PASADENA, Calif., April 25,
2022 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE:ARE) announced financial and operating results for the
first quarter ended March 31,
2022.
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Key
highlights
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Operating
results
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1Q22
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1Q21
|
|
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Total
revenues:
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|
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|
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In
millions
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$
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615.1
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$
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479.8
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|
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Growth
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28.2%
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Net (loss) income
attributable to Alexandria's common stockholders –
diluted
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In
millions
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$
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(151.7)
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$
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6.1
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Per
share
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$
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(0.96)
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$
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0.04
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Funds from operations
attributable to Alexandria's common stockholders – diluted, as
adjusted
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In
millions
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$
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324.6
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$
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263.0
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|
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Per
share
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$
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2.05
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$
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1.91
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Continued strong leasing volume in 1Q22, after a historic
year of leasing in 2021
- Strong leasing activity continued in 1Q22 with the
second-highest leasing volume in Company history for both total
space and development and redevelopment space:
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1Q22
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Total leasing activity
– RSF
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2,463,438
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Leasing of development
and redevelopment space – RSF
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1,439,696
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Lease renewals and
re-leasing of space:
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RSF
(included in total leasing activity above)
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864,077
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Rental rate increases
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32.2%
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Rental rate increases (cash basis)
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16.5%
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Excluding short-term
renewals executed to allow Bristol-Myers Squibb Company ("BMS") to
expand
and consolidate into our Alexandria Point development project,
described further below:
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Rental rate increases
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39.8%
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Rental rate increases (cash basis)
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23.2%
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- During 1Q22, we executed the following long-term leases:
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- 426,927 RSF with BMS, our largest tenant, for the development
of BMS's newest innovative cutting-edge research hub focused on
cancer as well as immune-mediated and neurodegenerative diseases at
the Alexandria Point mega campus in San
Diego.
- 333,929 RSF with Eli Lilly and Company ("Lilly"), our third
largest tenant, for the development of Lilly's new state-of-the-art
Institute for Genetic Medicine at 15 Necco Street in our Seaport
Innovation District submarket of Greater
Boston.
Continued strong net operating income and internal
growth
- Net operating income (cash basis) of $1.5 billion for 1Q22 annualized, up $301.3 million, or 24.9%, compared to 1Q21
annualized.
- 97% of our leases contain contractual annual rent escalations
approximating 3%.
- 7.6% and 7.3% (cash basis) same property net operating income
increase for 1Q22 over 1Q21.
A REIT industry-leading high-quality tenant roster with
high-quality revenues and cash flows, strong margins, and
operational excellence
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Percentage of total
annual rental revenue in effect from investment-grade or
publicly traded large cap tenants
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50%
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|
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Occupancy of operating
properties in North America
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94.7%
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Occupancy of operating
properties in North America (excluding vacancy at
recently acquired properties)
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98.6%
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(1)
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Operating
margin
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71%
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Adjusted EBITDA
margin
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71%
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Weighted-average
remaining lease term:
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All
tenants
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7.3
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years
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Top
20 tenants
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10.5
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years
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(1)
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Excludes 1.6 million
RSF, or 3.9%, of vacancy at recently acquired properties
representing lease-up opportunities that are expected to provide
incremental annual rental revenue. Refer to "Occupancy" in our
Supplemental Information.
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100 Binney Street achieves
$1 billion valuation milestone in
recapitalization
During 1Q22, we completed the sale of a 70% interest in 100
Binney Street in our Cambridge/Inner Suburbs submarket of
Greater Boston for a sales price
of $713.2 million, or $2,353 per RSF, at capitalization rates of 3.6%
and 3.5% (cash basis), representing an excess of $413.6 million above our book value of the
70% interest sold. The sales price at 100% represents a property
valuation of $1.02 billion. Proceeds
from this sale will be reinvested into our highly leased
value-creation pipeline and acquisitions with development and
redevelopment opportunities.
Continued high demand drives visibility for future growth
aggregating $665 million of
incremental annual rental revenue
Our highly leased value-creation pipeline of current and key
near-term projects that are under construction or that will
commence construction in the next six quarters is expected to
generate greater than $665 million of
incremental annual rental revenue, primarily commencing from 2Q22
through 1Q25.
- 8.0 million RSF of our value-creation projects are either under
construction or expected to commence construction in the next six
quarters.
- 77% leased/negotiating.
Strong and flexible balance sheet with significant
liquidity
- Investment-grade credit ratings ranked in the top 10% among all
publicly traded U.S. REITs as of March 31,
2022.
- Net debt and preferred stock to Adjusted EBITDA of 5.5x and
fixed-charge coverage ratio of 5.1x for 1Q22 annualized.
- Total debt and preferred stock to gross assets of 28% as of
March 31, 2022.
- $5.7 billion liquidity as of
March 31, 2022.
Continued dividend strategy to share growth in cash flows
with stockholders
Common stock dividend declared for 1Q22 of $1.15 per common share, aggregating $4.54 per common share for the twelve months
ended March 31, 2022, up 24 cents, or 6%, over the twelve months ended
March 31, 2021. Our FFO payout ratio
of 57% for the three months ended March 31, 2022 allows us to
continue to share growth in cash flows from operating activities
with our stockholders while also retaining a significant portion
for reinvestment.
