements by
their use of forward-looking words, such as "forecast," "guidance,"
"goals," "projects," "estimates," "anticipates," "believes,"
"expects," "intends," "may," "plans," "seeks," "should," "targets,"
or "will," or the negative of those words or similar words. These
forward-looking statements are based on our current expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts, as well as a number of assumptions
concerning future events. There can be no assurance that actual
results will not be materially higher or lower than these
expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. Factors that might cause such a
difference include, without limitation, our failure to obtain
capital (debt, construction financing, and/or equity) or refinance
debt maturities, lower than expected yields, increased interest
rates and operating costs, adverse economic or real estate
developments in our markets, our failure to successfully place into
service and lease any properties undergoing development or
redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose),
our failure to successfully operate or lease acquired properties,
decreased rental rates, increased vacancy rates or failure to renew
or replace expiring leases, defaults on or non-renewal of leases by
tenants, adverse general and local economic conditions, an
unfavorable capital market environment, decreased leasing activity
or lease renewals, failure to obtain LEED and other healthy
building certifications and efficiencies, and other risks and
uncertainties detailed in our filings with the Securities and
Exchange Commission ("SEC"). Accordingly, you are cautioned not to
place undue reliance on such forward-looking statements. All
forward-looking statements are made as of the date of this Earnings
Press Release and Supplemental Information, and unless otherwise
stated, we assume no obligation to update this information and
expressly disclaim any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. For more discussion relating to risks
and uncertainties that could cause actual results to differ
materially from those anticipated in our forward-looking
statements, and risks to our business in general, please refer to
our SEC filings, including our most recent annual report on Form
10-K and any subsequent quarterly reports on Form 10-Q.
Alexandria®,
Lighthouse Design® logo, Building the Future of
Life-Changing Innovation®, That's What's in Our
DNA®, At the Vanguard and Heart of the Life Science
Ecosystem™, Alexandria Center®, Alexandria Technology
Square®, Alexandria Technology Center®, and
Alexandria Innovation Center® are copyrights and
trademarks of Alexandria Real Estate Equities, Inc. All other
company names, trademarks, and logos referenced herein are the
property of their respective owners.
Consolidated
Statements of Operations
December 31, 2022
(Dollars in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
12/31/22
|
|
9/30/22
|
|
6/30/22
|
|
3/31/22
|
|
12/31/21
|
|
12/31/22
|
|
12/31/21
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
rentals
|
|
$
665,674
|
|
$
656,853
|
|
$
640,959
|
|
$
612,554
|
|
$
574,656
|
|
$
2,576,040
|
|
$
2,108,249
|
Other income
|
|
4,607
|
|
2,999
|
|
2,805
|
|
2,511
|
|
2,267
|
|
12,922
|
|
5,901
|
Total
revenues
|
|
670,281
|
|
659,852
|
|
643,764
|
|
615,065
|
|
576,923
|
|
2,588,962
|
|
2,114,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
operations
|
|
204,352
|
|
201,189
|
|
196,284
|
|
181,328
|
|
175,717
|
|
783,153
|
|
623,555
|
General and
administrative
|
|
42,992
|
|
49,958
|
|
43,397
|
|
40,931
|
|
41,654
|
|
177,278
|
|
151,461
|
Interest
|
|
17,522
|
|
22,984
|
|
24,257
|
|
29,440
|
|
34,862
|
|
94,203
|
|
142,165
|
Depreciation and
amortization
|
|
264,480
|
|
254,929
|
|
242,078
|
|
240,659
|
|
239,254
|
|
1,002,146
|
|
821,061
|
Impairment of real
estate
|
|
26,186
|
|
38,783
|
|
—
|
|
—
|
|
—
|
|
64,969
|
|
52,675
|
Loss on early
extinguishment of debt
|
|
—
|
|
—
|
