📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Alexandria Real Estate Equities, Inc., an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. Alexandria Real Estate Equities, Inc. was established in 1994 and was incorporated in Maryland.

Key Ratios Snapshot

📈 Growth Pattern

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📊 Quick Scorecard

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⭐ Superinvestors Holding ARE

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	108.5K	$5.0M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ~ Volatile 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly highlighted the 'largest lease in company history' and 'solid progress' on development leasing and asset recycling. Specific numbers were cited (e.g., 466,000 sq ft lease, $785.4 million dispositions, 90.8% occupancy), and they held firm on guidance ranges. The tone was forward-leaning with references to 'grit' and 'resilience' despite acknowledging headwinds.

Q3 2025

Cautious

Management repeatedly used cautious language like 'difficult environment', 'continuing difficult environment', 'challenging', and 'unprecedented' headwinds from government shutdown and biotech bear market. They downplayed optimism with phrases like 'we are in a continuing difficult environment, getting better, but difficult nonetheless' and 'the industry has tremendous prospects... but a lot of slow-moving wheels'. Even when citing positives (e.g., historic lease, strong balance sheet), the overall tone remained tempered with multiple qualifiers.

Q4 2025

Cautious

The tone is cautious but with notes of execution confidence; management repeatedly highlights 'navigating a fast-changing landscape' and 'meeting the marketplace' while avoiding overly optimistic language on recovery timeline.

Q1 2026 latest

Mixed

Cautious tone on macro headwinds (NIH turmoil, FDA issues, zero public biotech leases) but confident on strategic execution, balance sheet strength, and market share outperformance. Management acknowledges tough operating environment but repeatedly highlights 'solid progress on path forward' and 'dominant brand, sponsorship, Megacampus quality'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is slightly weaker near-term due to expected occupancy pressure from known lease expirations in Q2 and lowered same-store NOI guidance, but management's reaffirmed full-year FFO and disposition targets suggest confidence in H2 recovery. Key positive: dominant leasing market share (2-2.5x market share) and high-quality tenant base (55% investment grade/large cap, 7.5-year WALT). Key risk: 2027 lease expirations with ~$97 million revenue expected to have downtime. Next quarter watch: leasing volume actuals vs ~900k sq ft guidance, progress on dispositions (especially JV announcements), and whether occupancy troughs in Q2 as expected. The pivot to advanced technology tenants could mitigate vacancy but may lower rental rates. Overall, thesis is more cautious but supported by strong balance sheet and long-term fundamentals.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Alexandria Q1 FFO $1.73, reaffirms 2026 midpoint $6.40, dominant market share in top markets

Revenue & Profitability

FFO per share diluted as adjusted was $1.73 for Q1 2026. The midpoint of full-year 2026 FFO guidance is $6.40 (reaffirmed). Same property NOI declined 11.9% (11.7% cash basis). First-quarter leverage on an annualized basis was 6.8x; net debt to adjusted EBITDA is guided to 5.6x-6.2x by Q4 2026. Realized investment gains were $18 million in Q1, with full-year guidance of $60-90 million.

Outlook

Management described a tough operating environment with headwinds including FDA leadership uncertainty, NIH budget pressures, selective capital markets for public biotechs, and the China effect. Tailwinds include strong bipartisan support for NIH funding and increasing leasing interest from life science and advanced technology tenants. The company expects second-half 2026 performance to improve as occupancy benefits from 1.1 million sq ft of leased space delivering in September.

Growth Drivers

Key growth levers include development and redevelopment leasing (394,000 sq ft of LOIs signed in Q1), capturing demand from advanced technology and alternative uses, and recycling capital through joint ventures for core assets. The company is evaluating five projects (1.6 million sq ft) with potential to pivot to non-lab uses, which could generate near-term revenue with lower CapEx.

Balance Sheet & CapEx

Capitalized interest was $70 million in Q1 2026, expected to decline in H2 due to project completions and potential pauses/dispositions. The company reduced capitalized interest guidance by $5 million at the midpoint. It has $1.9 million sq ft under construction (77% leased) and is evaluating $1.3 billion in projects with construction milestones in March 2027. $567 million of land has pre-construction milestones in April 2027.

Margins

Adjusted EBITDA margin was 66% in Q1 2026. General and administrative expenses as a percentage of net operating income were 6%, less than half the S&P 500 REIT average of 14.3%. G&A savings in Q1 were $7.4 million vs. the 2024 quarterly average. Full-year 2026 G&A guidance is $134-154 million, representing ~14% savings from 2024. Rent steps on 97% of leases are approximately 3% annually.

Key Risks

Risks highlighted include FDA leadership and regulatory uncertainty, NIH budget and staffing pressures, constrained capital markets for public biotechs, tenant wind-downs (reserve increased to $25-30 million), and potential downtime on 2027 lease expirations representing $97 million of annual revenue. Management also noted the China effect as a headwind, as capital flows to perceived lower-cost, faster timelines abroad.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Leasing volume exceeded 1 million sq ft in Q2 2026, with strong activity from advanced technology and life science sectors. FFO per share guidance for 2026 remains at $6.40, and a $2.9 billion capital recycling program is progressing well. Occupancy was 86.9%, with a focus on reducing CapEx and managing lease rollovers.

Q1 2026 Q1 2026 2026-04-28

Operational progress continued despite a tough quarter, with strong asset quality and tenant base, but leasing volume and occupancy declined due to market headwinds. Guidance for FFO per share and dispositions was reaffirmed, while tenant risk and lease expirations remain key watch points.

Q4 2025 Q4 2025 2026-01-27

Q4 2025 saw record leasing and $1.5B in dispositions, with occupancy at 90.9% and FFO per share at $2.16. 2026 guidance anticipates a temporary dip in occupancy and NOI, with recovery in the second half, and a focus on asset sales and balance sheet strength.

Q3 2025 Q3 2025 2025-10-28

FFO per share declined to $2.22 in Q3 2025, with occupancy dropping to 90.6% and guidance for 2025 and 2026 earnings reduced due to lower investment gains, slower leasing, and ongoing industry headwinds. Strategic focus remains on mega campuses and reducing non-income-producing assets.

Q2 2025 Q2 2025 2025-07-22

Achieved record leasing with a 466,000 sq ft build-to-suit for a top pharma, driving solid FFO growth and maintaining strong occupancy guidance. Asset recycling and cost discipline continue, while sector resilience is supported by robust M&A and venture funding.

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