Core Insights - Alexandria Real Estate Equities, Inc. reported total revenues of $762 million for 2Q25, a slight decrease from $766.7 million in 2Q24, and $1.52 billion for 1H25, down from $1.54 billion in 1H24 [1][2] - The company experienced a net loss attributable to common stockholders of $109.6 million in 2Q25, compared to a profit of $42.9 million in 2Q24, resulting in a diluted loss per share of $0.64 [1][2] - Funds from operations (FFO) attributable to common stockholders were $396.4 million in 2Q25, slightly down from $405.5 million in 2Q24, with adjusted FFO per share at $2.33 [1][2] Operating Results - Occupancy rate of operating properties in North America stood at 90.8% as of June 30, 2025, reflecting temporary vacancies of 668,795 RSF [1][8] - The company reported a strong operating margin of 71% and an adjusted EBITDA margin of 71% [1] - Tenant collections remained robust, with 99.4% of July 2025 rents collected as of July 21, 2025 [1] Leasing Activity - Total leasing activity for 2Q25 reached 769,815 RSF, with a rental rate increase of 5.5% [2][3] - Lease renewals and re-leasing of space accounted for 483,409 RSF, with a cash basis rental rate increase of 6.1% [2][3] - The company executed the largest life science lease in its history in July 2025, totaling 466,598 RSF for a 16-year expansion [3][18] Financial Position - Alexandria maintains a strong balance sheet with significant liquidity of $4.6 billion and a net debt to adjusted EBITDA ratio of 5.9x [3][11] - Only 9% of total debt matures through 2027, with a weighted-average remaining term of debt at 12.0 years [3][11] - The company declared a common stock dividend of $1.32 per share for 2Q25, representing an 18-cent increase or 3.5% from the previous year [4] Capital Recycling Strategy - Alexandria plans to fund a significant portion of its capital requirements for 2025 through dispositions of non-core assets, with expected total dispositions and sales of partial interests in the range of $1.45 billion to $2.45 billion [2][5] - The company anticipates $139 million of incremental annual net operating income from its development and redevelopment pipeline by 4Q26 [5][6] Corporate Responsibility and Awards - Alexandria was recognized with the 2025 BOMA International TOBY Award in the Life Science category for its facility at 8 Davis Drive [18] - The company released its 2024 Corporate Responsibility Report, highlighting a reduction in operational greenhouse gas emissions intensity by 18% from 2022 to 2024 [18]