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.