Alexandria Real Estate Equities, Inc. · ARE · FY2025 Q3 · Calendar Q4 2025

ARE lowers outlook as biotech demand and occupancy weaken

The supplied evidence weakens the near-term case for resilient growth: occupancy and guidance deteriorated, while liquidity and the megacampus strategy provide support for a longer-term recovery.

Reported After market closeNYSEReal Estate $8.26B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.22 Consensus $2.31
EPS surprise -3.9% Reported versus consensus
Reported revenue $735.8M Consensus $744.9M
Revenue surprise -1.2% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -19.2% Event window
SPY move +0.3% Same window
Abnormal move -19.4% Stock minus SPY
Volume 6.9× Versus trailing sessions
Subsequent drift -16.3% Up to 20 sessions
ARESPY benchmark

Ask FN2 about ARE FY2025 Q3

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Why did ARE fall 19.2% after missing EPS estimates in FY2025 Q3?What changed in ARE's guidance and outlook in FY2025 Q3?Give me the bull and bear case for ARE after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the tone shifted from confident to cautious. Guidance was lowered, occupancy weakened, venture investment gains were trending lower, and management emphasized asset sales and a narrower development focus.

Guidance delta

Lowered: the supplied analysis says 2025 FFO and rental-rate-growth guidance were reduced because of weaker occupancy and lower investment gains.

Key takeaways

  • Management is shifting toward megacampus build-to-suit projects while reducing non-income-producing assets.
  • The supplied analysis cites $4.2 billion of liquidity and low leverage as balance-sheet support.
  • Near-term pressure includes weaker occupancy, lower venture investment gains, and delayed FDA activity.

Management priorities

  • Reduce non-income-producing assets to 10%–15% of the portfolio
  • Accelerate land dispositions and focus development on megacampus build-to-suit projects
  • Maintain construction spending around $1.75 billion in 2026

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Earnings History

Estimate Beat Miss Match
ARE EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $2.29 Q4 '23 actual $2.28, match Q1 '24 estimate $2.31 Q1 '24 actual $2.35, beat Q2 '24 estimate $2.34 Q2 '24 actual $2.36, beat Q3 '24 estimate $2.38 Q3 '24 actual $2.37, match Q2 '25 estimate $2.29 Q2 '25 actual $2.33, beat Q3 '25 estimate $2.31 Q3 '25 actual $2.22, miss Q4 '25 estimate $2.15 Q4 '25 actual $2.16, match Q1 '26 estimate $1.73 Q1 '26 actual $2.10, beat Q2 '26 estimate $0.09 Q2 '26 actual $-0.43, miss Q3 '26 estimate $-0.03 Q4 '26 estimate $-0.04 Q1 '27 estimate $0.01
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Analyst Consensus ?

ConsensusHold25 ratings
Bullish936.0%
Neutral1352.0%
Bearish312.0%

Analyst 52W Price Targets

$47.37Current
$43Low
$70.48Average
$130High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Underweight NeutralDowngradeSep 24, 2026
Evercore ISI Group Outperform OutperformMaintainSep 21, 2026
Baird Neutral NeutralMaintainAug 24, 2026
Citizens Market Perform Market PerformMaintainAug 17, 2026
Citigroup Neutral NeutralMaintainAug 10, 2026
Show 20 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $47.37. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Evercore ISIAnalyst unavailable$59$53.3 +24.6%Sep 21, 2026
Robert W. BairdAnalyst unavailable$52$53.49 +9.8%Aug 24, 2026
Evercore ISIJames Kammert$57$48.14 +20.3%Aug 17, 2026
Cantor FitzgeraldAnalyst unavailable$52$48.04 +9.8%Aug 5, 2026
Mizuho SecuritiesAnalyst unavailable$60$51.95 +26.7%Jul 6, 2026
See 31 more

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Company context

Snapshot as of publication

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems. By December 31, 2020, the company commanded a market capitalization of $31.9 billion and managed an extensive North American asset portfolio totaling 49.7 million square feet. This substantial base encompasses 31.9 million RSF of operational properties, 3.3 million RSF of premium Class A spaces currently under construction, 7.1 million RSF designated for near-to-mid-term development and refurbishment, and an additional 7.4 million SF earmarked for future projects.…

Historical context

All ARE earnings
-7.8%FY2026 Q2 · Calendar Q3 2026-11.3%FY2026 Q1 · Calendar Q2 2026+1.7%FY2025 Q4 · Calendar Q1 2026

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T17:40:41.091941+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T17:40:41.088987+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.