|
3,317
|
|
—
|
|
—
|
|
3,317
|
|
67,253
|
Total
expenses
|
|
555,532
|
|
567,843
|
|
509,333
|
|
492,358
|
|
491,487
|
|
2,125,066
|
|
1,858,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated real estate joint ventures
|
|
172
|
|
40
|
|
213
|
|
220
|
|
3,018
|
|
645
|
|
12,255
|
Investment (loss)
income
|
|
(19,653)
|
|
(32,305)
|
|
(39,481)
|
|
(240,319)
|
|
(112,884)
|
|
(331,758)
|
|
259,477
|
Gain on sales of real
estate
|
|
—
|
|
323,699
|
|
214,219
|
|
—
|
|
124,226
|
|
537,918
|
|
126,570
|
Net income
(loss)
|
|
95,268
|
|
383,443
|
|
309,382
|
|
(117,392)
|
|
99,796
|
|
670,701
|
|
654,282
|
Net income attributable
to noncontrolling interests
|
|
(40,949)
|
|
(38,747)
|
|
(37,168)
|
|
(32,177)
|
|
(24,901)
|
|
(149,041)
|
|
(83,035)
|
Net income (loss)
attributable to Alexandria Real Estate Equities, Inc.'s
stockholders
|
|
54,319
|
|
344,696
|
|
272,214
|
|
(149,569)
|
|
74,895
|
|
521,660
|
|
571,247
|
Net income attributable
to unvested restricted stock awards
|
|
(2,526)
|
|
(3,257)
|
|
(2,934)
|
|
(2,081)
|
|
(2,098)
|
|
(8,392)
|
|
(7,848)
|
Net income (loss)
attributable to Alexandria Real Estate Equities, Inc.'s
common stockholders
|
|
$
51,793
|
|
$
341,439
|
|
$
269,280
|
|
$ (151,650)
|
|
$
72,797
|
|
$
513,268
|
|
$
563,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Alexandria Real Estate Equities,
Inc.'s common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.31
|
|
$
2.11
|
|
$
1.67
|
|
$
(0.96)
|
|
$
0.47
|
|
$
3.18
|
|
$
3.83
|
Diluted
|
|
$
0.31
|
|
$
2.11
|
|
$
1.67
|
|
$
(0.96)
|
|
$
0.47
|
|
$
3.18
|
|
$
3.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
165,393
|
|
161,554
|
|
161,412
|
|
158,198
|
|
153,464
|
|
161,659
|
|
146,921
|
Diluted
|
|
165,393
|
|
161,554
|
|
161,412
|
|
158,198
|
|
154,307
|
|
161,659
|
|
147,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share of common stock
|
|
$
1.21
|
|
$
1.18
|
|
$
1.18
|
|
$
1.15
|
|
$
1.15
|
|
$
4.72
|
|
$
4.48
|
Consolidated Balance
Sheets
December 31, 2022
(In thousands)
|
|
|
12/31/22
|
|
9/30/22
|
|
6/30/22
|
|
3/31/22
|
|
12/31/21
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Investments in real
estate
|
|
$
29,945,440
|
|
$
28,771,745
|
|
$
27,952,931
|
|
$
27,100,009
|
|
$
24,980,669
|
Investments in
unconsolidated real estate joint ventures
|
|
38,435
|
|
38,285
|
|
37,587
|
|
38,456
|
|
38,483
|
Cash and cash
equivalents
|
|
825,193
|
|
533,824
|
|
420,258
|
|
775,060
|
|
361,348
|
Restricted
cash
|
|
32,782
|
|
332,344
|
|
97,404
|
|
95,106
|
|
53,879
|
Tenant
receivables
|
|
7,614
|
|
7,759
|
|
7,069
|
|
7,570
|
|
7,379
|
Deferred
rent
|
|
942,646
|
|
918,995
|
|
905,699
|
|
881,743
|
|
839,335
|
Deferred leasing
costs
|
|
516,275
|
|
506,864
|
|
498,434
|
|
484,184
|
|
402,898
|
Investments
|
|
1,615,074
|
|
1,624,921
|
|
1,657,461
|
|
1,661,101
|
|
1,876,564
|
Other assets
|
|
1,599,940
|
|
1,633,877
|
|
1,667,210
|
|
1,801,027
|
|
1,658,818
|
Total assets
|
|
$
35,523,399
|
|
$
34,368,614
|
|
$
33,244,053
|
|
$
32,844,256
|
|
$
30,219,373
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
Noncontrolling Interests, and Equity
|
|
|
|
|
|
|
|
|
|
|
Secured notes
payable
|
|
$
59,045
|
|
$
40,594
|
|
$
24,986
|
|
$
208,910
|
|
$
205,198
|
Unsecured senior notes
payable
|
|
10,100,717
|
|
10,098,588
|
|
10,096,462
|
|
10,094,337
|
|
8,316,678
|
Unsecured senior line
of credit and commercial paper
|
|
—
|
|
386,666
|
|
149,958
|
|
—
|
|
269,990
|
Accounts payable,
accrued expenses, and other liabilities
|
|
2,471,259
|
|
2,393,764
|
|
2,317,940
|
|
2,172,692
|
|
2,210,410
|
Dividends
payable
|
|
209,131
|
|
193,623
|
|
192,571
|
|
187,701
|
|
183,847
|
Total
liabilities
|
|
12,840,152
|
|
13,113,235
|
|
12,781,917
|
|
12,663,640
|
|
11,186,123
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
9,612
|
|
9,612
|
|
9,612
|
|
9,612
|
|
9,612
|
|
|
|
|
|
|
|
|
|
|
|
Alexandria Real Estate
Equities, Inc.'s stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