Key items included in operating results
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Key items included in
net (loss) income attributable to Alexandria's common
stockholders:
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(In millions, except
per share amounts)
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Amount
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Per Share –
Diluted
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1Q22
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1Q21
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1Q22
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1Q21
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Unrealized losses on
non-real estate investments
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$
(263.4)
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$ (46.3)
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$ (1.67)
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$ (0.34)
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Significant realized
gains on non-real estate investments
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—
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22.9
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—
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0.17
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Gain on sales of real
estate
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—
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2.8
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—
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0.02
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Impairment of real
estate
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—
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(5.1)
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—
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(0.04)
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Loss on early
extinguishment of debt
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—
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(67.3)
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—
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(0.49)
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Total
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$
(263.4)
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$ (93.0)
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$ (1.67)
|
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$ (0.68)
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External growth and investment in real estate
Alexandria at the vanguard
of innovation with a focus on accommodating our tenants' current
needs and providing a path for their future growth; high-quality
roster of over 1,000 tenants
- During 1Q22, we completed acquisitions in our key life science
cluster submarkets aggregating 7.3 million SF and comprising 6.9
million RSF of future development and redevelopment opportunities
and 451,760 RSF of operating space for an aggregate purchase price
of $1.8 billion. These acquisitions
continue to be primarily focused on future development or
redevelopment opportunities to expand our mega campuses and
accommodate the future growth of our tenants.
Delivery and commencement of value-creation projects
- During 1Q22, we placed into service development and
redevelopment projects aggregating 566,665 RSF across multiple
submarkets.
- 82% of construction costs related to active development and
redevelopment projects aggregating 5.4 million RSF are under a
guaranteed maximum price contract or other contracts. Our budgets
also include a landlord contingency that generally ranges between
3% and 5%. Refer to "Definitions and reconciliations" in our
Supplemental Information for additional details.
- Annual net operating income (cash basis) is expected to
increase by $48 million upon the
burn-off of initial free rent from recently delivered
projects.
- During 1Q22, we commenced construction on five value-creation
projects aggregating 1.1 million RSF, including:
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- 345,995 RSF development project that is 97% leased at 15 Necco
Street in our Seaport Innovation District submarket.
- 300,010 RSF project at 651 Gateway Boulevard in our
South San Francisco submarket,
which will be redeveloped into office/laboratory space; and
- 192,000 RSF development project that is 100% leased at 9810
Darnestown Road in our Rockville
submarket.
Delivery and commencement of value-creation projects
(continued)
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Value-creation pipeline
of new Class A development and redevelopment projects as
a percentage of gross assets
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1Q22
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Under construction
projects 76% leased/negotiating
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9%
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Pre-leased/negotiating
near-term projects expected to commence construction in
the next six quarters 82%
leased/negotiating
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2%
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Income-producing/potential cash flows/covered land
play(1)
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7%
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Land
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2%
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(1)
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Includes projects that
have existing buildings that are generating or can generate
operating cash flows. Also includes development rights associated
with existing operating campuses.
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Balance sheet management
Key metrics as of March 31, 2022
- $42.8 billion in total market
capitalization.
- $32.5 billion in total equity
capitalization, which ranks in the top 10% among all publicly
traded U.S. REITs as of March 31,
2022.
- No debt maturities prior to 2025 as of April 25, 2022.
- 13.8 years weighted-average remaining term of debt as of
March 31, 2022.
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1Q22
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Goal
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Quarter
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Trailing
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4Q22
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Annualized
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12 Months
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Annualized
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Net debt and preferred
stock to
Adjusted EBITDA
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5.5x
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5.9x
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Less than or equal to
5.1x
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Fixed-charge coverage
ratio
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5.1x
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5.1x
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Greater than or equal
to 5.1x
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Key capital events
- During 1Q22, our common equity transactions included the
following:
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- In January 2022, we entered into
new forward equity sales agreements aggregating $1.7 billion to sell 8.1 million shares of our
common stock (including the exercise of an underwriters' option) at
a public offering price of $210.00
per share, before underwriting discounts and commissions.
-
- In March 2022, we settled a
portion of these forward equity sales agreements by issuing 3.2
million shares and received net proceeds of $648.2 million.
- We expect to issue 4.8 million shares to settle our remaining
outstanding forward equity sales agreements and receive net
proceeds of approximately $1.0
billion in 2022.
- In March 2022, we entered into
new forward equity sales agreements aggregating $350.0 million to sell 1.8 million shares under
our ATM program at an average price of $192.42 per share (before underwriting
discounts). We expect to settle these forward equity sales
agreements in 2022.
- As of March 31, 2022, the
remaining aggregate amount available under our ATM program for
future sales of common stock is $650.0
million.
- In February 2022, we
opportunistically issued $1.8 billion
of unsecured senior notes payable with a weighted-average interest
rate of 3.28% and a weighted-average maturity of 22.0 years. The
unsecured senior notes include:
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- $800.0 million of 2.95% green
unsecured senior notes due 2034; and
- $1.0 billion of 3.55% unsecured
senior notes due 2052.
Investments
- As of March 31, 2022, our
investments aggregated $1.7 billion,
including unrealized gains of $532.6
million.
- Investment loss of $240.3 million
for the three months ended March 31,
2022 included $23.1 million in
realized gains and $263.4 million in
unrealized losses (due to changes in fair value).
Subsequent event
- In April 2022, we repaid two
secured notes payable aggregating $195.0
million due in 2024 with an effective interest rate of 3.40%
and recognized a loss on early extinguishment of debt of
$3.3 million, including a prepayment
penalty and the write-off of unamortized loan fees.
Industry and ESG leadership: catalyzing and leading the way
for positive change to benefit human health and society
- In April 2022, 9880 Campus Point
Drive, a 98,000 RSF development on the Alexandria Point mega campus
in our University Town Center submarket, earned LEED Platinum
certification, the highest level of certification under the U.S.
Green Building Council's Core & Shell rating system. Home to
Alexandria GradLabs®, a dynamic proprietary platform
purpose-built to accelerate the growth of promising post-seed-stage
life science companies, the cutting-edge facility demonstrates high
levels of sustainability, including decreased water consumption,
significantly reduced energy use, and increased use of recycled
resources and materials.
