Core Insights - Alexandria Real Estate Equities reported a third-quarter 2025 adjusted FFO per share of $2.22, missing the Zacks Consensus Estimate of $2.31 and down from $2.37 in the prior year, primarily due to lower occupancy and higher interest expenses [2][3] - Total revenues for the quarter were $751.9 million, falling short of the consensus estimate of $756.2 million and representing a 5% year-over-year decrease [3] - The company has lowered its 2025 FFO guidance range to between $8.98 and $9.04, down from the previous range of $9.16-$9.36, reflecting a downward revision in projected same-property NOI and operating occupancy [10][11] Financial Performance - Alexandria's total leasing activity reached 1.2 million rentable square feet in Q3, with lease renewals and re-leasing accounting for 354,367 RSF and development space totaling 560,344 RSF [4] - Rental rates grew by 15.2% during the quarter, with a cash basis increase of 6.1%, while occupancy in North America was reported at 90.6%, down 0.2% from the previous quarter and 4.1% year-over-year [5][6] - The company reported a 26% year-over-year increase in interest expenses, totaling $54.9 million [8] Liquidity and Debt - As of September 30, 2025, Alexandria had cash and cash equivalents of $579.5 million, an increase from $520.5 million as of June 30, 2025, and total liquidity of $4.2 billion [9] - The net debt and preferred stock to adjusted EBITDA ratio was 6.1X, with a fixed-charge coverage ratio of 3.9X on an annualized basis [9] Market Position and Outlook - Alexandria's stock has a subpar Growth Score of D and a Momentum Score of F, with an aggregate VGM Score of D, indicating a weak overall performance [13] - The company has a Zacks Rank of 5 (Strong Sell), suggesting expectations of below-average returns in the coming months [14] - Comparatively, Healthpeak, another player in the same industry, reported revenues of $705.87 million with a year-over-year change of +0.8%, indicating a more favorable performance relative to Alexandria [15]