Alexandria Real Estate Equities reported diluted, adjusted FFO per share of $2.16 for Q4 2025 and $9.01 for the full year, exceeding consensus estimates by 4% and 3%, respectively. Leasing volume climbed to 1.2 million square feet in the quarter, a 14% increase over the prior four-quarter average, driven by new commitments in Boston’s Seaport District and the San Francisco Bay Area. Same-property net operating income grew 5.2% year-over-year, supported by rent escalations on 75% of expiring leases and a 2.8% rise in average rent per square foot. Occupancy ended the quarter at 95.3%, down 80 basis points from a year earlier but above the REIT peer group average of 93.7%.

On January 27, 2026, Alexandria announced cash tender offers to repurchase up to $800 million aggregate principal of its 3.000% senior notes due 2051, 3.550% notes due 2052 and 4.000% notes due 2050. The acceptance priority levels rank the 2051 notes highest, followed by the 2052 and 2050 series. Holders validly tendering by the early date of February 9 will receive an early-tender premium of $50 per $1,000 plus accrued interest; late tenders up to February 25 will forfeit the premium but retain accrued interest. Total consideration will be set by reference to U.S. Treasury yields plus fixed spreads of 75 to 80 basis points, with settlement expected on February 12 and February 27, respectively.

The tender offers are contingent on the receipt of at least $500 million in proceeds from one or more capital markets financings, reinforcing Alexandria’s commitment to maintaining an investment-grade credit profile. Pro forma for the maximum $800 million repurchase, the company expects to reduce weighted-average debt maturity by six months and narrow the spread on its outstanding notes. Management indicated that successful tendering would lower annual cash interest expense by approximately $22 million, improving debt service coverage and supporting future acquisitions in the life science and technology real estate sectors.