1,707
|
|
1,626
|
|
1,615
|
|
1,614
|
|
1,580
|
Additional paid-in
capital
|
|
18,991,492
|
|
17,639,434
|
|
17,149,571
|
|
16,934,094
|
|
16,195,256
|
Accumulated other
comprehensive loss
|
|
(20,812)
|
|
(24,725)
|
|
(11,851)
|
|
(5,727)
|
|
(7,294)
|
Alexandria Real Estate
Equities, Inc.'s stockholders' equity
|
|
18,972,387
|
|
17,616,335
|
|
17,139,335
|
|
16,929,981
|
|
16,189,542
|
Noncontrolling
interests
|
|
3,701,248
|
|
3,629,432
|
|
3,313,189
|
|
3,241,023
|
|
2,834,096
|
Total equity
|
|
22,673,635
|
|
21,245,767
|
|
20,452,524
|
|
20,171,004
|
|
19,023,638
|
Total liabilities,
noncontrolling interests, and equity
|
|
$
35,523,399
|
|
$
34,368,614
|
|
$
33,244,053
|
|
$
32,844,256
|
|
$
30,219,373
|
Funds From
Operations and Funds From Operations per Share
December 31, 2022
(In thousands)
|
|
The following table
presents a reconciliation of net income (loss) attributable to
Alexandria's common stockholders, the most directly comparable
financial measure presented in accordance with U.S. generally
accepted accounting principles ("GAAP"), including our share of
amounts from consolidated and unconsolidated real estate joint
ventures, to funds from operations attributable to Alexandria's
common stockholders – diluted, and funds from operations
attributable to Alexandria's common stockholders – diluted, as
adjusted, for the periods below:
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
12/31/22
|
|
9/30/22
|
|
6/30/22
|
|
3/31/22
|
|
12/31/21
|
|
12/31/22
|
|
12/31/21
|
Net income (loss)
attributable to Alexandria's common stockholders
|
|
$ 51,793
|
|
$
341,439
|
|
$
269,280
|
|
$
(151,650)
|
|
$ 72,797
|
|
$
513,268
|
|
$
563,399
|
Depreciation and
amortization of real estate assets
|
|
261,185
|
|
251,453
|
|
238,565
|
|
237,160
|
|
234,979
|
|
988,363
|
|
804,633
|
Noncontrolling share
of depreciation and amortization from consolidated real
estate JVs
|
|
(29,702)
|
|
(27,790)
|
|
(26,418)
|
|
(23,681)
|
|
(21,265)
|
|
(107,591)
|
|
(70,880)
|
Our share of
depreciation and amortization from unconsolidated real estate
JVs
|
|
982
|
|
795
|
|
934
|
|
955
|
|
3,058
|
|
3,666
|
|
13,734
|
Gain on sales of real
estate
|
|
—
|
|
(323,699)
|
|
(214,219)
|
|
—
|
|
(124,226)
|
|
(537,918)
|
|
(126,570)
|
Impairment of real
estate – rental properties
|
|
20,899
|
(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
20,899
|
|
25,485
|
Allocation to unvested
restricted stock awards
|
|
(953)
|
|
1,002
|
|
—
|
|
—
|
|
—
|
|
(1,118)
|
|
(6,315)
|
Funds from
operations attributable to Alexandria's common stockholders –
diluted(2)
|
|
304,204
|
|
243,200
|
|
268,142
|
|
62,784
|
|
165,343
|
|
879,569
|
|
1,203,486
|
Unrealized losses
(gains) on non-real estate investments
|
|
24,117
|
|
56,515
|
|
68,128
|
|
263,433
|
|
139,716
|
|
412,193
|
|
(43,632)
|
Significant realized
gains on non-real estate investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(110,119)
|
Impairment of non-real
estate investments
|
|
20,512
|
(3)
|
—
|
|
—
|
|
—
|
|
—
|
|
20,512
|
(3)
|
—
|
Impairment of real
estate
|
|
5,287
|
|
38,783
|
|
—
|
|
—
|
|
—
|
|
44,070
|
|
27,190
|
Loss on early
extinguishment of debt
|
|
—
|
|
—
|
|
3,317
|
|
—
|
|
—
|
|
3,317
|
|
67,253
|
Acceleration of stock
compensation expense due to executive officer
resignation
|
|
—
|
|
7,185
|
|
—
|
|
—
|
|
—
|
|
7,185
|
|
—
|
Allocation to unvested
restricted stock awards
|
|
(482)
|
|
(1,033)
|
|
(778)
|
|
(1,604)
|
|
(1,432)
|
|
(5,137)
|
|
710
|
Funds from
operations attributable to Alexandria's common stockholders –
diluted, as adjusted
|
|
$
353,638
|
|
$
344,650
|
|
$
338,809
|
|
$
324,613
|
|
$
303,627
|
|
$
1,361,709
|
|
$
1,144,888
|
|
|
(1)
|
Primarily consists of
an impairment of one real estate asset recognized to reduce the
carrying amount of the asset to its estimated fair value, less
costs to sell, upon its classification as held for sale in December
2022. We expect to complete the sale of this asset during
2023.
