2023-04-24 16:13:22 ET
- Alexandria Real Estate Equities press release ( NYSE: ARE ): Q1 FFO of $2.19 beats by $0.04 .
- Revenue of $700.8M (+13.9% Y/Y) beats by $14.1M .
- Net operating income (cash basis) of $1.8 billion for 1Q23 annualized, up $245.0 million, or 16.2%, compared to 1Q22 annualized.
- Same property net operating income growth: 3.7% and 9.0% (cash basis) for 1Q23 over 1Q22.
- Our 1Q23 same property growth outperformed our 10-year averages of 3.6% and 6.6% (cash basis).
- 95% of our leases contain contractual annual rent escalations approximating 3%.
- Net debt and preferred stock to Adjusted EBITDA of 5.3x and fixed-charge coverage ratio of 5.0x for 1Q23 annualized.
- Total debt and preferred stock to gross assets of 28%.
- In February 2023, we issued unsecured senior notes payable aggregating $1.0 billion at 4.95% for average term of 21.2 years.
- $1.4 billion of expected capital contributions from existing real estate joint venture partners from 2Q23 through 2026 to fund construction
For further details see:
Alexandria Real Estate Equities FFO of $2.19 beats by $0.04, revenue of $700.8M beats by $14.1M