Jun 2026 (Q2 FY26) — Aug 4, 2026
Alexandria Real Estate Equities Q2 FY26 — Solid Leasing and Capital Recycling Progress Amidst Market Nuance
Read the full callAlexandria Real Estate Equities (ARE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Alexandria Real Estate Equities earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 663 | −13.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | -72.8 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
13 of 19 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total leasing volume | around 900,000 square feet | Mar 2026 | Leasing volume for the quarter was solid at 1,039,000 square feet. | Achieved |
| Capitalized interest | $250 million | Dec 2025 | We reduced our guidance for capitalized interest by $5 million at the midpoint of our range due to anticipated earlier completion of certain construction and preconstruction milestones, primarily impacting 4Q including a potential decline related to projects which we are evaluating business and financial strategy. | Revised Up |
| Construction spending | similar to slightly higher than $1.75 billion | Sep 2025 | We're laser focused on trying to reduce our CapEx of the $1.75 billion construction pipeline for this year, which is fortunately highly leased, and we're anxious to continue deliveries and we're focused on the lease-up of vacant space and making good progress there. | On Track |
6 of ALEXANDRIA REAL ESTATE EQUITIES, INC.'s 39 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Leasing volume was solid at 1,039,000 square feet, up 60% over the prior quarter.
- New leasing aggregated almost 400,000 square feet for the quarter, the second largest quarterly total since 2Q '24.
- 46% of the $2.9 billion disposition target is completed or pending, with another 38% in process.
- Successfully extended the $5 billion credit facility to 2032, providing significant liquidity.
- Adjusted EBITDA margins remained strong at 67% for 2Q '26.
Qualified
- Same-property net operating income was down 10.6% (GAAP) and 8.6% (cash) for 2Q '26.
- Occupancy at the end of 2Q '26 was 86.9%, down 80 basis points from the prior quarter due to known lease separations.
- Recognized impairments of real estate totaling $222.5 million during the quarter, primarily on land and conversion opportunities.
- Initial free rent concessions remain elevated, though slightly down from peak at 1.5 months per year of term.
- 2027 key lease expirations are expected to have downtime ranging from 12 to 24 months on average.
Price
$42.34 +2.02% · +$0.84
Performance −43.6% 1Y
1Y: $75.07 on 14 Oct 2025 → $42.34. High $77.87 (27 Oct 2025), low $40.41 (28 Apr 2026).
- Previous close
- $41.5
- 52-week range
- $40.41 – $77.87
- One year
- −44.44%
Overview
- Symbol
- ARE
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 19 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total leasing volume | around 900,000 square feet | Mar 2026 | Leasing volume for the quarter was solid at 1,039,000 square feet. | Achieved |
| Capitalized interest | $250 million | Dec 2025 | We reduced our guidance for capitalized interest by $5 million at the midpoint of our range due to anticipated earlier completion of certain construction and preconstruction milestones, primarily impacting 4Q including a potential decline related to projects which we are evaluating business and financial strategy. | Revised Up |
| Construction spending | similar to slightly higher than $1.75 billion | Sep 2025 | We're laser focused on trying to reduce our CapEx of the $1.75 billion construction pipeline for this year, which is fortunately highly leased, and we're anxious to continue deliveries and we're focused on the lease-up of vacant space and making good progress there. | On Track |
Claimed
- Leasing volume was solid at 1,039,000 square feet, up 60% over the prior quarter.
- New leasing aggregated almost 400,000 square feet for the quarter, the second largest quarterly total since 2Q '24.
- 46% of the $2.9 billion disposition target is completed or pending, with another 38% in process.
- Successfully extended the $5 billion credit facility to 2032, providing significant liquidity.
- Adjusted EBITDA margins remained strong at 67% for 2Q '26.
Qualified
- Same-property net operating income was down 10.6% (GAAP) and 8.6% (cash) for 2Q '26.
- Occupancy at the end of 2Q '26 was 86.9%, down 80 basis points from the prior quarter due to known lease separations.