- In March 2022, Alexandria's executive chairman and founder,
Joel S. Marcus, was honored by the
National Medal of Honor Museum Foundation in Arlington, Texas during a groundbreaking
ceremony in celebration of the historic mission-critical milestone
in the development of the national museum. Mr. Marcus, who serves
on the foundation's board of directors, attended alongside fellow
foundation board members, major museum donors, government
officials, and 15 Medal of Honor recipients to commemorate the
foundation's remarkable progress toward its goal to build a
permanent home where the inspiring stories of our country's Medal
of Honor recipients will be brought to life.
- In February 2022, Alexandria was ranked the #5 most sustainable
REIT, as featured in the Barron's article, "10 Real Estate
Companies That Are Both Greener and More Profitable."
- In February 2022, Alexandria earned the first-ever Fitwel Life
Science certification for 300 Technology Square, located on the
Alexandria Technology Square® mega campus in our
Cambridge/Inner Suburbs submarket.
The new rigorous, evidence-based Fitwel Life Science Scorecard —
developed in partnership with the Center for Active Design
exclusively for Alexandria — is
the first healthy building framework dedicated to laboratory
facilities, marking another pioneering effort by the company to
prioritize tenant health and wellness and further differentiate our
world-class laboratory buildings.
- In January 2022, Alexandria
Venture Investments, our strategic venture capital platform, was
recognized by Silicon Valley Bank in its "Healthcare Investments
and Exits: 2022 Annual Report" as the #1 most active corporate
investor in biopharma by new deal volume (2020-2021) for the fifth
consecutive year. In March 2022,
Alexandria Venture Investments was also recognized by AgFunder in
its "2022 AgriFoodTech Investment Report" as one of the five most
active U.S. Investors in agrifoodtech by number of companies in
which it invested (2021) for the second consecutive year.
- Several of Alexandria's
facilities and campuses across our regions received awards in honor
of excellence in operations, development, and design:
-
- 200 Technology Square on the Alexandria Technology
Square® mega campus in our Cambridge/Inner Suburbs submarket earned a
2022 BOMA Mid-Atlantic TOBY (The Outstanding Building of the Year)
award in the Corporate Category. The TOBY Awards honor and
recognize quality in building operations and award excellence in
building management.
- The Alexandria Center® for AgTech in our Research
Triangle submarket was named Top Flex/Warehouse Development in the
Triangle Business Journal's 2022 SPACE Awards. The annual
SPACE Awards recognize the Research Triangle's top real estate
developments and transactions.
- 685 Gateway Boulevard, an amenities building on our Alexandria
Technology Center® – Gateway mega campus in our
South San Francisco submarket,
which is on track to achieve Zero Energy Certification, was awarded
one of 10 national awards issued by WoodWorks – Wood Products
Council in the 2022 Wood Design Awards, an annual awards program
that celebrates excellence in wood building design.
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Acquisitions
March 31, 2022
(Dollars in thousands)
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Square
Footage
|
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|
|
|
|
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Acquisitions With
Development/Redevelopment
Opportunities(1)
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Property
|
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Submarket/Market
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Date
of
Purchase
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Number of
Properties
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Operating
Occupancy
|
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Future
Development
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Active
Development/
Redevelopment
|
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Operating With
Future
Development/
Redevelopment
|
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Operating(2)
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Operating
|
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Total(3)
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Purchase
Price
|
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Completed in
1Q22:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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421 Park
Drive(4)
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Fenway/Greater
Boston
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1/13/22
|
|
—
|
|
N/A
|
|
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202,997
|
(4)
|
—
|
|
—
|
|
—
|
|
—
|
|
202,997
|
|
$
|
81,119
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(4)
|
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225 and 235
Presidential Way
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Route 128/Greater
Boston
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|
1/28/22
|
|
2
|
|
100%
|
|
|
—
|
|
—
|
|
440,130
|
|
—
|
|
—
|
|
440,130
|
|
|
124,673
|
|
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1150 El Camino
Real
|
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South San
Francisco/San
Francisco Bay Area
|
|
2/8/22
|
|
1
|
|
99
|
|
|
610,000
|
|
—
|
|
431,940
|
|
70,000
|
|
—
|
|
680,000
|
|
|
118,000
|
|
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3301, 3303,
3305, and 3307
Hillview Avenue
|
|
Greater
Stanford/
San
Francisco Bay Area
|
|
1/6/22
|
|
4
|
|
100
|
|
|
—
|
|
—
|
|
292,013
|
|
—
|
|
—
|
|
292,013
|
|
|
446,000
|
|
|
Costa Verde by
Alexandria
|
|
University Town
Center/
San
Diego
|
|
1/11/22
|
|
2
|
|
100
|
|
|
537,000
|
|
—
|
|
8,730
|
|
—
|
|
—
|
|
545,730
|
|
|
125,000
|
|
|
800 Mercer
Street (60%
interest in consolidated JV)
|
|
Lake
Union/Seattle
|
|
3/18/22
|
|
—
|
|
N/A
|
|
|
869,000
|
|
—
|
|
—
|
|
—
|
|
—
|
|
869,000
|
|
|
87,608
|
|
|
Alexandria
Center® for Life
Science – Durham
|
|
Research Triangle/
Research Triangle
|
|
1/11/22
|
|
—
|
|
N/A
|
|
|
1,175,000
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,175,000
|
|
|
99,428
|
|
|
104 and
108/110/112/114 TW
Alexander Drive, 2752 East
NC Highway 54, and 10
South Triangle Drive(5)
|
|
Research Triangle/
Research Triangle
|
|
1/6/22
|
|
4
|
|
89
|
|
|
750,000
|
|
—
|
|
69,485
|
|
—
|
|
—
|
|
819,485
|
|
|
80,000
|
|
|
Intersection
Campus
|
|
Texas/Other
|
|
2/18/22
|
|
9
|
|
81
|
|
|
—
|
|
—
|
|
998,099
|
|
—
|
|
—
|
|
998,099
|
|
|
400,400
|
|
|
Other
|
|
Various
|
|
Various
|
|
7
|
|
92
|
|
|
473,994
|
|
—
|
|
428,097
|
|
381,760
|
|
—
|
|
1,283,851
|
|
|
278,489
|
|
|
|
|
|
|
|
29
|
|
91%
|
|
|
4,617,991
|
|
—
|
|
2,668,494
|
(6)
|
451,760
|
(6)
|
—
|
(6)
|
7,306,305
|
|
|
1,840,717
|
|
|
Other targeted
acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,159,283
|
|
|
2022 acquisitions
(midpoint)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 guidance
range
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$2,500,000 –
$3,500,000
|
|
|
|
(1)
|
We expect to provide
total estimated costs and related yields for development and
redevelopment projects in the future, subsequent to the
commencement of construction.
