(Corrects to fix typo in paragraph 4)
(Reuters) -Life science real estate investment trust Alexandria Real Estate Equities reduced its full-year forecast for adjusted funds from operations (FFO) on Monday due to anticipated lower leasing activity.
The Pasadena, California-based REIT operates and develops life science laboratories, offices and technology campuses across North America.
Alexandria now expects its full-year 2025 adjusted FFO to be between $9.16 and $9.36 per share, down from its previous forecast range of $9.23 to $9.43 per share, expecting lower leasing activity during the year.
Analysts, on average, expect the company to report an FFO of $9.27 per share, according to data compiled by LSEG.
With clients including Bristol Myers Squibb, Moderna and Eli Lilly, the company faces further uncertainty because its pharma clients risk higher costs due to U.S. President Donald Trump’s plans to impose tariffs on imported pharmaceutical products.
Shares of the company were down close to 1% in aftermarket trading.
Occupancy of Alexandria’s operating properties in North America, as of March 31, stood at 91.7%.
The company reported first-quarter FFO, a key performance measure for REITs, of $2.30 per share, compared with $2.25 per share a year ago.
Total revenue for the quarter was $758.2 million, down from $769.1 million from a year earlier.
The company reported a net loss of $11.6 million, or 7 cents per share, for the quarter ended March 31, compared with a profit of $166.9 million, or 97 cents per share, from the same period last year.
(Reporting by Aatreyee Dasgupta and Abhinav Parmar in Bengaluru; Editing by Mohammed Safi Shamsi)
Comments