Alexandria 3Q26: $637.9 million impairment drives a $3.74 GAAP loss per share
Alexandria's third quarter looks ugly on the bottom line: a $637.9 million impairment on assets held for sale turned $1.54 of adjusted FFO per share into a $3.74 GAAP loss. Revenue fell to $671.2 million from $751.9 million a year earlier, and same-property NOI is still shrinking. Read the GAAP loss as an accounting write-down rather than cash leaving the business, and judge the quarter on leasing, occupancy and leverage instead.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was -$3.74, against -$1.38 a year earlier, and the driver was $637.9 million of real estate impairment charges on assets held for sale. Strip that out and FFO as adjusted was $1.54 per share, or $264.4 million versus $377.8 million. The gap between the two lines is the whole story this quarter: cash earnings are still positive, accounting earnings are not.
Revenue of $671.2 million was down 10.7% from $751.9 million in the same quarter last year, and essentially flat against the $662.8 million booked in 2Q26. Rental income supplied $653.6 million of the total, with $17.6 million from products and services. The slide lines up with the 6.7% same-property NOI decline the company reports, so it is an occupancy problem, not a billing one.
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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 2026-10-26
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