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ALEXANDRIA . Alexandria Real Estate Equities , Inc. Reports : 1Q21 Net Income per Share - Diluted of $ 0.04 ; 1Q21 FFO per Share - Diluted , As Adjusted , of $ 1.91 ; and Alexandria at the Vanguard and Heart of the Life Science Ecosystem PASADENA , Calif . - April 26 , 2021 - Alexandria Real Estate Equities , Inc. ( NYSE : ARE ) announced financial and operating results for the first quarter ended March 31 , 2021 . Key highlights Total revenues : Operating results In millions Growth 1Q21 1Q20 $ 479.8 $ 439.9 9.1 % Net income attributable to Alexandria's common stockholders - diluted In millions $ Per share 6.1 $ 0.04 $ $ 16.8 0.14 Funds from operations attributable to Alexandria's common stockholders - diluted , as adjusted In millions Per share $ 263.0 $ 221.4 $ 1.91 $ 1.82 Alexandria and our tenants at the vanguard and heart of the life science ecosystem Bringing together our unique and pioneering vertical platforms of essential LabspaceⓇ real estate , strategic venture investments , impactful thought leadership , and purposeful corporate responsibility , Alexandria is at the vanguard and heart of the vital life science ecosystem that is solving COVID - 19 with unprecedented speed and efficiency while addressing other major challenges to human health . Owing to the efforts of numerous Alexandria tenants , including Pfizer Inc. , Moderna , Inc. , and Johnson & Johnson , in developing and delivering safe and effective vaccines and therapies to people around the world , the inherent value of and critical need for the life science industry have been globally recognized . As we entered this new year , the essential R & D engine of the biopharma industry continued to perform with exceptional productivity , progress , and resilience . By maintaining 24/7 operations across our campuses and facilities , Alexandria enables our tenants to pursue their mission - critical research , development , manufacturing , and commercialization efforts to solve these most pressing current and future healthcare challenges . Strong and flexible balance sheet with significant liquidity • Investment - grade credit ratings ranked in the top 10 % among all publicly traded REITS as of March 31 , 2021 . • Net debt and preferred stock to Adjusted EBITDA of 5.8x for 1Q21 annualized . • Fixed - charge coverage ratio of 4.7x for 1Q21 annualized . • $ 4.3 billion of liquidity as of March 31 , 2021 . • No debt maturities prior to 2024 . • 13.0 years weighted - average remaining term of debt as of March 31 , 2021 . Continued dividend strategy to share growth in cash flows with stockholders Common stock dividend declared for 1Q21 of $ 1.09 per common share , aggregating $ 4.30 per common share for the twelve months ended March 31 , 2021 , up 24 cents , or 6 % , over the twelve months ended March 31 , 2020. Our FFO payout ratio of 60 % for the three months ended March 31 , 2021 , allows us to share growth in cash flows from operating activities with our stockholders while also retaining a significant portion for reinvestment . A REIT industry - leading , high - quality tenant roster • 55 % of annual rental revenue from investment - grade or publicly traded large cap tenants . Weighted - average remaining lease term of 7.6 years . . Key development projects placed into service in 1Q21 We placed into service three fully leased development projects aggregating 376,475 RSF located across three submarkets at a weighted - average yield of 6.6 % and 6.3 % ( cash basis ) . Key strategic transaction that generated capital for investment into our highly leased value- creation pipeline In April 2021 , we sold a 70 % partial interest in our 213 East Grand Avenue property located in our South San Francisco submarket for a sales price of $ 301.0 million , or $ 1,429 per RSF , representing capitalization rates of 4.5 % and 4.0 % ( cash basis ) , which generated capital for investment into our highly leased development and redevelopment projects and strategic acquisitions . Continued strong net operating income and internal growth • Net operating income ( cash basis ) of $ 1.2 billion for 1Q21 annualized , up $ 112.8 million , or 10.3 % , compared to 1Q20 annualized . • 95 % of our leases contain contractual annual rent escalations approximating 3 % . • 4.4 % and 6.1 % ( cash basis ) same property net operating income growth for 1Q21 over 1Q20 . . Continued strong leasing activity and rental rate growth during 1Q21 over expiring rates on renewed and re - leased space : Total leasing activity - RSF 1Q21 1,677,659 ( 1 ) Leasing of development and redevelopment space - RSF 788,973 Lease renewals and re - leasing of space : RSF ( included in total leasing activity above ) 521,825 Rental rate increases 36.2 % Rental rate increases ( cash basis ) 17.4 % ( 1 ) Represents the second highest quarterly leasing activity during the past five years . Alexandria Real Estate Equities , Inc. All Rights Reserved . © 2021 1