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Company Research25 Mar 2024
Companies That Had Their IPO in 1997: Tech and Internet Fever
An overview of the IPO landscape and stock market sentiment as the dot com bubble slowly started to take shape.
Alexandria Real Estate Equities (ARE) investor relations material
Alexandria Real Estate Equities Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary3 Dec, 2025
Strategic priorities and market environment
Focused on mega campus strategy, reducing exposure to non-core and land assets, and maintaining balance sheet strength and liquidity for 2026 and beyond.
Seven levers for 2026: strong balance sheet, reduced capital spend, non-core asset dispositions, improved occupancy/NOI, G&A management, mega campus investment, and opportunistic share buybacks.
Asset recycling since 2021 exceeded $7.5 billion, with a target to have 90%-95% of annual rental revenue from core mega campuses by end of 2026.
Dividend cut of 45% announced to generate $410 million in additional capital, aligning payout with peers and supporting funding needs.
Construction spending reduced by nearly 40% from 2024-2026, with pipeline projects cut from 16 to 12, focusing on high-conviction mega campus developments.
Financial guidance and operational outlook
2026 FFO per share diluted as adjusted guided to $6.25-$6.55, with a midpoint of $6.40, reflecting asset sales and market headwinds.
Occupancy expected to decline to 88.5% by end of 2026, outperforming market averages in key regions.
Same property cash NOI projected to decline 8.5% in 2026, marking the first negative year in over two decades due to known vacates and market softness.
Rental rates on renewals expected down 8% on a cash basis, up 2% GAAP, with focus on meeting market terms to drive occupancy.
G&A savings of $72 million targeted for 2025-2026, with recurring savings of $24 million annually versus 2024.
Portfolio repositioning and capital allocation
Dispositions and partial interest sales of $2.9 billion planned for 2026, with 70% from non-core assets and land, aiming to complete large-scale non-core disposition program.
Non-core assets expected to represent only 5%-10% of annual rental revenue by end of 2026.
Proceeds from asset sales to be used for debt reduction (~$1.7 billion), funding development, and maintaining leverage in the 5.6-6.2x net debt/EBITDA range.
Asset sales buyers include owner-users, private real estate firms, REITs, and investment funds, with opportunistic capital seeking value-add properties.
Joint ventures remain part of the capital plan, with greater emphasis expected post-2026 as non-core sales wind down.
Detail collective impact of 4 negative factors
Provide proof of Megacampus outperformance
What drives 2026 cash same-property decline?
Partial view of Summaries dataset, powered by Quartr API
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Next Alexandria Real Estate Equities earnings date
Q4 202527 Jan, 2026
Next Alexandria Real Estate Equities earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Alexandria Real Estate Equities Inc is a real estate investment trust focused on the development, ownership, and operation of life science and technology campuses. The company provides specialized real estate solutions to companies in the life sciences, agtech, and technology sectors. Alexandria serves a tenant base that includes pharmaceutical, biotechnology, and academic institutions. The company is headquartered in Pasadena, California, and its shares are listed on the NYSE.
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