Alexandria Real Estate Equities, Inc. Reports Second Quarter Ended June 30, 2014 Financial and Operating Results

FFO Per Share - Diluted, as Adjusted, for 2Q14 up 11.2% over 2Q13

Core Operations Continue to Deliver Solid Results

EPS - Diluted of $0.39

FFO Per Share - Diluted of $1.19

Total Revenues of $176.4 Million

NOI of $124.0 Million

Jul 28, 2014, 16:05 ET from Alexandria Real Estate Equities, Inc.

PASADENA, Calif., July 28, 2014 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced financial and operating results for the second quarter ended June 30, 2014.

"We remain focused on our goal to provide stable and consistent FFO per-share and net asset value growth driven by strong core performance and healthy demand for our active and near-term value creation pipeline. Our performance thus far in 2014 has been solid and we anticipate solid results for the remainder of the year. We remain committed to our goal of funding our 2014 capital needs with EBITDA growth and sales of land parcels. Cash flows from operating activities after dividends and a significant increase in EBITDA is forecasted to provide significant capacity in 2015 to fund our growth, including construction, while maintaining our target net debt to adjusted EBITDA of 6.5x in 2015," said Joel S. Marcus, Chairman, Chief Executive Officer, and Founder of Alexandria Real Estate Equities, Inc.

Results

  • Funds from operations ("FFO") attributable to Alexandria Real Estate Equities, Inc.'s ("Alexandria's") common stockholders – diluted, as adjusted:
    • $1.19 per share for 2Q14, up 11.2%, compared to $1.07 per share for 2Q13
    • $2.36 per share for YTD 2Q14, up 8.3%, compared to $2.18 per share for YTD 2Q13
    • $84.5 million for 2Q14, up $12.9 million, or 18.1%, compared to $71.6 million for 2Q13
    • $167.6 million for YTD 2Q14, up $26.0 million, or 18.3%, compared to $141.6 million for YTD 2Q13
  • Net income attributable to Alexandria's common stockholders – diluted:
    • $27.9 million, or $0.39 per share, for 2Q14 compared to $25.5 million, or $0.38 per share, for 2Q13
    • $60.6 million, or $0.85 per share, for YTD 2Q14 compared to $47.9 million, or $0.74 per share, for YTD 2Q13

Core operating metrics

  • Total revenues:
    • $176.4 million for 2Q14, up $22.5 million, or 14.6%, compared to $153.9 million for 2Q13
    • $352.6 million for YTD 2Q14, up $48.6 million, or 16.0%, compared to $304.0 million for YTD 2Q13
  • Net operating income ("NOI"):
    • $124.0 million for 2Q14, up $16.4 million, or 15.2%, compared to $107.7 million for 2Q13
    • $247.7 million for YTD 2Q14, up $35.2 million, or 16.6%, compared to $212.6 million for YTD 2Q13
  • Same Property NOI growth:
    • Up 5.3% and 5.7% (cash basis) for 2Q14, compared to 2Q13
    • Up 4.5% and 5.0% (cash basis) for YTD 2Q14, compared to YTD 2Q13
  • Leasing activity during 2Q14:
    • Executed 62 leases for 752,364 rentable square feet ("RSF")
    • 9.9% and 3.0% (cash basis) rental rate increases on 2Q14 lease renewals and re-leasing of space
  • Leasing activity during YTD 2Q14:
    • Executed 107 leases for 1,315,757 RSF
    • 13.6% and 6.3% (cash basis) rental rate increases on YTD 2Q14 lease renewals and re-leasing of space
  • Occupancy for properties in North America, as of 2Q14:
    • 96.9% occupancy for operating properties, up 230 basis points ("bps") from 2Q13
    • 95.6% occupancy for operating and redevelopment properties, up 270 bps from 2Q13
  • Operating margins steady at 70% for 2Q14
  • 52% of total annualized base rent ("ABR") from investment-grade client tenants

