Alexandria Real Estate Equities

Management is recycling capital and moderating growth to protect the franchise. Dispositions totaled about $1.37B in 2024 and a 2025 plan targets roughly $1.95B of additional asset sales and partial interests, with proceeds funding development and balance sheet strength.

The company authorized a $500M buyback in December 2024 and had repurchased about $200M by late January 2025; in 2Q25, no repurchases were made as priorities shifted to liquidity. The common dividend was maintained at $1.32 per quarter in 2025, with a 1Q25 payout ratio of about 57% vs FFO, conserving cash during a leasing trough.

Venture investment marks can add noise but are non-core.