|
|
(2)
|
Represents the
operating component of our value-creation acquisitions that is not
expected to undergo future development or redevelopment.
|
|
(3)
|
Represents total square
footage upon completion of development or redevelopment of a new
Class A property. Square footage presented includes RSF of
buildings currently in operation with future development or
redevelopment opportunities. We intend to demolish and develop or
to redevelop the existing properties upon expiration of the
existing in-place leases. Refer to "Definitions and
reconciliations" in our Supplemental Information for additional
details on value-creation square feet currently included in rental
properties.
|
|
(4)
|
Represents the
incremental purchase price related to the achievement of additional
entitlement rights aggregating 202,997 SF at our Alexandria
Center® for Life Science – Fenway mega
campus.
|
|
(5)
|
Includes the
acquisition of fee simple interests in the land underlying our
recently acquired 108/110/112/114 TW Alexander Drive buildings,
which were previously subject to ground leases.
|
|
(6)
|
We expect the
acquisitions completed during the three months ended March 31, 2022
to generate initial annual net operating income of approximately
$75 million for the twelve months following acquisition. These
acquisitions included 29 operating properties with a
weighted-average acquisition date of January 23, 2022 (weighted by
initial annual net operating income).
|
|
Dispositions and
Sales of Partial Interest
March 31, 2022
(Dollars in thousands)
|
|
Property
|
|
Submarket/Market
|
|
Date of
Sale
|
|
Interest
Sold
|
|
RSF
|
|
Capitalization
Rate
|
|
Capitalization
Rate
(Cash
Basis)
|
|
Sales
Price
|
|
Sales Price
per RSF
|
|
Consideration
in Excess of
Book Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 Binney
Street
|
|
Cambridge/Greater
Boston
|
|
3/30/22
|
|
70%
|
|
|
432,931
|
|
3.6%
|
|
|
3.5%
|
|
|
$
713,228
|
(1)
|
$
2,353
|
|
$ 413,615
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
Greater
Boston
|
|
2Q22
|
|
100%
|
|
|
TBD
|
|
|
|
|
|
|
|
300,000
|
–
|
400,000
|
|
|
|
TBD
|
|
|
|
Other
|
|
|
|
TBD
|
|
TBD
|
|
|
TBD
|
|
|
|
|
|
|
|
286,772
|
–
|
1,486,772
|
|
|
|
TBD
|
|
|
|
2022 guidance
range
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
1,300,000
|
–
|
$
2,600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents the
contractual sales price for the percentage interest of the property
sold by us.
|
|
(2)
|
We retained control
over the newly formed real estate joint venture and therefore
continued to consolidate this property. We accounted for the
difference between the consideration received and the book value of
the interest sold as an equity transaction, with no gain or loss
recognized in earnings.
|
|
Guidance
March 31, 2022
(Dollars in millions, except per share amounts)
|
|
|
The following updated
guidance is based on our current view of existing market conditions
and assumptions for the year ending December 31, 2022. There can be
no assurance that actual amounts will not be materially higher or
lower than these expectations. Also, refer to our discussion of
"forward-looking statements" on page 7 of this Earnings Press
Release for additional details.
|
|
|
|
2022
Guidance
|
|
|
|
2022 Guidance
Midpoint
|
|
Summary of Key
Changes in Guidance
|
|
As of
4/25/22
|
|
As of
1/31/22
|
|
Summary of Key
Changes in Sources and Uses of
Capital Guidance
|
|
As of
4/25/22
|
|
As of
1/31/22
|
|
EPS, FFO per share, and
FFO per share, as adjusted
|
|
See updates
below
|
|
Dispositions and sales
of partial interest
|
|
$1,950
|
|
$1,700
|
|
Same property net
operating income increases
|
|
5.9% to 7.9%
|
|
5.5% to 7.5%
|
|
Issuance of unsecured
senior notes payable
|
|
$1,800
|
|
$1,450
|
|
Straight-line rent
revenue
|
|
$154 to $164
|
|
$150 to $160
|
|
Repayments of secured
notes payable
|
|
$(195)
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected 2022
Earnings per Share and Funds From Operations per Share Attributable
to
Alexandria's Common Stockholders –
Diluted
|
|
|
|
As of
4/25/22
|
|
As of
1/31/22
|
|
|
Earnings per
share(1)
|
|
$1.08 to
$1.18
|
|
$2.65 to
$2.85
|
|
|
Depreciation and amortization of real estate
assets
|
|
|
5.65
|
|
|
|
5.65
|
|
|
|
Allocation to unvested restricted stock awards
|
|
|
(0.02)
|
|
|
|
(0.04)
|
|
|
|
Funds from operations
per share(2)
|
|
$6.71 to
$6.81
|
|
$8.26 to
$8.46
|
|
|
Unrealized losses on non-real estate investments
|
|
|
1.67
|
|
|
|
—
|
|
|
|
Loss on early extinguishment of debt(3)
|
|
|
0.02
|
|
|
|
—
|
|
|
|
Allocation to unvested restricted stock awards
|
|
|
(0.02)
|
|
|
|
—
|
|
|
|
Other
|
|
|
(0.05)
|
|
|
|
—
|
|
|
|
