Alexandria Real Estate lowers FY23 FFO view to $7.29-$7.31 from $7.95-$8.01

Consensus is for FY23 FFO $8.96. Reaffirms FY23 Occupancy percentage in North America view as of December 31 94.6%-95.6%. The company said, “Guidance for 2023 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2023.” And added, “Key changes to our guidance include an increase to the midpoint of our guidance for funds from operations per share, as adjusted by 2c driven by the accelerated delivery of our under construction 462,100 RSF Class A+ property at 325 Binney Street that is now set to deliver to Moderna, Inc. in November 2023 and general and administrative savings after September 15, 2023, resulting from the resignation of Dean A. Shigenaga, our President and Chief Financial Officer. Additionally, changes to our key sources and uses of capital include a $100M decrease to our guidance range for dispositions and sales of partial interests and a corresponding $100M increase to our guidance range for incremental debt for the year ending December 31, 2023. These updates are primarily due to changes in the mix and timing of dispositions pending and under executed letters of intent or purchase and sales agreements that are expected to close in Q4.”