|
(2)
|
Calculated in
accordance with standards established by the Nareit Board of
Governors.
|
(3)
|
Primarily relates to
three investments in privately held entities that do not report
NAV.
|
Funds From
Operations and Funds From Operations per Share (continued)
December 31, 2022
(In thousands, except per share amounts)
|
|
The following table
presents a reconciliation of net income (loss) per share
attributable to Alexandria's common stockholders, the most directly
comparable financial measure presented in accordance with GAAP,
including our share of amounts from consolidated and unconsolidated
real estate joint ventures, to funds from operations per share
attributable to Alexandria's common stockholders – diluted, and
funds from operations per share attributable to Alexandria's common
stockholders – diluted, as adjusted, for the periods below. Per
share amounts may not add due to rounding.
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
12/31/22
|
|
9/30/22
|
|
6/30/22
|
|
3/31/22
|
|
12/31/21
|
|
12/31/22
|
|
12/31/21
|
Net income (loss)
per share attributable to Alexandria's common
stockholders – diluted
|
|
$
0.31
|
|
$
2.11
|
|
$
1.67
|
|
$
(0.96)
|
|
$
0.47
|
|
$
3.18
|
|
$
3.82
|
Depreciation and
amortization of real estate assets
|
|
1.41
|
|
1.39
|
|
1.32
|
|
1.36
|
|
1.40
|
|
5.47
|
|
5.07
|
Gain on sales of real
estate
|
|
—
|
|
(2.00)
|
|
(1.33)
|
|
—
|
|
(0.80)
|
|
(3.33)
|
|
(0.86)
|
Impairment of real
estate – rental properties
|
|
0.13
|
(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
0.13
|
|
0.17
|
Allocation to unvested
restricted stock awards
|
|
(0.01)
|
|
0.01
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.04)
|
Funds from
operations per share attributable to Alexandria's common
stockholders – diluted
|
|
1.84
|
|
1.51
|
|
1.66
|
|
0.40
|
|
1.07
|
|
5.44
|
|
8.16
|
Unrealized losses
(gains) on non-real estate investments
|
|
0.15
|
|
0.35
|
|
0.42
|
|
1.67
|
|
0.91
|
|
2.55
|
|
(0.30)
|
Significant realized
gains on non-real estate investments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.75)
|
Impairment of non-real
estate investments
|
|
0.12
|
(1)
|
—
|
|
—
|
|
—
|
|
—
|
|
0.13
|
(1)
|
—
|
Impairment of real
estate
|
|
0.03
|
|
0.24
|
|
—
|
|
—
|
|
—
|
|
0.27
|
|
0.18
|
Loss on early
extinguishment of debt
|
|
—
|
|
—
|
|
0.02
|
|
—
|
|
—
|
|
0.02
|
|
0.46
|
Acceleration of stock
compensation expense due to executive officer
resignation
|
|
—
|
|
0.04
|
|
—
|
|
—
|
|
—
|
|
0.04
|
|
—
|
Allocation to unvested
restricted stock awards
|
|
—
|
|
(0.01)
|
|
—
|
|
(0.02)
|
|
(0.01)
|
|
(0.03)
|
|
0.01
|
Funds from
operations per share attributable to Alexandria's common
stockholders – diluted, as
adjusted
|
|
$
2.14
|
|
$
2.13
|
|
$
2.10
|
|
$
2.05
|
|
$
1.97
|
|
$
8.42
|
|
$
7.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding for calculation of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share –
diluted
|
|
165,393
|
|
161,554
|
|
161,412
|
|
158,198
|
|
154,307
|
|
161,659
|
|
147,460
|
Funds from operations,
diluted, per share
|
|
165,393
|
|
161,554
|
|
161,412
|
|
158,209
|
|
154,307
|
|
161,659
|
|
147,460
|
Funds from operations,
diluted, as adjusted, per share
|
|
165,393
|
|
161,554
|
|
161,412
|
|
158,209
|
|
154,307
|
|
161,659
|
|
147,460
|
|
|
(1)
|
Refer to footnotes on
the previous page for additional details.
|
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SOURCE Alexandria Real Estate Equities, Inc.