This quarter, Alexandria's adjusted funds from operations came in well above expectations. The surge was supported by disciplined cost controls, strong execution in portfolio operations, and realized gains in non-real estate investments. Operating margin held steady at 71 %, just one percentage point below last year. General and administrative costs dropped by more than one-third compared to the first half of last year, and now account for just 6.3 % of net operating income -- the lowest in a decade for the ...