External growth: value-creation projects and acquisitions

Value-creation projects

  • 79% of our development and redevelopment projects aggregating 1,934,431 RSF in North America are leased or under lease negotiations
  • 2Q14 key deliveries from our value-creation projects included the following:
    • 72,216 RSF to Illumina, Inc. at 499 Illinois Street in our Mission Bay submarket
    • 37,943 RSF to several tenants at 430 East 29th Street, the Alexandria CenterTM for Life Science, in our Manhattan submarket
  • Commenced development of 3013/3033 Science Park Road, a 165,938 RSF project in the Torrey Pines submarket of San Diego.  This development project is currently 63% leased/under negotiation, including 25% pre-leased to a publicly traded life science company.  Our ability to preserve the existing steel frame in a section of the project will allow us to reduce the time to deliver a portion of the project for initial occupancy in early 2015.
  • Delivery of high value pre-leased development and redevelopment projects will drive significant increases in EBITDA, cash flows, net asset value, and per share earnings. Additionally, deliveries over the next few quarters will drive non-income-producing assets (CIP and land) to 12% of gross real estate by 1Q15.

Acquisitions

  • In April 2014, we acquired a land parcel at 500 Townsend Street, supporting the ground-up development of approximately 300,000 gross square feet, in the SoMa submarket of the San Francisco Bay Area for a purchase price of $50.0 million.  We are in the process of perfecting entitlements, marketing for lease, and subject to market conditions, we plan to commence construction as soon as possible in 2015.

Dispositions of land parcels

  • In May 2014, we completed the sale of a land parcel at 810 Dexter Avenue North in the Seattle market for a sales price of $19.0 million and a gain of $0.8 million.  The buyer is expected to reposition the property for multi-family residential use.
  • In July 2014, we completed the sale of two land parcels in a non-cluster market for a sales price of $7.9 million and a gain of $0.2 million.  The buyer is expected to use the land for academic institution purposes.

Balance sheet

  • In July 2014, we completed an offering of $700 million unsecured senior notes payable, consisting of the following:
    • $400 million of 2.75% unsecured senior notes payable due in 2020
    • $300 million of 4.50% unsecured senior notes payable due in 2029
    • Weighted average interest rate of 3.50% and maturity of 9.6 years
    • Weighted average remaining term of outstanding debt extended from 5.1 years to 6.3 years while prudently laddering debt maturities
    • Net proceeds of $694 million were used to reduce variable rate debt, including the partial repayment of $125 million of our 2016 Unsecured Senior Bank Term Loan and the reduction of $569 million of borrowings outstanding on our unsecured senior line of credit.
    • In connection with the partial repayment of $125 million of our 2016 Unsecured Senior Bank Term Loan, we recognized a loss on the early extinguishment of debt related to the write-off of unamortized loan fees totaling $0.5 million, or $0.01 per share.
  • Certain statistics as of 2Q14 on a pro forma basis for the $700 million bond offering completed in July 2014:
    • Liquidity of $1.8 billion
    • Unhedged variable-rate debt as a percentage of total debt of 7%
  • Cash flows from operating activities, after dividends, plus increases in EBITDA in 2015, are expected to provide significant capacity to fund $500 million to $600 million of growth, including construction, in 2015
  • Unencumbered NOI as a percentage of total NOI of 84% for 2Q14

LEED statistics

  • In May 2014, our 225 Binney Street property achieved LEED Gold certification.
  • In June 2014, our 1201 Eastlake Avenue East property achieved LEED Silver Existing Building Operations and Maintenance ("EB O&M") certification.  This building is part of only a handful of labs in the entire world with LEED Silver EB O&M certification. 
  • As of 2Q14, our asset base had 29 LEED certified projects with an additional 27 LEED certifications in process.

Guidance

The following guidance is based on our current view of existing market conditions and other assumptions for the year ended December 31, 2014.  There can be no assurance that actual amounts will be materially higher or lower than these expectations.  See our discussion of "forward-looking statements" on the following page.

