Alexandria REIT provides initial 2026 FFO/share guidance of $6.25-$6.85 amid occupancy challenges

ALEXANDRIA REAL ESTATE EQUITIES, INC.

Operating occupancy dropped to 90.6% (Sept 30, 2025) from 94.7% a year ago, a four-quarter decline.
Same property NOI decreased 6.0% in Q3 2025 vs Q3 2024.
Lease expirations on 1.2M RSF with $81M annual rent expected to become vacant; downtime of 6-24 months.
Board will carefully evaluate 2026 dividend strategy; current dividend rate may be reduced.
Pending dispositions of $1.0B expected late Q4 2025; EBITDA reduction to impact Q1 2026.

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