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FY2026 Q1 · Calendar Q2 2026
Alexandria Real Estate Equities, Inc.
Alexandria's Q1 FY2026 results present a mixed picture: a notable EPS beat of $2.10 versus $1.73 consensus masks a revenue miss and a sharp occupancy decline to 87.7% from 90.9% last quarter, driven by large lease expirations and zero public biotech leasing. The market reacted negatively with an 11.3% drop, though the stock subsequently drifted 23.6% higher. Management maintained FFO guidance at $6.40 per share while modestly lowering occupancy and same-property NOI outlooks, pointing to mega-campus strength (78% of ARR), aggressive capital recycling, and improving G&A efficiency as offsetting factors. The core question is whether the occupancy trough is temporary, as management signals with H2 2026 recovery expectations, or a structural shift in life-science space demand.
EPS surprise+21.4%
Market move-11.3%
