Alexandria Real Estate Equities reported a narrower second-quarter net loss of $0.43 per share, swinging to a first-half profit of $1.68 per share, but its funds from operations fell sharply, with adjusted FFO per share dropping to $1.73 in Q2 from $2.33 a year earlier. Leasing activity surged 60% quarter-over-quarter to over 1 million square feet, yet same-property net operating income declined 10.6% and operating occupancy slipped to 86.9%. The company maintains $3.6 billion in liquidity and extended its credit line to 2032 at a lower rate, but leverage stands at 7.0x net debt to EBITDA, above its 4Q target of 5.6x to 6.2x, which depends on completing $2.9 billion in dispositions. Management kept its dividend at $0.72 per share and reaffirmed 2026 FFO guidance at a $6.40 midpoint, while recording $222.5 million in impairment charges.
Alexandria Real Estate Equities IncAdjusted FFO per share dropped to $1.73 from $2.33, same-property NOI declined 10.6%, and leverage is high at 7.0x net debt to EBITDA.
