Alexandria Real Estate Equities, Inc. Reports Fourth Quarter and Year Ended December 31, 2016 Financial and Operating Results

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PR Newswire

PASADENA, Calif., Jan. 30, 2017

PASADENA, Calif., Jan. 30, 2017 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced financial and operating results for the fourth quarter and year ended December 31, 2016.

Key highlights:

Solid internal growth

Total revenues of $249.2 million, up 11.3%, for 4Q16, compared to $224.0 million for 4Q15 and total revenues of $921.7 million, up 9.3%, for 2016, compared to $843.5 million for 2015;
Solid leasing activity in light of minimal contractual lease expirations at the beginning of 2016 and a highly leased value-creation pipeline:

4Q16

2016

Total leasing activity – RSF

ARIVA.DE Börsen-Geflüster

Kurse

Alexandria Real Estate

119,49 $

0,00%

1,501,376

3,390,067

Lease renewals and re-leasing of space:

Rental rate increases

25.8%

27.6%

Rental rate increases (cash basis)

9.5%

12.0%

RSF

671,222

2,129,608

Same property net operating income growth:
- 3.2% and 4.9% (cash basis) for 4Q16, compared to 4Q15
- 4.7% and 6.0% (cash basis) for 2016, compared to 2015

Solid external growth; disciplined allocation of capital to highly leased value-creation pipeline

Deliveries of Class A properties in urban innovation clusters from our value-creation pipeline is expected to significantly increase net operating income:

Delivery Date	RSF	Percentage Leased	Incremental Annual Net Operating Income
YTD 3Q16	1,003,795	99%	$55 million
4Q16	890,133	89%	$37 million
2017	1,405,117	80%	$95 million to $105 million

4Q16 key development, redevelopment, and other projects placed into service:
- 422,980 RSF, 100% leased to Uber Technologies, Inc. at 1455 and 1515 Third Street;
- 305,006 RSF, 100% leased to Eli Lilly and Company at 10290 Campus Point Drive;
- 61,755 RSF, 100% leased to Otonomy, Inc. at 4796 Executive Drive; and
Executed a 293,855 RSF 15-year build-to-suit lease with Merck & Co., Inc. at 213 East Grand Avenue in our South San Francisco submarket; we anticipate commencing development 2Q17.

Increased common stock dividend

Common stock dividend for 2016 of $3.23 per common share, up 18 cents, or 6%, over 2015; continuation of our strategy to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment.

Operating results	4Q16		4Q15		Change	2016		2015		Change
Net (loss) income attributable to Alexandria's common stockholders – diluted:
In Millions	$	(25.1)	$	35.1	N/A	$	(151.1)	$	116.9	N/A
Per Share	$	(0.31)	$	0.49	N/A	$	(1.99)	$	1.63	N/A

Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted:
In Millions	$	115.5	$	95.8	20.6%	$	421.3	$	375.8	12.1%
Per Share	$	1.42	$	1.33	6.8%	$	5.51	$	5.25	5.0%

Items included in net (loss) income attributable to Alexandria's common stockholders:

(amounts are shown after deducting any amounts attributable to noncontrolling interests)

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