- Recognized impairments of real estate totaling $222.5 million during the quarter, primarily on land and conversion opportunities.
- Initial free rent concessions remain elevated, though slightly down from peak at 1.5 months per year of term.
- 2027 key lease expirations are expected to have downtime ranging from 12 to 24 months on average.
The full ledger
Open ALEXANDRIA REAL ESTATE EQUITIES, INC.’s full ledger
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Call summaries
Every analysed call
Alexandria Real Estate Equities earnings calls (ARE)
Financials
What the filings say
Net profit, year on year: +32% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 792 | 789 | 758 | 762 | 752 | 754 | 671 | 663 |
| Expenses | 620 | 845 | 682 | 785 | 988 | 2,365 | 634 | 835 |
| Interest | 44 | 56 | 51 | 55 | 55 | 66 | 65 | 64 |
| Net profit | 168 | -62 | -9 | -107 | -233 | -1,081 | 362 | -73 |
| EPS ($ per share) | 0.96 | — | -0.07 | -0.64 | -1.38 | — | 2.10 | -0.43 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
| Total liabilities | 6,570 | 8,224 | 9,384 | 11,186 | 12,840 | 14,148 | 15,129 | 14,925 |
| Fixed assets | 15 | 23 | 31 | 26 | 23 | 27 | 40 | 70 |
| Total assets | 14,465 | 18,391 | 22,828 | 30,219 | 35,523 | 36,771 | 37,527 | 34,082 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 570 | 684 | 883 | 1,010 | 1,294 | 1,631 | 1,505 | 1,414 |
| Cash from investing | -2,162 | -3,641 | -3,278 | -7,107 | -5,080 | -2,501 | -1,511 | 362 |
| Cash from financing | 1,588 | 2,927 | 2,750 | 5,916 | 4,230 | 674 | -93 | -1,784 |
| Net cash flow | -5 | -29 | 355 | -182 | 443 | -197 | -101 | -6 |
| Capital expenditure | -1,037 | -2,260 | -2,571 | -5,435 | -2,878 | -266 | -249 | 0 |
| Free cash flow | -467 | -1,576 | -1,688 | -4,424 | -1,584 | 1,365 | 1,256 | 1,414 |
ARE revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| All Other Segments | — | — | 7% | 6% | 6% | 6% | 7% | 2% | -78.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
163 filings between Oct 31, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$3.19M
12 purchases by 3 insiders
Sales
$1.90M
6 sales by 6 insiders
33% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 57
- Award — granted as compensation
- 67
- Tax withheld — shares kept back by the company to cover tax
Also filed: 21 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MARCUS JOEL S | $2.91M | — | Sep 11, 2026 |
| Fukuzaki-Carlson Kristina | — | $849.1K | Sep 11, 2026 |
| Gavinet Andres | — | $509.3K | Aug 31, 2026 |
| Gossett Bret E. | — | $251.8K | Feb 27, 2026 |
| Alsbrook Madeleine Thorp | — | $160.9K | Dec 16, 2025 |
| Thomas Gregory Calvin | $143.5K | — | Apr 30, 2026 |
| McGrath Sheila K. | $141.4K | — | Dec 10, 2025 |
| Binda Marc E | — | $108.0K | Jun 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,068 | $50.7K |
| Sep 30, 2026 | Woronoff Michael A Director | Award | 896 | $0 |
| Sep 15, 2026 | Boss Michael E. Co-Regional Market Director | Tax withheld | 1,462 | $77.4K |
| Sep 15, 2026 | Foger Jenna R. EVP - Co-Lead - Life Science | Tax withheld | 1,086 | $57.5K |
| Sep 15, 2026 | Nelson Jesse J. EVP - RMD | Tax withheld | 3,611 | $191.1K |
| Sep 15, 2026 | Stevens Blake L. Regional Market Director | Tax withheld | 471 | $24.9K |
| Sep 15, 2026 | Kuhn Hallie E. EVP - Cap Market & Co-Lead -LS | Tax withheld | 914 | $48.4K |
