Analyst Consensus ?
ConsensusHold25 ratings
Bullish936.0%
Neutral1456.0%
Bearish28.0%
Alexandria Real Estate Equities, Inc. · ARE · FY2026 Q2 · Calendar Q3 2026
ARE: Leasing improved, but occupancy and asset risks remain
ARE's Q2 update provided evidence of improved leasing momentum and continued capital discipline, but the investment case remains balanced by below-prior occupancy, lease-expiration risk, muted public-biotech demand and non-core asset impairments.
Reported After market closeNYSEReal Estate
$9.30B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.43
Consensus $0.09
EPS surprise
-557.9%
Reported versus consensus
Reported revenue
$643.2M
Consensus $464.9M
Revenue surprise
+38.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-7.8%
Event window
SPY move
+1.8%
Same window
Abnormal move
-9.6%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
+5.6%
Up to 20 sessions
ARESPY benchmark
Ask FN2 about ARE FY2026 Q2
Transcript, numbers and history already loaded
Why did ARE fall 7.8% after missing EPS estimates in FY2026 Q2?What changed in ARE's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ARE after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Leasing exceeded 1 million square feet and rose 60% quarter over quarter, while occupancy was 86.9%. The company reported progress toward its disposition target, reduced its construction pipeline, and recorded impairments on a Northern San Diego land parcel and a Toronto office building.
Guidance delta
2026 FFO guidance was maintained at $6.40 per share, with the range tightened to plus or minus $0.05.
Key takeaways
- Leasing volume exceeded 1 million square feet, up 60% quarter over quarter, led by life-science, advanced-technology and public-biotech tenants.
- Occupancy was 86.9%, while management expects a 1.4 million-square-foot pipeline to be delivered by November 2026.
- The disposition program reached $1.3 billion, or 46% of its $2.9 billion target, completed or pending.
- Capex is being reduced and management is targeting mid-5x leverage while maintaining liquidity.
Management priorities
- Deliver the leasing pipeline and target 950,000 square feet of Q3 2026 leasing.
- Reduce capex and funding costs while moving leverage toward the mid-5x range.
- Advance joint-venture transactions, partial-interest sales and potential advanced-technology conversions.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$53.34Previous close
$43Low
$70.48Average
$130High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| Baird | Neutral | Neutral | Maintain | Aug 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 17, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Aug 17, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 10, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Aug 5, 2026 |
| BNP Paribas | Underperform | Underperform | Maintain | Aug 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 6, 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 |
| JP Morgan | Neutral | Neutral | Maintain | Mar 10, 2026 |
| Jefferies | Hold | Hold | Maintain | Jan 30, 2026 |
| 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 previous close $53.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $59 | $53.3 | +10.6% | Sep 21, 2026 |
| Robert W. Baird | Analyst unavailable | $52 | $53.49 | -2.5% | Aug 24, 2026 |
| Evercore ISI | James Kammert | $57 | $48.14 | +6.9% | Aug 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $52 | $48.04 | -2.5% | Aug 5, 2026 |
| Mizuho Securities | Analyst unavailable | $60 | $51.95 | +12.5% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $54 | $53.18 | +1.2% | Jun 12, 2026 |
| Evercore ISI | Analyst unavailable | $58 | $51.96 | +8.7% | Jun 8, 2026 |
| Morgan Stanley | Ronald Kamdem | $53 | $48.22 | -0.6% | May 26, 2026 |
| Goldman Sachs | Julien Blouin | $52 | $46.68 | -2.5% | May 19, 2026 |
| RBC Capital | Analyst unavailable | $50 | $42.32 | -6.3% | May 5, 2026 |
| Evercore ISI | Analyst unavailable | $55 | $41.21 | +3.1% | May 4, 2026 |
| Robert W. Baird | Analyst unavailable | $46 | $41.39 | -13.8% | May 4, 2026 |
| Cantor Fitzgerald | Richard Anderson | $43 | $40.41 | -19.4% | Apr 29, 2026 |
| Morgan Stanley | Analyst unavailable | $54 | $56.62 | +1.2% | Feb 10, 2026 |
| Goldman Sachs | Analyst unavailable | $60 | $54.15 | +12.5% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $55 | $53.27 | +3.1% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $46 | $48.97 | -13.8% | Jan 5, 2026 |
| Deutsche Bank | Omotayo Okusanya | $45 | $47.94 | -15.6% | Dec 19, 2025 |
| Jefferies | Analyst unavailable | $47 | $47.42 | -11.9% | Dec 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $48 | $46.84 | -10.0% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $64 | $46.53 | +20.0% | Dec 4, 2025 |
| BMO Capital | John Kim | $60 | $48.42 | +12.5% | Dec 4, 2025 |
| Robert W. Baird | Wesley Golladay | $67 | $48.42 | +25.6% | Dec 4, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $53.84 | +35.0% | Nov 28, 2025 |
| Robert W. Baird | Wesley Golladay | $73 | $52.65 | +36.9% | Nov 26, 2025 |
| Jefferies | Joe Dickstein | $62 | $58.22 | +16.2% | Nov 3, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $79 | $74.09 | +48.1% | Oct 13, 2025 |
| BNP Paribas | Analyst unavailable | $82 | $83.46 | +53.7% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $88 | $83.34 | +65.0% | Oct 1, 2025 |
| Jefferies | Peter Abramowitz | $105 | $97.55 | +96.9% | Jan 1, 2025 |
| Citigroup | Nick Joseph | $125 | $121.91 | +134.3% | Sep 12, 2024 |
| RBC Capital | Michael Carroll | $130 | $112.14 | +143.7% | Aug 5, 2024 |
| Bank of America Securities | Joshua Dennerlein | $126 | $118.92 | +136.2% | Jul 29, 2024 |
| Evercore ISI | Steve Sakwa | $126 | $115.98 | +136.2% | Jul 25, 2024 |
| Deutsche Bank | Omotayo Okusanya | $140 | $126.01 | +162.5% | Mar 5, 2024 |
| Mizuho Securities | Analyst unavailable | $172 | $133.39 | +222.5% | Jun 23, 2022 |
Track every rating change on ARE the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All ARE earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the ARE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:13:08.950813+00:00
- FN2 earnings calendar · 2026-09-08T01:23:13.784197+00:00
- Polygon adjusted daily market bars · 2026-09-22T05:20:56.378751+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T05:20:56.375946+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.