EPS and FFO Per Share Attributable to       Alexandria's Common Stockholders – Diluted

2014 Guidance

Earnings per share

$1.63 – $1.69

Add back: depreciation and amortization

3.13

Other(1)

(0.03)

FFO per share

$4.73 – $4.79

Add back: loss on early extinguishment of debt (2)

0.01

FFO per share, as adjusted

$4.74 – $4.80

 

Key Assumptions (Dollars in thousands)

Low

High

Occupancy percentage for operating properties in       North America at December 31, 2014

96.7%

97.2%

Same property performance:

NOI increase

3%

5%

NOI increase (cash basis)

4%

6%

Lease renewals and re-leasing of space:

Rental rate increases

11%

14%

Rental rate increases (cash basis)

4%

6%

Straight-line rents

$

42,000

$

47,000

General and administrative expenses

$

48,000

$

52,000

Capitalization of interest

$

37,000

$

47,000

Interest expense

$

76,000

$

92,000

 

Key Credit Metrics

As of December 31, 2014

Net debt to Adjusted EBITDA – 4Q14 annualized

6.8x

Net debt to Adjusted EBITDA – trailing 12 months

7.2x

Fixed charge coverage ratio – 4Q14 annualized

3.3x

Fixed charge coverage ratio – trailing 12 months

3.3x

Unhedged variable-rate debt as a percentage of total debt

Non-income-producing assets as a percentage of gross       investments in real estate

 

Sources and Uses of Capital

(Dollars in thousands)

Completed as of July 28, 2014

Projected for 2014

Low

High

Sources of debt capital:

Unsecured senior notes payable

$

700,000

$

700,000

$

700,000

Secured notes payable borrowings (3)

126,000

161,000

211,000

Secured notes payable repayments

(198,000)

(210,000)

(210,000)

Unsecured senior term loan repayment

(125,000)

(125,000)

(125,000)

Net activity on unsecured senior line of      credit

(233,000)

(116,000)

(121,000)

Net sources of debt capital

270,000

410,000

455,000

Other sources of capital:

Land sales/strategic joint venture capital

27,000

145,000

245,000

Net cash provided by operating activities       after dividends

57,000

105,000

120,000

Total sources of capital

$

354,000

$

660,000

$

820,000

Uses of capital:

Construction

$

211,000

$

560,000

$

620,000

Acquisitions

143,000

100,000

200,000

Total uses of capital

$

354,000

$

660,000

$

820,000

(1)

Includes an adjustment to eliminate the $0.01 per share gain realized on the sale of a land parcel in 2Q14.

(2)

Represents loss on early extinguishment of debt related to the write-off of unamortized loan fees of $0.01 per share as a result of the $125 million partial repayment of our 2016 Unsecured Senior Bank Term Loan in July 2014.

(3)

Includes two non-recourse secured notes payable aggregating $48.3 million assumed in connection with the acquisition of two operating assets in 1Q14, as well as borrowings under secured construction loans.

Earnings Call Information

We will host a conference call on Tuesday, July 29, 2014, at 3:00 p.m. Eastern Time ("ET")/12:00 p.m. noon Pacific Time ("PT") that is open to the general public to discuss our financial and operating results for the second quarter ended June 30, 2014.  To participate in this conference call, dial (877) 681-3378 or (719) 325-4849 and confirmation code 2573982 shortly before 3:00 p.m. ET/12:00 p.m. noon PT.  The audio webcast can be accessed at: www.are.com, in the "For Investors" section.  A replay of the call will be available for a limited time from 6:00 p.m. ET/3:00 p.m. PT on Tuesday, July 29, 2014.  The replay number is (888) 203-1112 or (719) 457-0820 and the confirmation code is 2573982.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2014, is available in the "For Investors" section of our website at www.are.com or by following this link: http://www.are.com/fs/2014q2.pdf

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE) is a fully integrated, self-administered and self-managed REIT uniquely focused on Class A collaborative science and technology campuses in urban innovation clusters including Greater Boston, the San Francisco Bay Area, San Diego, New York City, Maryland, Seattle, and Research Triangle Park.  Alexandria is the largest and leading owner, operator, and developer in its niche with a total market capitalization of approximately $9.3 billion as of June 30, 2014, and an asset base of 31.4 million RSF, including 17.9 million RSF of operating and current value-creation projects, as well as an additional 13.5 million RSF in future ground-up development projects.

