ARE ALEXANDRIA REAL ESTATE EQUITIES, INC.

BEARISH Impact: 6/10 8-K
Horizon weeks Filed Apr 27, 2026 Processed 26d 5h ago SEC 0001035443-26-000045
8-K Item 2.02: Earnings release
Latest settled — T+5d ⚠ clustered
ARE ▲ +2.30% at T+5d
SHORT call ✗ call lost -2.30% · α vs SPY -0.61% · entry $40.22 → $41.14
Next anchor: T+20d in 2d
Last close $48.37 (close May 22) · -20.28% from $40.22 entry (call sign-flipped)
Entry anchored
Apr 27, 03:59 PM ET
via Databento tick
T+1d
+1.45%
call -1.45% · α -1.46%
$40.80
settled 26d ago
T+5d
+2.30%
call -2.30% · α -0.61%
$41.14
settled 20d ago
T+20d
—
call — · α —
—
in 2d
T+60d
—
call — · α —
—
in 8w

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Executive Summary

Alexandria Real Estate Equities reported 1Q26 revenue of $671.0M, missing the $695.5M consensus by 3.5%, as same property NOI fell 11.9% and operating occupancy dropped to 87.7%. FFO as adjusted of $1.73 was in line with Street estimates, but the underlying operational weakness drove a revenue miss. Guidance for 2026 FFO was maintained at $6.30-$6.50 but with lower occupancy and same property assumptions, adding to bearish sentiment.

Actionable Insight

Monitor 2Q26 occupancy trends and progress on the $2.9B disposition plan to improve leverage; the 1Q26 revenue miss and negative same property performance suggest continued headwinds from key lease expirations and tenant wind-downs. The in-line FFO as adjusted offers limited support; watch for further guidance reductions or dividend cuts.

Key Facts

  • 1Q26 total revenues $671.0M vs consensus $695.5M (-3.5% miss)
  • FFO per share diluted, as adjusted $1.73, in line with Street consensus of $1.73
  • Same property NOI declined 11.9% (GAAP) and 11.7% (cash basis) YoY
  • Operating occupancy fell to 87.7% from 90.9% in 4Q25
  • Rental rate changes on renewals -15.0% GAAP, -15.8% cash basis
  • 2026 FFO guidance maintained at $6.30-$6.50, but occupancy and same property assumptions reduced
  • Debt extinguishment gain of $366.4M boosted GAAP net income but excluded from FFO
  • Dividend maintained at $0.72/share (6.2% yield)
  • Net debt to Adjusted EBITDA rose to 6.8x from 5.7x in 4Q25

Financial Impact

Revenue miss of $24.5M vs consensus; same property NOI -11.9%; operating occupancy -3.2pp

revenueoccupancysame property NOIrental rate growth

Risk Factors

  • Further occupancy declines from 1.5M RSF of 2027 lease expirations with expected 6-24 month downtime
  • Execution risk on $2.9B disposition program
  • Potential tenant wind-downs reducing FFO by $25M-$30M in 2026
  • Higher interest expense from rising commercial paper balances

Market Snapshot

Exchange
NYSE
Sector
Real Estate Investment Trusts
Analyst Consensus
32% bullish (22 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001035443-26-000045
Document: are-20260427.htm0001035443-26-000045
Document: 0001035443-26-000045-index-headers.html0001035443-26-000045
Document: 0001035443-26-000045-index.html0001035443-26-000045
Document: 0001035443-26-000045.txt0001035443-26-000045
8-K Data (Synthetic)0001035443-26-000045
4 reports for ARE
Performance horizon
Filters
Rows
Reports for ARE — sortable, filterable
Type Now
Apr 27, 2026
26d ago
8-K
BEARISH ★ 6/10
$40.22 $41.14▼ −2.30%▼ −0.61%$48.37 (−20.28%)
Apr 1, 2026
7w ago
DEFA14A
NEUTRAL ★ 2/10
$43.15 $42.40▼ −1.74%▼ −5.36%$48.37 (+12.11%)
Feb 28, 2026
12w ago
Institutional Cluster
MIXED ★ 6/10
$52.58 $51.13▼ −2.76%▼ −1.55%$48.37 (−8.00%)
Feb 25, 2026
12w ago
8-K
NEUTRAL ★ 5/10
$53.91 $53.35▼ −1.04%▲ +0.06%$48.37 (−10.27%)
Showing 4 of 4

US Market Status

Market Closed — Opens Tue (35h 12m)

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