Largest Lease in Company History
Alexandria signed the largest lease in its history for 466,000 square feet at the Campus Point Megacampus in San Diego with a top 20 pharma company, illustrating the strength of their Megacampus platform.
Strong Financial Performance
FFO per share diluted as adjusted was $2.33 for Q2 2025, up 1.3% compared to the prior quarter, due to the positive impact from recent development deliveries.
Solid Leasing Activity
Leasing spreads were 5.5% on a cash basis with a relatively high average lease duration of 9.4 years. Tenant improvements and leasing commissions on renewals were down 40% compared to the previous two quarters.
G&A Cost Savings
Significant progress was made towards annual savings for 2025, with trailing 12-month G&A costs at 6.3% of NOI, the lowest level in the past 10 years.
Robust Pipeline and Asset Recycling
Alexandria has a $1.1 billion executable sales pipeline for the next 2 quarters and is focused on asset recycling to raise significant equity-light capital.