Analyst Consensus ?
ConsensusHold24 ratings
Bullish937.5%
Neutral1458.3%
Bearish14.2%
Alexandria Real Estate Equities, Inc. · ARE · FY2026 Q1 · Calendar Q2 2026
ARE Q1 2026: EPS Beats Estimates, Occupancy Slides to 87.7%, FFO Guidance Maintained
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.
Reported After market closeNYSEReal Estate
$9.15B market cap
100quality score
Company context
Snapshot as of publicationAlexandria 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.10
Consensus $2
EPS surprise
+21.4%
Reported versus consensus
Reported revenue
$653.0M
Consensus $684.8M
Revenue surprise
-4.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$51.45Current
$43Low
$70.5Average
$130High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 1, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jun 12, 2026 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Jun 11, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | May 5, 2026 |
| Baird | Neutral | Outperform | Downgrade | May 4, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 1, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Apr 29, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 10, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 30, 2026 |
| Citizens | Market Perform | Market Outperform | Downgrade | Nov 13, 2025 |
| BTIG | Neutral | Buy | Downgrade | Oct 29, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 30, 2025 |
| Wedbush | Neutral | Neutral | Maintain | Dec 6, 2024 |
| B of A Securities | Neutral | Buy | Downgrade | Jul 29, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Oct 20, 2022 |
| CFRA | Buy | Buy | Maintain | Apr 26, 2022 |
| UBS | Neutral | Neutral | Maintain | Oct 16, 2020 |
| Berenberg | Buy | Buy | Maintain | Oct 2, 2020 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jan 14, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Dec 4, 2017 |
| BTIG Research | Buy | Buy | Maintain | Aug 25, 2016 |
| ISI Group | Buy | Neutral | Upgrade | Sep 29, 2014 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 9, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $51.45. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $60 | $51.95 | +16.6% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $54 | $53.18 | +5.0% | Jun 12, 2026 |
| Evercore ISI | Analyst unavailable | $58 | $51.96 | +12.7% | Jun 8, 2026 |
| Morgan Stanley | Ronald Kamdem | $53 | $48.22 | +3.0% | May 26, 2026 |
| Goldman Sachs | Julien Blouin | $52 | $46.68 | +1.1% | May 19, 2026 |
| RBC Capital | Analyst unavailable | $50 | $42.32 | -2.8% | May 5, 2026 |
| Evercore ISI | Analyst unavailable | $55 | $41.21 | +6.9% | May 4, 2026 |
| Robert W. Baird | Analyst unavailable | $46 | $41.39 | -10.6% | May 4, 2026 |
| Cantor Fitzgerald | Richard Anderson | $43 | $40.41 | -16.4% | Apr 29, 2026 |
| Morgan Stanley | Analyst unavailable | $54 | $56.62 | +5.0% | Feb 10, 2026 |
| Goldman Sachs | Analyst unavailable | $60 | $54.15 | +16.6% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $55 | $53.27 | +6.9% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $46 | $48.97 | -10.6% | Jan 5, 2026 |
| Deutsche Bank | Omotayo Okusanya | $45 | $47.94 | -12.5% | Dec 19, 2025 |
| Jefferies | Analyst unavailable | $47 | $47.42 | -8.6% | Dec 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $48 | $46.84 | -6.7% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $64 | $46.53 | +24.4% | Dec 4, 2025 |
| BMO Capital | John Kim | $60 | $48.42 | +16.6% | Dec 4, 2025 |
| Robert W. Baird | Wesley Golladay | $67 | $48.42 | +30.2% | Dec 4, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $53.84 | +39.9% | Nov 28, 2025 |
| Robert W. Baird | Wesley Golladay | $73 | $52.65 | +41.9% | Nov 26, 2025 |
| Jefferies | Joe Dickstein | $62 | $58.22 | +20.5% | Nov 3, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $79 | $74.09 | +53.5% | Oct 13, 2025 |
| BNP Paribas | Analyst unavailable | $82 | $83.46 | +59.4% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $88 | $83.34 | +71.0% | Oct 1, 2025 |
| Jefferies | Peter Abramowitz | $105 | $97.55 | +104.1% | Jan 1, 2025 |
| Citigroup | Nick Joseph | $125 | $121.91 | +143.0% | Sep 12, 2024 |
| RBC Capital | Michael Carroll | $130 | $112.14 | +152.7% | Aug 5, 2024 |
| Bank of America Securities | Joshua Dennerlein | $126 | $118.92 | +144.9% | Jul 29, 2024 |
| Evercore ISI | Steve Sakwa | $126 | $115.98 | +144.9% | Jul 25, 2024 |
| Deutsche Bank | Omotayo Okusanya | $140 | $126.01 | +172.1% | Mar 5, 2024 |
| Mizuho Securities | Analyst unavailable | $172 | $133.39 | +234.3% | Jun 23, 2022 |
Track every rating change on ARE the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-11.3%
Event window
SPY move
-0.5%
Same window
Abnormal move
-10.8%
Stock minus SPY
Volume
2.5×
Versus trailing sessions
Subsequent drift
+23.6%
Up to 20 sessions
ARESPY benchmark
Follow ARE with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
ARE reported Q1 FY2026 EPS of $2.10, beating the $1.73 consensus by 21.4%, while revenue of $653.0M missed the $684.8M estimate by 4.6%. Occupancy fell sharply to 87.7% from 90.9% in Q4 2025, driven by large lease expirations and a complete absence of public biotech leasing. Despite these headwinds, management maintained 2026 FFO guidance at $6.40 per share while modestly lowering the occupancy and same-property NOI outlook ranges. The stock dropped 11.3% in the reaction window on 2.5x normal volume but subsequently recovered 23.6%. G&A expense savings of $7.4M YoY and a $366M bond-tender gain provided balance-sheet support. The company secured approximately 394,000 sf of letters of intent during the quarter and achieved a record $1,645/sf disposition price for a San Francisco lab asset.
Guidance delta
Management maintained 2026 FFO guidance at $6.40 per share, unchanged from prior expectations. Occupancy and same-property NOI outlook ranges were modestly lowered, reflecting the Q1 occupancy dip to 87.7% and large lease expirations. Capex outlook continues to decrease, consistent with the $2.9B disposition program. Q2 leasing target of 900,000-950,000 sf.
Key takeaways
- EPS of $2.10 beat consensus of $1.73 by 21.4%; revenue of $653.0M missed the $684.8M estimate by 4.6%
- Occupancy fell to 87.7% from 90.9% in Q4 2025, driven by large lease expirations and zero public biotech leases
- 2026 FFO guidance maintained at $6.40 per share; occupancy and same-property NOI outlooks modestly lowered
- Mega-campus assets generate 78% of annual rental revenue, underscoring portfolio quality concentration
- G&A savings of $7.4M YoY and a $366M bond-tender gain improved cash flow and balance-sheet flexibility
- Approximately 394,000 sf of letters of intent signed in Q1; Q2 leasing target of 900,000-950,000 sf
Management priorities
- Execute $2.9B disposition and partial-interest sale program with a shift toward joint-venture sales
- Target 900,000-950,000 sf of leasing volume in Q2 across new development and renewals
- Advance construction milestones for 421 Park Drive, 409/499 Illinois Street, 311 Arsenal Street, and 3000 Minuteman Road
- Continue recycling disposition proceeds to fund mega-campus projects and reduce capex
- Maintain flexible balance sheet while evaluating advanced-technology uses for select assets
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T19:51:09.628422+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T19:51:09.625605+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 . For educational purposes only; not investment advice.