***********

This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking statements include, without limitation, statements regarding our 2014 earnings per share attributable to Alexandria's common stockholders – diluted, 2014 FFO per share attributable to Alexandria's common stockholders – diluted, NOI, and our projected sources and uses of capital.  You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," or "will," or the negative of those words or similar words.  These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events.  There can be no assurance that actual results will not be materially higher or lower than these expectations.  These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements.  Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully complete and lease our existing space held for redevelopment and new properties acquired for that purpose and any properties undergoing development, our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on, or non-renewal of, leases by client tenants, general and local economic conditions, a favorable capital market environment, performance of our core operations in areas such as delivery of current and future development and redevelopment projects, leasing activity, lease renewals, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC").  Accordingly, you are cautioned not to place undue reliance on such forward-looking statements.  All forward-looking statements are made as of July 28, 2014, the date this document was first made available on our website, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.  For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

Consolidated Statements of Income

(In thousands, except per share amounts) (Unaudited)

Three Months Ended

Six Months Ended

6/30/14

3/31/14

12/31/13

9/30/13

6/30/13

6/30/14

6/30/13

Revenues:

Rental

$

134,992

$

130,570

$

125,693

$

116,052

$

114,493

$

265,562

$

226,019

Tenant recoveries

40,944

41,682

39,970

38,691

35,869

82,626

71,434

Other income

466

3,934

3,160

3,572

3,568

4,400

6,560

Total revenues

176,402

176,186

168,823

158,315

153,930

352,588

304,013

Expenses:

Rental operations

52,353

52,507

49,892

47,684

46,277

104,860

91,463

General and administrative

13,836

13,224

12,751

11,666

12,455

27,060

24,103

Interest

17,433

19,123

17,783

16,171

15,978

36,556

33,998

Depreciation and amortization

57,314

50,421

48,084

48,866

46,344

107,735

92,173

Loss on early extinguishment of debt

1,432

560

560

Total expenses

140,936

135,275

128,510

125,819

121,614

276,211

242,297

Income from continuing operations

35,466

40,911

40,313

32,496

32,316

76,377

61,716

(Loss) income from discontinued operations

(147)

(162)

(143)

(43)

249

(309)

1,086

Gain on sale of land parcel

797

4,052

772

797

772

Net income

36,116

40,749

44,222

32,453

33,337

76,865

63,574

Dividends on preferred stock

(6,472)

(6,471)

(6,471)

(6,472)

(6,471)

(12,943)

(12,942)

Net income attributable to noncontrolling interests

(1,307)

(1,195)

(1,110)

(960)

(980)

(2,502)

(1,962)

Net income attributable to unvested restricted stock awards

(405)

(374)

(394)

(442)

(403)

(779)

(745)

Net income attributable to Alexandria Real Estate Equities, Inc.'s       common stockholders

$

27,932

$

32,709

$

36,247

$

24,579

$

25,483

$

60,641

$

47,925

Earnings per share attributable to Alexandria's common stockholders –       basic and diluted:

Continuing operations

$

0.39

$

0.46

$

0.51

$

0.35

$

0.38

$

0.85

$

0.72

Discontinued operations

0.02

Earnings per share – basic and diluted

$

0.39

$

0.46

$

0.51

$

0.35

$

0.38

$

0.85

$

0.74

Weighted average shares of common stock outstanding for calculating       earnings per share attributable to Alexandria's common stockholders –       basic and diluted

71,126

71,073

71,000

70,900

66,973

71,100

65,078

 

Consolidated Balance Sheets

(In thousands)

(Unaudited)