Funds from operations
per share, as adjusted(2)
|
|
$8.33 to
$8.43
|
|
$8.26 to
$8.46
|
|
|
Midpoint
|
|
$8.38
|
|
$8.36
|
|
|
|
|
|
|
|
|
Key
Assumptions
|
|
Low
|
|
High
|
|
|
Occupancy percentage in
North America as of December 31, 2022
|
|
95.2%
|
|
95.8%
|
|
|
Lease renewals and
re-leasing of space:
|
|
|
|
|
|
|
Rental rate increases
|
|
30.0%
|
|
35.0%
|
|
|
Rental rate increases (cash basis)
|
|
18.0%
|
|
23.0%
|
|
|
Same property
performance:
|
|
|
|
|
|
|
Net
operating income increase
|
|
5.9%
|
|
7.9%
|
|
|
Net
operating income increase (cash basis)
|
|
6.5%
|
|
8.5%
|
|
|
Straight-line rent
revenue
|
|
$
154
|
|
$
164
|
|
|
General and
administrative expenses
|
|
$
168
|
|
$
176
|
|
|
Capitalization of
interest
|
|
$
269
|
|
$
279
|
|
|
Interest
expense
|
|
$
90
|
|
$
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Credit
Metrics
|
|
2022
Guidance
|
|
Net debt and preferred
stock to Adjusted EBITDA – 4Q22 annualized
|
|
Less than or equal to
5.1x
|
|
Fixed-charge coverage
ratio – 4Q22 annualized
|
|
Greater than or equal
to 5.1x
|
|
|
|
|
Key Sources and Uses
of Capital
|
|
Range
|
|
Midpoint
|
|
Certain
Completed
Items as of
3/31/22
|
|
Sources of
capital:
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities after
dividends
|
|
$
275
|
|
$
325
|
|
$
|
300
|
|
|
|
|
Incremental debt
|
|
1,375
|
|
525
|
|
|
950
|
|
See below
|
|
Dispositions and sales of partial interest (refer to
page
5)
|
|
1,300
|
|
2,600
|
|
|
1,950
|
|
$ 713
|
|
|
Common equity
|
|
2,250
|
|
3,250
|
|
|
2,750
|
|
$
2,040
|
(4)
|
|
Total sources of
capital
|
|
$ 5,200
|
|
$ 6,700
|
|
$
|
5,950
|
|
|
|
|
Uses of
capital:
|
|
|
|
|
|
|
|
|
|
|
|
Construction (refer to page 46)
|
|
$ 2,700
|
|
$ 3,200
|
|
$
|
2,950
|
|
|
|
|
Acquisitions (refer to page 4)
|
|
2,500
|
|
3,500
|
|
|
3,000
|
|
$
1,841
|
|
|
Total uses of
capital
|
|
$ 5,200
|
|
$ 6,700
|
|
$
|
5,950
|
|
|
|
|
Incremental debt
(included above):
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of unsecured senior notes payable
|
|
$ 1,800
|
|
$ 1,800
|
|
$
|
1,800
|
|
$
1,800
|
|
|
Repayments of secured notes payable
|
|
(195)
|
|
(195)
|
|
|
(195)
|
|
$
(195)
|
(3)
|
|
Unsecured senior line of credit, commercial paper,
and
other
|
|
(230)
|
|
(1,080)
|
|
|
(655)
|
|
|
|
|
Incremental
debt
|
|
$ 1,375
|
|
$
525
|
|
$
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes unrealized
gains or losses after March 31, 2022 that are required to be
recognized in earnings and are excluded from funds from operations
per share, as adjusted.
|
|
(2)
|
Refer to "Funds from
operations and funds from operations, as adjusted, attributable to
Alexandria's common stockholders" in the "Definitions and
reconciliations" of our Supplemental Information for additional
details.
|
|
(3)
|
Refer to "Subsequent
event" on page 3 of this Earnings Press Release for additional
details.
|
|
(4)
|
Refer to "Key capital
events" on page 2 of this Earnings Press Release for additional
details. During the three months ended March 31, 2022, we entered
into new forward equity sales agreements aggregating $2.0 billion
to sell 9.9 million shares of our common stock. As of March 31,
2022, we settled a portion of these forward equity sales agreements
by issuing 3.2 million shares and received net proceeds of $648.2
million. We expect to issue 6.6 million shares to settle our
remaining outstanding forward equity sales agreements and receive
net proceeds of approximately $1.3 billion in 2022.
|
Earnings Call Information and About the Company
March 31, 2022
We will host a conference call on Tuesday, April 26, 2022,
at 3:00 p.m. Eastern Time
("ET")/noon Pacific Time ("PT"),
which is open to the general public, to discuss our financial and
operating results for the first quarter ended March 31, 2022.
To participate in this conference call, dial (833) 366-1125 or
(412) 902-6738 shortly before 3:00 p.m.
ET/noon PT and ask the
operator to join the call for Alexandria Real Estate Equities, Inc.
The audio webcast can be accessed at www.are.com in the "For
Investors" section. A replay of the call will be available for a
limited time from 5:00 p.m.
ET/2:00 p.m. PT on Tuesday,
April 26, 2022. The replay number is (877) 344-7529 or (412)
317-0088, and the access code is 3372112.
Additionally, a copy of this Earnings Press Release and
Supplemental Information for the first quarter ended March 31, 2022 is available in the "For
Investors" section of our website at www.are.com or by
following this link: http://www.are.com/fs/2022q1.pdf.
For any questions, please contact Joel
S. Marcus, executive chairman and founder; Peter M. Moglia, co-chief executive officer and
co-chief investment officer; Stephen A.
