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