10-Q · April 27, 2026
Alexandria reported total revenues of $671.0 million for Q1 2026, down 11.5% versus $758.2 million in Q1 2025, and FFO, as adjusted, of $295.9 million ($1.73 per share) versus $392.0 million ($2.30 per share) a year…
Earnings analysis · 10-Q
ARE earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Alexandria reported second-quarter revenue of $662.8 million, down 13.0% from $762.0 million a year earlier, and a GAAP diluted loss of $0.43 per share versus a $0.64 loss in the prior-year quarter. Property-level…
Read full summary
Alexandria reported second-quarter revenue of $662.8 million, down 13.0% from $762.0 million a year earlier, and a GAAP diluted loss of $0.43 per share versus a $0.64 loss in the prior-year quarter. Property-level profitability weakened, with operating margin declining to 69% from 71%, while adjusted FFO per share fell to $1.73 from $2.33. Liquidity remains ample at $3.601 billion, but lower occupancy, sizable 2026-27 lease-expiry downtime, higher leverage, and development-project uncertainty outweigh the maintained $6.40 adjusted-FFO midpoint.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.43
- Operating margin
- 69%
What stood out
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Substantial liquidity headroom
Liquidity was $3.601 billion at June 30, 2026, comprising $3.003 billion of unused revolver capacity, $475.1 million of cash/restricted cash, and $122.8 million of publicly traded investments. The $5.0 billion revolver had no direct outstanding balance, although $1.997 billion of commercial paper was outstanding.
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Full-year FFO midpoint maintained
Adjusted FFO guidance was narrowed to $6.35-$6.45 per share while retaining its $6.40 midpoint, signaling improved visibility despite the later expected timing of capital-source transactions.
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Investment portfolio gains aided results
Second-quarter investment income was $133.2 million, versus an investment loss of $30.6 million a year earlier, driven by $131.9 million of unrealized gains. This partially offset weaker property fundamentals in GAAP results.
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Adjusted operating cash retention improved
Six-month net cash provided by operating activities, as adjusted, increased to $340.9 million from $290.5 million in the prior-year period, after dividends and noncontrolling-interest distributions.
What to watch
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Revenue and core earnings declined
Revenue fell 13.0% year over year to $662.8 million from $762.0 million, while operating margin declined to 69% from 71%. Adjusted FFO per share also fell to $1.73 from $2.33.
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Occupancy pressure reduced cash flow
Operating cash flow fell 20.1% to $533.6 million for the first six months of 2026 from $668.2 million, which management attributed primarily to dispositions and occupancy declining to 86.9% at June 30, 2026 from 94.6% at December 31, 2024.
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Large lease-expiry downtime exposure
Management expects 451,450 RSF with $18.1 million of annual rental revenue in 2026 and 1,377,960 RSF with $100.5 million in 2027 to experience 12-24 months of downtime after expiry.
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Leverage increased and CP reliance grew
Net debt and preferred stock rose to $12.405 billion from $11.921 billion at year-end, and net debt-to-trailing-12-month Adjusted EBITDA increased to 6.4x from 5.6x. Commercial paper outstanding reached $1.995 billion.
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Development strategy pivots dilute returns
Five development/redevelopment projects remain under business and financial strategy evaluation. Alternative advanced-technology uses are expected to carry lower rental rates and stabilized yields than initial laboratory underwriting; one such project returned 159,947 RSF to operations.
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No formal risk-factor update; litigation continues
The filing states there were no material changes to Item 1A risk factors versus the 2025 Form 10-K. Separately, the company faces a securities class action covering purchasers from January 30, 2024 through December 5, 2025, with no accrual recorded because loss cannot yet be estimated.
Management's outlook
The company narrowed 2026 adjusted FFO per share guidance to $6.35-$6.45 from $6.30-$6.50, retaining the $6.40 midpoint. It reiterated fourth-quarter adjusted FFO per share of $1.40-$1.50; no GAAP EPS or revenue guidance was provided in the 10-Q.
Earlier filings 4
10-Q · October 27, 2025
Alexandria reported Q3 2025 total revenues of $751,944,000 and a GAAP diluted loss per share of $(1.38), driven by a large impairment and elevated depreciation. Operating results swung to an operating loss (before…
10-Q · July 21, 2025
Alexandria reported total revenues of $762,040,000 for Q2 2025, roughly flat versus Q2 2024 ($766,734,000) but swung to a net loss attributable to common stockholders of $109,611,000 (diluted loss per share $(0.64))…
10-Q · April 28, 2025
Alexandria reported total revenues of $758,158,000 in Q1 2025, roughly flat vs Q1 2024 ($769,108,000) but recorded a net loss attributable to common stockholders of $8,939,000 (diluted loss per share $(0.07)) driven by…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.