6/30/14

3/31/14

12/31/13

9/30/13

6/30/13

Assets

Investments in real estate

$

7,030,117

$

6,930,262

$

6,776,914

$

6,613,761

$

6,453,379

Cash and cash equivalents

61,701

74,970

57,696

53,839

302,205

Restricted cash

24,519

30,454

27,709

30,654

30,914

Tenant receivables

10,654

10,619

9,918

8,671

7,577

Deferred rent

214,793

202,087

190,425

182,909

177,507

Deferred leasing and financing costs

193,621

192,618

192,658

179,805

164,362

Investments

174,802

169,322

140,288

129,163

122,605

Other assets

105,442

145,707

134,156

159,567

120,740

Total assets

$

7,815,649

$

7,756,039

$

7,529,764

$

7,358,369

$

7,379,289

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$

615,551

$

597,511

$

708,831

$

708,653

$

711,029

Unsecured senior notes payable

1,048,310

1,048,270

1,048,230

1,048,190

1,048,395

Unsecured senior line of credit

571,000

(1)

506,000

204,000

14,000

Unsecured senior bank term loans

1,100,000

(1)

1,100,000

1,100,000

1,100,000

1,200,000

Accounts payable, accrued expenses, and tenant security deposits

434,528

443,893

435,342

452,139

368,249

Dividends payable

57,377

55,860

54,420

54,413

52,141

Total liabilities

3,826,766

3,751,534

3,550,823

3,377,395

3,379,814

Commitments and contingencies

Redeemable noncontrolling interests

14,381

14,413

14,444

14,475

14,505

Alexandria Real Estate Equities, Inc.'s stockholders' equity:

Series D cumulative convertible preferred stock

250,000

250,000

250,000

250,000

250,000

Series E cumulative redeemable preferred stock

130,000

130,000

130,000

130,000

130,000

Common stock

713

712

712

711

710

Additional paid-in capital

3,542,334

3,560,453

3,572,281

3,578,343

3,596,477

Accumulated other comprehensive loss

(16,245)

(18,429)

(36,204)

(40,026)

(39,565)

Alexandria's stockholders' equity

3,906,802

3,922,736

3,916,789

3,919,028

3,937,622

Noncontrolling interests

67,700

67,356

47,708

47,471

47,348

Total equity

3,974,502

3,990,092

3,964,497

3,966,499

3,984,970

Total liabilities, noncontrolling interests, and equity

$

7,815,649

$

7,756,039

$

7,529,764

$

7,358,369

$

7,379,289

(1)

Net proceeds of $694 million from our bond offering completed on July 18, 2014, were used to reduce variable rate debt, including the partial repayment of $125 million of our 2016 Unsecured Senior Bank Term Loan and $569 million of borrowings outstanding on our unsecured senior line of credit.

 

Funds From Operations and Adjusted Funds From Operations (In thousands) (Unaudited)

The following table presents a reconciliation of net income attributable to Alexandria's common stockholders – basic, the most directly comparable financial measure presented in accordance with generally accepted accounting principles ("GAAP"), to FFO attributable to Alexandria's common stockholders – basic and diluted, FFO attributable to Alexandria's common stockholders – diluted, as adjusted, and AFFO attributable to Alexandria's common stockholders – diluted.

Three Months Ended

Six Months Ended

6/30/14

3/31/14

12/31/13

9/30/13

6/30/13

6/30/14

6/30/13

Net income attributable to Alexandria's common stockholders

$

27,932

$

32,709

$

36,247

$

24,579

$

25,483

$

60,641

$

47,925

Depreciation and amortization

57,314

50,421

48,101

49,102

46,580

107,735

93,575

(Gain) loss on sale of real estate

(219)

121

Gain on sale of land parcel

(797)

(4,052)

(772)

(797)

(772)

Amount attributable to noncontrolling interests/ unvested restricted stock awards:

Net income

1,712

1,569

1,504

1,402

1,383

3,281

2,707

FFO

(1,648)

(1,629)

(1,582)

(1,494)

(1,437)

(3,277)

(2,501)

FFO attributable to Alexandria's common stockholders – basic

84,513

83,070

80,218

73,589

71,018

167,583

141,055

Assumed conversion of unsecured senior convertible notes

5

5

10

FFO attributable to Alexandria's common stockholders – diluted

84,513

83,070

80,218

73,594

71,023

167,583

141,065

Loss on early extinguishment of debt

1,432

560

560

Acquisition-related expenses

1,446

Impairment of investments

853

Allocation to unvested restricted stock awards

(12)

