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Alexandria Real Estate (ARE) Tops Q2 EPS by 198c

July 26, 2021 4:15 PM EDT

Alexandria Real Estate (NYSE: ARE) reported Q2 EPS of $2.61, $1.98 better than the analyst estimate of $0.63.

  • During 2Q21, historic demand for our high-quality office/laboratory space translated into 1.9 million RSF of leasing activity, representing the highest leasing activity in a single quarter and the second highest rental rate growth in Company history.
  • Continued strong leasing activity and rental rate growth during 2Q21 and 1H21 over expiring rates on renewed and re-leased space:

2Q21

1H21

Total leasing activity – RSF

1,933,838

3,611,497

Leasing of development and redevelopment space – RSF

256,328

1,045,301

Lease renewals and re-leasing of space:

RSF (included in total leasing activity above)

1,472,713

1,994,538

Rental rate increases

42.4%

40.7%

Rental rate increases (cash basis)

25.4%

23.3%

  • Net operating income (cash basis) of $1.3 billion for 2Q21 annualized, up $194.4 million, or 17.6%, compared to 2Q20 annualized.

  • 95% of our leases contain contractual annual rent escalations approximating 3%.

  • Same property net operating income growth:
    • 4.4% and 7.4% (cash basis) for 1H21 over 1H20.
    • 3.7% and 7.8% (cash basis) for 2Q21 over 2Q20.

For earnings history and earnings-related data on Alexandria Real Estate (ARE) click here.



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