Alexandria Real Estate’s Q1 FFO rises on stronger occupancy rates

By Thomson Reuters Apr 22, 2024 | 4:00 PM

(Reuters) – Life science real estate investment trust (REIT) Alexandria Real Estate Equities posted a rise in funds from operations (FFO) for the first quarter on Monday, aided by better occupancy rates.

The Pasadena, California-based company operates and develops life science laboratories, offices and technology campuses across North America with clients such as Bristol-Myers Squibb, Moderna and Eli Lilly.

Alexandria’s quarterly FFO, a key measure of performance of a REIT, came in at $2.35 per share, compared with $2.19 per share a year earlier.

Occupancy of operating properties in North America as of March 31 stood at 94.6%, compared with 93.6% a year ago.

The company also raised its annual FFO forecast to be between $9.49 and $9.61 per share, from previous range of $9.37 to $9.57 per share.

Its total revenue for the quarter ended March 31 rose nearly 10% to about $769 million.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)