Richardson, co-chief executive officer; Dean A. Shigenaga, president and chief financial
officer; Paula Schwartz, managing
director of Rx Communications Group, at (917) 322-2216; or
Sara M. Kabakoff, vice president –
communications, at (626) 578-0777.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P
500® urban office real estate investment trust ("REIT"),
is the first, longest-tenured, and pioneering owner, operator, and
developer uniquely focused on collaborative life science, agtech,
and technology campuses in AAA innovation cluster locations, with a
total market capitalization of $42.8
billion and an asset base in North
America of 74.2 million square feet ("SF") as of
March 31, 2022. The asset base in North America includes 41.9 million RSF of
operating properties and 5.4 million RSF of Class A properties
undergoing construction, 10.4 million RSF of near-term and
intermediate-term development and redevelopment projects, and 16.5
million SF of future development projects. Founded in 1994,
Alexandria pioneered this niche
and has since established a significant market presence in key
locations, including Greater
Boston, the San Francisco Bay
Area, New York City,
San Diego, Seattle, Maryland, and Research Triangle. Alexandria has a longstanding and proven track
record of developing Class A properties clustered in urban life
science, agtech, and technology campuses that provide our
innovative tenants with highly dynamic and collaborative
environments that enhance their ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency,
creativity, and success. Alexandria also provides strategic capital to
transformative life science, agtech, and technology companies
through our venture capital platform. We believe our unique
business model and diligent underwriting ensure a high-quality and
diverse tenant base that results in higher occupancy levels, longer
lease terms, higher rental income, higher returns, and greater
long-term asset value. For additional information on Alexandria, please visit www.are.com.
***********
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation,
statements regarding our 2022 earnings per share attributable to
Alexandria's common stockholders –
diluted, 2022 funds from operations per share attributable to
Alexandria's common stockholders –
diluted, net operating income, and our projected sources and uses
of capital. You can identify the forward-looking statements by
their use of forward-looking words, such as "forecast," "guidance,"
"goals," "projects," "estimates," "anticipates," "believes,"
"expects," "intends," "may," "plans," "seeks," "should," "targets,"
or "will," or the negative of those words or similar words. These
forward-looking statements are based on our current expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts, as well as a number of assumptions
concerning future events. There can be no assurance that actual
results will not be materially higher or lower than these
expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. Factors that might cause such a
difference include, without limitation, our failure to obtain
capital (debt, construction financing, and/or equity) or refinance
debt maturities, lower than expected yields, increased interest
rates and operating costs, adverse economic or real estate
developments in our markets, our failure to successfully place into
service and lease any properties undergoing development or
redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose),
our failure to successfully operate or lease acquired properties,
decreased rental rates, increased vacancy rates or failure to renew
or replace expiring leases, defaults on or non-renewal of leases by
tenants, adverse general and local economic conditions, an
unfavorable capital market environment, decreased leasing activity
or lease renewals, failure to obtain LEED and other healthy
building certifications and efficiencies, and other risks and
uncertainties detailed in our filings with the Securities and
Exchange Commission ("SEC"). Accordingly, you are cautioned not to
place undue reliance on such forward-looking statements. All
forward-looking statements are made as of the date of this Earnings
Press Release and Supplemental Information, and unless otherwise
stated, we assume no obligation to update this information and
expressly disclaim any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. For more discussion relating to risks
and uncertainties that could cause actual results to differ
materially from those anticipated in our forward-looking
statements, and risks to our business in general, please refer to
our SEC filings, including our most recent annual report on Form
10-K and any subsequent quarterly reports on Form 10-Q.
Alexandria®,
Lighthouse Design® logo, Building the Future of
Life-Changing Innovation®, That's What's in Our
DNA®, GradLabs®, Alexandria
Center®, Alexandria Technology Square®,
Alexandria Technology Center®, and Alexandria Innovation
Center® are copyrights and trademarks of Alexandria Real
Estate Equities, Inc. All other company names, trademarks, and
logos referenced herein are the property of their respective
owners.
|
Consolidated
Statements of Operations
March 31, 2022