(11)

(12)

(12)

FFO attributable to Alexandria's common stockholders –      diluted, as adjusted

84,513

83,070

82,505

75,015

71,571

167,583

141,613

Non-revenue-enhancing capital expenditures:

Building improvements

(1,255)

(1,780)

(1,047)

(1,481)

(337)

(3,035)

(933)

Tenant improvements and leasing commissions

(3,934)

(4,053)

(8,291)

(3,739)

(2,990)

(7,987)

(3,872)

Straight-line rent revenue

(12,737)

(11,882)

(7,928)

(5,570)

(8,239)

(24,619)

(14,437)

Straight-line rent expense on ground leases

697

711

445

374

539

1,408

1,077

Capitalized income from development projects

72

40

9

31

Amortization of acquired above and below market leases

(618)

(816)

(826)

(830)

(830)

(1,434)

(1,660)

Amortization of loan fees

2,743

2,561

2,636

2,487

2,427

5,304

4,813

Amortization of debt premiums/discounts

(69)

205

146

153

115

136

230

Stock compensation expense

3,076

3,228

4,011

3,729

4,463

6,304

7,812

Allocation to unvested restricted stock awards

90

94

94

28

50

184

69

AFFO attributable to Alexandria's common stockholders – diluted

$

72,506

$

71,338

$

71,817

$

70,206

$

66,778

$

143,844

$

134,743

 

Funds From Operations Per Share and Adjusted Funds From Operations Per Share

(Unaudited)

The following table presents a reconciliation of net income per share attributable to Alexandria's common stockholders – basic, the most directly comparable financial measure presented in accordance with GAAP, to FFO per share attributable to Alexandria's common stockholders – diluted, FFO per share attributable to Alexandria's common stockholders – diluted, as adjusted, and AFFO per share attributable to Alexandria's common stockholders – diluted. For the computation of the weighted average shares used to compute the per share information, refer to the "Definitions and Other Information" section in our supplemental information.

Three Months Ended

Six Months Ended

6/30/14

3/31/14

12/31/13

9/30/13

6/30/13

6/30/14

6/30/13

Net income per share attributable to Alexandria's common       stockholders – basic and diluted

$

0.39

$

0.46

$

0.51

$

0.35

$

0.38

$

0.85

$

0.74

Depreciation and amortization

0.81

0.71

0.68

0.69

0.69

1.52

1.43

Loss on sale of real estate

0.01

Gain on sale of land parcel

(0.01)

(0.06)

(0.01)

(0.01)

(0.01)

FFO per share attributable to Alexandria's common stockholders –       basic and diluted

1.19

1.17

1.13

1.04

1.06

2.36

2.17

Loss on early extinguishment of debt

0.02

0.01

0.01

Acquisition-related expenses

0.02

Impairment of investments

0.01

FFO per share attributable to Alexandria's common stockholders –     diluted, as adjusted

1.19

1.17

1.16

1.06

1.07

2.36

2.18

Non-revenue-enhancing capital expenditures:

Building improvements

(0.02)

(0.03)

(0.01)

(0.02)

(0.01)

(0.04)

(0.01)

Tenant improvements and leasing commissions

(0.06)

(0.06)

(0.12)

(0.05)

(0.04)

(0.11)

(0.06)

Straight-line rent revenue

(0.18)

(0.17)

(0.11)

(0.08)

(0.12)

(0.35)

(0.22)

Straight-line rent expense on ground leases

0.01

0.01

0.01

0.01

0.01

0.02

0.02

Amortization of acquired above and below market leases

(0.01)

(0.01)

(0.01)

(0.01)

(0.01)

(0.02)

(0.03)

Amortization of loan fees

0.04

0.04

0.03

0.03

0.03

0.07

0.07

Stock compensation expense

0.05

0.05

0.06

0.05

0.07

0.09

0.12

AFFO per share attributable to Alexandria's      common stockholders – diluted

$

1.02

$

1.00

$

1.01

$

0.99

$

1.00

$

2.02

$

2.07

 

SOURCE Alexandria Real Estate Equities, Inc.



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