On August 21, Alexandria Real Estate Equities rose 5.16% in regular trading, trading at $53.135/share, with turnover of approximately $103 million.
On the news front, the company's $1 billion 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, priced at 100% of principal on August 13, is expected to complete settlement around August 21. Net proceeds will be used for general corporate purposes. This debt issuance follows the company's earlier move to secure a $5 billion credit facility with an option for an additional $1 billion, extending maturity to January 2032.
Additionally, the company's Q2 earnings released in early August significantly exceeded expectations. Adjusted FFO came in at $1.73 per diluted share, beating the consensus estimate of $1.64 by 5.49%. Revenue of $662.8 million also surpassed the $646.3 million estimate. Management raised full-year adjusted FFO guidance to $6.35-$6.45, above the prior FactSet consensus of $6.35. These results demonstrated operational resilience despite year-over-year revenue headwinds from lease expirations in the life science sector.
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