Founded in 1994, Alexandria Real Estate Equities, Inc. is a Pasadena, CA-based urban office real estate investment trust (REIT) with particular focus on collaborative life science, agtech and technology campuses. The company’s assets are located in the AAA innovation cluster locations of North America, with considerable market presence in Greater Boston, San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle.
As of Mar 31, 2021, the company held a portfolio of 52.6 million square feet in North America. This included 33.9 million rentable square feet (RSF) of operating properties. Further, the company had 4.0 million RSF of Class A properties undergoing construction.
Moreover, the company had 7.3 million RSF of near-term and intermediate-term development and redevelopment projects, and 7.4 million SF of future development projects. Alexandria also provides strategic capital to transformative life science, technology, and agtech companies through its venture capital arm.
Alexandria’s total leasing activity aggregated to 1.68 million RSF of space during the March-end quarter. Lease renewals and re-leasing of space amounted to 521,825 RSF. Leasing of development and redevelopment space amounted to 788,973 RSF. Occupancy of operating properties in North America remained high at 94.5%as of Mar 31, 2021. The company registered decent rental rate growth of 36.2% during the reported quarter. On a cash basis, rental rate increased 17.4%.
Note: All EPS numbers presented in this report represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.