Alexandria Real Estate Equities, Inc. Reports: 3Q22 and YTD 3Q22 Net Income per Share - Diluted of $2.11 and $2.88, respectively; and 3Q22 and YTD 3Q22 FFO per Share - Diluted, As Adjusted, of $2.13 and $6.28, respectively

Key highlights

YTD

Operating results

3Q22

3Q21

3Q22

3Q21

Total revenues:

In millions

$  659.9

$     547.8

$  1,918.7

$   1,537.2

Growth

20.5 %

24.8 %

Net income attributable to Alexandria's common stockholders – diluted

In millions

$  341.4

$     101.3

$     461.5

$     490.6

Per share

$    2.11

$       0.67

$       2.88

$       3.38

Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted

In millions

$  344.7

$     296.0

$  1,008.1

$     841.3

Per share

$    2.13

$       1.95

$       6.28

$       5.80

Percentage of total annual rental revenue in effect from investment-grade or
     publicly traded large cap tenants

49 %

Sustained strength in tenant collections:

Tenant receivables as of September 30, 2022

$     7.8

million

October tenant rent and receivables collected as of October 24, 2022

99.9 %

Occupancy of operating properties in North America

94.3 %

Operating margin

70 %

Adjusted EBITDA margin

69 %

Weighted-average remaining lease term:

All tenants

7.2

years

Top 20 tenants

9.7

years

3Q22

YTD 3Q22

Total leasing activity – RSF

1,662,069

6,405,265

Leasing of development and redevelopment space – RSF

329,006

2,685,138

Lease renewals and re-leasing of space:

RSF (included in total leasing activity above)

1,094,821

3,045,980

Rental rate increases

27.1 %

34.3 %

Rental rate increases (cash basis)

22.6 %

24.2 %