(Dollars in thousands, except per share amounts)
|
|
|
|
Three Months Ended
|
|
|
3/31/22
|
|
12/31/21
|
|
9/30/21
|
|
6/30/21
|
|
3/31/21
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Income from rentals
|
|
$
612,554
|
|
$
574,656
|
|
$
546,527
|
|
$
508,371
|
|
$
478,695
|
|
Other income
|
|
2,511
|
|
2,267
|
|
1,232
|
|
1,248
|
|
1,154
|
|
Total
revenues
|
|
615,065
|
|
576,923
|
|
547,759
|
|
509,619
|
|
479,849
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Rental operations
|
|
181,328
|
|
175,717
|
|
165,995
|
|
143,955
|
|
137,888
|
|
General and administrative
|
|
40,931
|
|
41,654
|
|
37,931
|
|
37,880
|
|
33,996
|
|
Interest
|
|
29,440
|
|
34,862
|
|
35,678
|
|
35,158
|
|
36,467
|
|
Depreciation and amortization
|
|
240,659
|
|
239,254
|
|
210,842
|
|
190,052
|
|
180,913
|
|
Impairment of real estate
|
|
—
|
|
—
|
|
42,620
|
|
4,926
|
|
5,129
|
|
Loss
on early extinguishment of debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
67,253
|
|
Total
expenses
|
|
492,358
|
|
491,487
|
|
493,066
|
|
411,971
|
|
461,646
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated real estate joint ventures
|
|
220
|
|
3,018
|
|
3,091
|
|
2,609
|
|
3,537
|
|
Investment (loss)
income
|
|
(240,319)
|
|
(112,884)
|
|
67,084
|
|
304,263
|
|
1,014
|
|
Gain (loss) on sales of
real estate
|
|
—
|
|
124,226
|
|
(435)
|
|
—
|
|
2,779
|
|
Net (loss)
income
|
|
(117,392)
|
|
99,796
|
|
124,433
|
|
404,520
|
|
25,533
|
|
Net income attributable
to noncontrolling interests
|
|
(32,177)
|
|
(24,901)
|
|
(21,286)
|
|
(19,436)
|
|
(17,412)
|
|
Net (loss) income
attributable to Alexandria Real Estate Equities, Inc.'s
stockholders
|
|
(149,569)
|
|
74,895
|
|
103,147
|
|
385,084
|
|
8,121
|
|
Net income attributable
to unvested restricted stock awards
|
|
(2,081)
|
|
(2,098)
|
|
(1,883)
|
|
(4,521)
|
|
(2,014)
|
|
Net (loss) income
attributable to Alexandria Real Estate Equities, Inc.'s common
stockholders
|
|
$ (151,650)
|
|
$
72,797
|
|
$
101,264
|
|
$
380,563
|
|
$
6,107
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to Alexandria Real Estate Equities, Inc.'s
common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.96)
|
|
$
0.47
|
|
$
0.67
|
|
$
2.61
|
|
$
0.04
|
|
Diluted
|
|
$
(0.96)
|
|
$
0.47
|
|
$
0.67
|
|
$
2.61
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
158,198
|
|
153,464
|
|
150,854
|
|
145,825
|
|
137,319
|
|
Diluted
|
|
158,198
|
|
154,307
|
|
151,561
|
|
146,058
|
|
137,688
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share of common stock
|
|
$
1.15
|
|
$
1.15
|
|
$
1.12
|
|
$
1.12
|
|
$
1.09
|
|
Consolidated Balance
Sheets
March 31, 2022
(In thousands)
|
|
|
|
3/31/22
|
|
12/31/21
|
|
9/30/21
|
|
6/30/21
|
|
3/31/21
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real
estate
|
|
$
27,100,009
|
|
$
24,980,669
|
|
$
23,071,514
|
|
$
21,692,385
|
|
$
20,253,418
|
|
Investments in
unconsolidated real estate joint ventures
|
|
38,456
|
|
38,483
|
|
321,737
|
|
323,622
|
|
325,928
|
|
Cash and cash
equivalents
|
|
775,060
|
|
361,348
|
|
325,872
|
|
323,876
|
|
492,184
|
|
Restricted
cash
|
|
95,106
|
|
53,879
|
|
42,182
|
|
33,697
|
|
42,219
|
|
Tenant
receivables
|
|
7,570
|
|
7,379
|
|
7,749
|
|
6,710
|
|
7,556
|
|
Deferred
rent
|
|
881,743
|
|
839,335
|
|
816,219
|
|
781,600
|
|
751,967
|
|
Deferred leasing
costs
|
|
484,184
|
|
402,898
|
|
329,952
|
|
321,005
|
|
294,328
|
|
Investments
|
|
1,661,101
|
|
1,876,564
|
|
2,046,878
|
|
1,999,283
|
|
1,641,811
|
|
Other assets
|
|
1,801,027
|
|
1,658,818
|
|
1,596,615
|
|
1,536,672
|
|
1,424,935
|
|
Total assets
|
|
$
32,844,256
|
|
$
30,219,373
|
|
$
28,558,718
|
|
$
27,018,850
|
|
$
25,234,346
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
Noncontrolling Interests, and Equity
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes
payable
|
|
$
208,910
|
|
$
205,198
|
|
$
198,758
|
|
$
227,984
|
|
$
229,406
|
|
Unsecured senior notes
payable
|
|
10,094,337
|
|
8,316,678
|
|
8,314,851
|
|
8,313,025
|
|
8,311,512
|
|
Unsecured senior line
of credit and commercial paper
|
|
—
|
|
269,990
|
|
749,978
|
|
299,990
|
|
—
|
|
Accounts payable,
accrued expenses, and other liabilities
|
|
2,172,692
|
|
2,210,410
|
|
2,149,450
|
|
1,825,387
|
|
1,750,687
|
|
Dividends
payable
|
|
187,701
|
|
183,847
|
|
173,560
|
|
170,647
|
|
160,779
|
|
Total
liabilities
|
|
12,663,640
|
|
11,186,123
|
|
11,586,597
|
|
10,837,033
|
|
10,452,384
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
9,612
|
|
9,612
|
|
11,681
|
|
11,567
|
|
11,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Alexandria Real Estate
Equities, Inc.'s stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
1,614
|
|
1,580
|
|
1,532
|
|
1,507
|
|
1,457
|
|
Additional paid-in capital
|
|
16,934,094
|
|
16,195,256
|
|
14,727,735
|
|
14,194,023
|
|
12,994,748
|
|
Accumulated other comprehensive loss
|
|
(5,727)
|
|
(7,294)
|
|
(6,029)
|
|
(4,508)
|
|
(5,799)
|
|
Alexandria Real Estate
Equities, Inc.'s stockholders' equity
|
|
16,929,981
|
|
16,189,542
|
|
14,723,238
|
|
14,191,022
|
|
12,990,406
|
|
Noncontrolling
interests
|
|
3,241,023
|
|
2,834,096
|
|
2,237,202
|
|
1,979,228
|
|
1,780,102
|
|
Total equity
|
|
20,171,004
|
|
19,023,638
|
|
16,960,440
|
|
16,170,250
|
|
14,770,508
|
|
Total liabilities,
