Earnings Releases·Oct 26, 2026, 4:08 PM ET

Alexandria Real Estate Equities, Inc. — Third Quarter 2026 Earnings Summary

**Financial Performance:** Reported a net loss of $638.5 million ($3.74/share) for Q3 2026, driven by $637.9 million in real estate impairment charges; adjusted FFO per share declined to $1.54 from $2.22 in the prior year period, while year-to-date net loss narrowed slightly to $351.4 million.
**Guidance Adjustments:** Narrowed 2026 adjusted FFO per share guidance to $6.38–$6.42 and reduced guidance for straight-line rent revenue, realized gains on non-real estate investments, and the 4Q26 fixed-charge coverage ratio, while maintaining leverage and disposition targets.
**Strategic Capital Actions:** Completed a $475 million partial interest sale in Campus Point and a $1.0 billion junior subordinated notes issuance; secured a $5.0 billion credit facility extension to 2032 and maintains a $500 million share repurchase authorization with no shares repurchased to date.
**Operational Outlook:** Anticipates 2027 occupancy declines due to 1.4 million RSF of lease expirations and potential tenant wind-downs, though same property NOI is expected to improve in 2027 and 2028; 2027 construction spending is projected to decline further relative to 2026 levels.
**Balance Sheet Strength:** Maintains $4.56 billion in liquidity with 95.5% of debt fixed-rate and only 6% maturing through 2028; G&A expenses remain efficient at 7.5% of net operating income, well below the S&P 500 REIT average.