Alexandria Real Estate 2Q26: revenue -10.1%, FFO/share -25.8%, occupancy 86.9%
The headline numbers are ugly, but the underlying operations and financing are not, so the read is Neutral. Revenue fell 10.1% to $662.8 million and adjusted FFO per share dropped 25.8% to $1.73. Offsetting that: leasing volume rose 60.0% to 1,038,917 RSF and management held its 2026 guidance midpoint.
1 · Expected vs. Actual
Free preview belowThe GAAP net loss was $72.8 million, or -$0.43 per share, narrower than the -$0.64 loss a year ago. Adjusted FFO per share, the number REIT investors actually track, fell 25.8% to $1.73 from $2.33. The provided consensus estimate of $0.87 sits between those two measures, so whether this counts as a miss depends on which figure the analysts were modeling.
2Q26 revenue of $662.8 million is down 10.1% from $737.3 million a year earlier and below 1Q26's $671.0 million. The decline lines up with same-property net operating income falling 10.6% as previously disclosed lease expirations left space empty. There is no gross margin line to read because this filing does not report one for this REIT.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.