noncontrolling interests, and equity
|
|
$
32,844,256
|
|
$
30,219,373
|
|
$
28,558,718
|
|
$
27,018,850
|
|
$
25,234,346
|
|
Funds From
Operations and Funds From Operations per Share
March 31, 2022
(In thousands)
|
|
|
The following table
presents a reconciliation of net income (loss) attributable to
Alexandria's common stockholders, the most directly comparable
financial measure presented in accordance with U.S. generally
accepted accounting principles ("GAAP"), including our share of
amounts from consolidated and unconsolidated real estate joint
ventures, to funds from operations attributable to Alexandria's
common stockholders – diluted, and funds from operations
attributable to Alexandria's common stockholders – diluted, as
adjusted, for the periods below:
|
|
|
|
Three Months Ended
|
|
|
3/31/22
|
|
12/31/21
|
|
9/30/21
|
|
6/30/21
|
|
3/31/21
|
|
Net (loss) income attributable to Alexandria's common
stockholders
|
|
$
(151,650)
|
|
$ 72,797
|
|
$
101,264
|
|
$
380,563
|
|
$
6,107
|
|
Depreciation and amortization of real estate assets
|
|
237,160
|
|
234,979
|
|
205,436
|
|
186,498
|
|
177,720
|
|
Noncontrolling share of depreciation and amortization
from consolidated real estate JVs
|
|
(23,681)
|
|
(21,265)
|
|
(17,871)
|
|
(16,301)
|
|
(15,443)
|
|
Our share of depreciation and amortization from
unconsolidated real estate JVs
|
|
955
|
|
3,058
|
|
3,465
|
|
4,135
|
|
3,076
|
|
(Gain) loss on sales of real
estate
|
|
—
|
|
(124,226)
|
|
435
|
|
—
|
|
(2,779)
|
|
Impairment of real estate – rental
properties
|
|
—
|
|
—
|
|
18,602
|
|
1,754
|
|
5,129
|
|
Allocation to unvested restricted stock
awards
|
|
—
|
|
—
|
|
(1,472)
|
|
(2,191)
|
|
(201)
|
|
Funds from operations attributable to Alexandria's
common stockholders – diluted(1)
|
|
62,784
|
|
165,343
|
|
309,859
|
|
554,458
|
|
173,609
|
|
Unrealized losses (gains) on non-real estate investments
|
|
263,433
|
|
139,716
|
|
14,432
|
|
(244,031)
|
|
46,251
|
|
Significant realized gains on non-real estate
investments
|
|
—
|
|
—
|
|
(52,427)
|
|
(34,773)
|
|
(22,919)
|
|
Impairment of real estate
|
|
—
|
|
—
|
|
24,018
|
|
3,172
|
|
—
|
|
Loss on early extinguishment of debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
67,253
|
|
Allocation to unvested restricted stock
awards
|
|
(1,604)
|
|
(1,432)
|
|
149
|
|
3,428
|
|
(1,208)
|
|
Funds from operations attributable to Alexandria's
common stockholders – diluted, as adjusted
|
|
$
324,613
|
|
$
303,627
|
|
$
296,031
|
|
$
282,254
|
|
$
262,986
|
|
|
|
(1)
|
Calculated in
accordance with standards established by the Nareit Board of
Governors.
|
|
Funds From
Operations and Funds From Operations per Share (continued)
March 31, 2022
(In thousands, except per share amounts)
|
|
|
The following table
presents a reconciliation of net income (loss) per share
attributable to Alexandria's common stockholders, the most directly
comparable financial measure presented in accordance with GAAP,
including our share of amounts from consolidated and unconsolidated
real estate joint ventures, to funds from operations per share
attributable to Alexandria's common stockholders – diluted, and
funds from operations per share attributable to Alexandria's common
stockholders – diluted, as adjusted, for the periods below. Per
share amounts may not add due to rounding.
|
|
|
|
Three Months Ended
|
|
|
3/31/22
|
|
12/31/21
|
|
9/30/21
|
|
6/30/21
|
|
3/31/21
|
|
Net (loss) income per share attributable to
Alexandria's common stockholders – diluted
|
|
$
(0.96)
|
|
$
0.47
|
|
$
0.67
|
|
$
2.61
|
|
$
0.04
|
|
Depreciation and amortization of real estate assets
|
|
1.36
|
|
1.40
|
|
1.26
|
|
1.19
|
|
1.20
|
|
(Gain) loss on sales of real estate
|
|
—
|
|
(0.80)
|
|
—
|
|
—
|
|
(0.02)
|
|
Impairment of real estate – rental properties
|
|
—
|
|
—
|
|
0.12
|
|
0.01
|
|
0.04
|
|
Allocation to unvested restricted stock awards
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
|
—
|
|
Funds from operations per share attributable to
Alexandria's common stockholders – diluted
|
|
0.40
|
|
1.07
|
|
2.04
|
|
3.80
|
|
1.26
|
|
Unrealized losses (gains) on non-real estate investments
|
|
1.67
|
|
0.91
|
|
0.10
|
|
(1.67)
|
|
0.34
|
|
Significant realized gains on non-real estate
investments
|
|
—
|
|
—
|
|
(0.35)
|
|
(0.24)
|
|
(0.17)
|
|
Impairment of real estate
|
|
—
|
|
—
|
|
0.16
|
|
0.02
|
|
—
|
|
Loss
on early extinguishment of debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.49
|
|
Allocation to unvested restricted stock awards
|
|
(0.02)
|
|
(0.01)
|
|
—
|
|
0.02
|
|
(0.01)
|
|
Funds from operations per share attributable to
Alexandria's common stockholders – diluted, as
adjusted
|
|
$
2.05
|
|
$
1.97
|
|
$
1.95
|
|
$
1.93
|
|
$
1.91
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
of common stock outstanding for calculation of:
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted
|
|
158,198
|
|
154,307
|
|
151,561
|
|
146,058
|
|
137,688
|
|
Funds from operations, diluted, per share
|
|
158,209
|
|
154,307
|
|
151,561
|
|
146,058
|
|
137,688
|
|
Funds from operations, diluted, as adjusted, per share
|
|
158,209
|
|
154,307
|
|
151,561
|
|
146,058
|
|
137,688
|
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SOURCE Alexandria Real Estate Equities, Inc.