Alexandria Real Estate Equities (ARE) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Alexandria Real Estate Equities published the results on October 26, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Alexandria Real Estate Equities reports EPS two ways: GAAP, under the accounting rules every US filer follows, and FFO per share, diluted, as adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Alexandria is a REIT. Revenue on this page is the line it calls total revenues: income from rentals plus other income. Its own headline earnings measure is funds from operations (FFO) per share, diluted, as adjusted, shown here in the adjusted EPS row.
• The Q3 2026 net loss includes $637.9 million of real estate impairment charges on assets classified as held for sale. FFO adds real estate impairments back.

Source: Alexandria Real Estate Equities Q3 2026 results, October 26, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Alexandria Real Estate Equities splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Alexandria Real Estate Equities's Income from rentals revenue was $654 million in Q3 2026, down 11% from $736 million in Q3 2025, 97% of total revenue.
• Alexandria Real Estate Equities's Other income revenue was $17.6 million in Q3 2026, up 9% from $16.1 million in Q3 2025, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Alexandria's headline 2026 outlook is a table in the release: FFO per share, diluted, as adjusted, of $6.38 to $6.42 (midpoint $6.40, unchanged), with the range narrowed from $6.35 to $6.45.

In its Q3 2026 release, Alexandria Real Estate Equities said:

“Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26.”

“We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026.”

“We do not anticipate the issuance of any common equity during 2026.”

Source: Alexandria Q3 2026 release and supplemental information, Oct 26, 2026.

This is the company's own guidance as of Oct 26, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ARE forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues in millions and GAAP net (loss) income per diluted share, each as first reported in that quarter's release. Q4 2025 and Q3 2026 include large real estate impairment charges; Q1 2026 includes a $366.4 million gain on early extinguishment of debt.

Alexandria Real Estate Equities's next report is expected around January 25, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 26, 2026

Alexandria Real Estate Equities is a life science REIT that leases lab and office space, mostly on triple-net terms, in clusters it calls Megacampuses. Total revenues were $671.2 million in Q3 2026, down from $751.9 million a year earlier. Income from rentals was $653.6 million of that and other income $17.6 million. (Alexandria Form 10-K, 2025, Jan 26, 2026; Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

The decline follows lower occupancy and asset sales. Same property net operating income fell 6.7% (2.8% on a cash basis), which Alexandria attributes to lower same property occupancy, driven by key lease expirations with expected downtime totaling 282,878 RSF in the quarter. Average same property occupancy was 88.1%, against 91.7% a year earlier. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Alexandria's tenants are concentrated in large drug makers and research institutions. Its top 20 tenants produce 42.8% of annual rental revenue, led by Bristol Myers Squibb at 8.6%, Eli Lilly at 4.9% and Moderna at 3.8%. Investment-grade or publicly traded large cap tenants account for 57%, and the Megacampus platform for 80%. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Leasing picked up. Alexandria leased 1,236,030 RSF in Q3 2026, including 450,961 RSF of previously vacant space, the second-highest quarterly amount in its history. Rents on renewals and re-leased space were 2.4% lower than before (3.3% lower on a cash basis). Occupancy of operating properties was 87.1%, or 90.8% including executed leases for space not yet occupied. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Alexandria is selling assets to fund itself. As of October 26, 2026 it had completed $717 million of dispositions and sales of partial interests, including the sale of about a 29% interest in Campus Point by Alexandria Megacampus for $475.0 million, with a further $355.4 million subject to non-refundable deposits. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Alexandria's GAAP net loss of $3.74 per diluted share in Q3 2026 is mostly $637.9 million of real estate impairment charges on assets classified as held for sale. The largest were $343.3 million on a Fenway development project expected to be sold to an institutional user, $135.3 million on four vacant non-Megacampus office properties in Palo Alto and $79.2 million on six non-Megacampus properties in San Carlos. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Alexandria's main earnings measure is FFO per share, diluted, as adjusted, which was $1.54 against $2.22 a year earlier. FFO adds back real estate depreciation and real estate impairments, and the as-adjusted version also removes unrealized gains on non-real estate investments ($21.6 million), impairment of non-real estate investments ($13.6 million) and the $3.3 million loss on early extinguishment of debt. Interest expense rose to $79.7 million from $54.9 million, and about $16 million of tenant wind-down costs reduced FFO in the quarter. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

The share count barely moved: 170,751 thousand diluted shares, against 170,181 thousand. No shares had been repurchased under the $500.0 million program authorized in December 2025. Alexandria declared a dividend of $0.72 per share for the quarter, against $1.32 a year earlier, a payout ratio of 47%. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Alexandria Real Estate Equities gives annual guidance in its release. On October 26, 2026 it narrowed its 2026 range for FFO per share, diluted, as adjusted, to $6.38 to $6.42 from $6.35 to $6.45, keeping the $6.40 midpoint. It kept its year-end occupancy assumption at 86.2% to 87.8% and its target for net debt and preferred stock to Adjusted EBITDA, 4Q26 annualized, at 5.6x to 6.2x. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

The 2026 guidance midpoint for dispositions and sales of partial interests is $1.90 billion. Completed and pending transactions total about $2.62 billion, and Alexandria said some proceeds may be deferred into 2027. (Alexandria Q3 2026 release and supplemental information, Oct 26, 2026)

A consensus figure is the average of the models published by the analysts who cover Alexandria Real Estate Equities, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Alexandria Real Estate Equities's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ARE is on is ARE a buy or a sell?, what analysts expect next is on the ARE forecast, and what the company does is on the Alexandria Real Estate Equities (ARE) stock page.

Every number on this page can be traced to a document Alexandria Real Estate Equities published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.