| Sep 15, 2026 | Cole John Hart Co-President, & Co-RMD | Tax withheld | 2,208 | $116.9K |
| Sep 15, 2026 | Thomas Gregory Calvin EVP - CTO | Tax withheld | 1,096 | $58.0K |
| Sep 15, 2026 | Gossett Bret E. EVP - Co-RMD | Tax withheld | 584 | $30.9K |
| Sep 11, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 5,000 | $248.4K |
| Sep 11, 2026 | Fukuzaki-Carlson Kristina EVP - Business Operations | Sale | 16,810 | $849.1K |
| Aug 31, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,068 | $54.8K |
| Aug 31, 2026 | Gavinet Andres Chief Accounting Officer | Sale | 10,000 | $509.3K |
| Aug 17, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 5,000 | $231.4K |
| Jul 31, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,068 | $54.9K |
| Jul 15, 2026 | McGrath Sheila K. Director | Award | 128 | $0 |
| Jul 15, 2026 | Woronoff Michael A Director | Award | 415 | $0 |
| Jul 15, 2026 | Cain James P Director | Award | 144 | $0 |
| Jul 15, 2026 | Hash Steve Director | Award | 340 | $0 |
| Jul 15, 2026 | KLEIN RICHARD HUNTER Director | Award | 111 | $0 |
| Jun 30, 2026 | Woronoff Michael A Director | Award | 804 | $0 |
| Jun 30, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,068 | $56.4K |
| Jun 9, 2026 | Binda Marc E CFO & Treasurer | Sale 10b5-1 plan | 2,000 | $108.0K |
| May 29, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,067 | $53.0K |
| May 6, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 3,511 | $164.1K |
| May 6, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 3,989 | $183.5K |
| May 5, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 3,832 | $163.9K |
| May 5, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 1,606 | $70.2K |
| May 5, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 2,062 | $86.4K |
| May 4, 2026 | MARCUS JOEL S Executive Chairman | Purchase | 10,000 | $410.2K |
| Apr 30, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,069 | $43.3K |
| Apr 30, 2026 | Thomas Gregory Calvin EVP - CTO | Purchase | 3,500 | $143.5K |
| Apr 17, 2026 | Kuhn Hallie E. EVP - Cap Market & Co-Lead -LS | Sale 10b5-1 plan | 536 | $25.8K |
| Apr 15, 2026 | McGrath Sheila K. Director | Award | 129 | $0 |
| Apr 15, 2026 | Woronoff Michael A Director | Award | 407 | $0 |
| Apr 15, 2026 | KLEIN RICHARD HUNTER Director | Award | 112 | $0 |
| Apr 15, 2026 | Cain James P Director | Award | 145 | $0 |
| Apr 15, 2026 | Hash Steve Director | Award | 343 | $0 |
| Mar 31, 2026 | Gavinet Andres Chief Accounting Officer | Award | 32,314 | $0 |
| Mar 31, 2026 | Woronoff Michael A Director | Award | 915 | $0 |
| Mar 31, 2026 | Alsbrook Madeleine Thorp EVP - Talent Management | Award | 16,157 | $0 |
| Mar 31, 2026 | Clem Jackie B. General Counsel & Secretary | Award | 21,543 | $0 |
| Mar 31, 2026 | Dean Gary D. EVP, Real Estate Legal Affairs | Award | 16,157 | $0 |
| Mar 31, 2026 | Hakman Joseph Co-Chief Operating Officer | Award | 32,314 | $0 |
| Mar 31, 2026 | Moglia Peter M Chief Executive Officer | Tax withheld | 1,067 | $49.5K |
| Mar 31, 2026 | Thomas Gregory Calvin EVP - CTO | Award | 10,772 | $0 |
| Mar 31, 2026 | Nelson Jesse J. EVP - RMD | Award | 43,085 | $0 |
| Mar 31, 2026 | Gossett Bret E. EVP - Co-RMD | Award | 11,849 | $0 |
| Mar 31, 2026 | Kuhn Hallie E. EVP - Cap Market & Co-Lead -LS | Award | 21,543 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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