Stock

Alexandria Real Estate beats Q3 estimates, narrows guidance

NEW YORK – Alexandria Real Estate Equities, Inc. (NYSE:ARE) reported third quarter results that exceeded analyst expectations, while narrowing its full-year guidance ranges.

The life science real estate investment trust posted adjusted funds from operations (FFO) of $2.37 per share for Q3, topping the consensus estimate of $2.26 per share. Revenue came in at $791.6 million, surpassing analyst projections of $766.97 million.

Alexandria’s quarterly revenue rose 10.9% year-over-year, driven by strong leasing activity. The company completed 1.5 million square feet of leasing during Q3, up 48% compared to its previous four-quarter average.

“Our third quarter results demonstrate the continued strength and resilience of our high-quality tenant base and strategic life science real estate portfolio,” said Peter M. Moglia, Alexandria’s CEO and Chief Investment Officer.

For full-year 2024, Alexandria narrowed its guidance ranges. The company now expects straight-line rent revenue between $147 million and $162 million, down from its previous forecast of $169 million to $184 million. General and administrative expenses are projected at $176 million to $186 million, compared to the prior range of $181 million to $191 million.

Alexandria maintained its occupancy rate at 94.7% for operating properties in North America. The company’s development and redevelopment pipeline is expected to generate $510 million in incremental annual net operating income, primarily by the first quarter of 2028.

The REIT declared a Q3 dividend of $1.30 per share, representing a 5% increase over the prior year period. Alexandria’s shares closed at $97.45 on Monday, down 0.3% for the year-to-date.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

Economy

LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

Editor's Pick

Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

Latest News

Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 beneficialinvestmentnow.com

Exit mobile version