Analyst Consensus ?
ConsensusHold25 ratings
Bullish936.0%
Neutral1352.0%
Bearish312.0%
Alexandria Real Estate Equities, Inc. · ARE · FY2026 Q3 · Calendar Q4 2026
ARE leasing strengthened, but 2027 expirations remain a risk
Alexandria's Q3 showed stronger leasing and improved occupancy, supported by demand for Megacampus and advanced-technology space. The outlook remains balanced: capital-plan execution improved, but 2027 expirations, tenant wind-downs and development impairments could pressure occupancy and cash flow.
Reported After market closeNYSEReal Estate
$7.12B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-3.74
Consensus $-0.03
EPS surprise
-13401.8%
Reported versus consensus
Reported revenue
$671.2M
Consensus $646.3M
Revenue surprise
+3.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.9%
Event window
SPY move
+0.6%
Same window
Abnormal move
-6.4%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ARESPY benchmark
Ask FN2 about ARE FY2026 Q3
Transcript, numbers and history already loaded
Why did ARE fall 5.9% after missing EPS estimates in FY2026 Q3?What changed in ARE's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ARE after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Leasing reached 1.236 million square feet, including 451,000 square feet of previously vacant space, while occupancy rose to 87.1%. Management also highlighted a $475 million Campus Point joint venture and $1 billion of junior subordinated notes, alongside $638 million of development-project impairments.
Guidance delta
Maintained. Year-end occupancy and 5.6–6.2x leverage guidance were reaffirmed.
Key takeaways
- Q3 leasing was strong, with a large contribution from previously vacant space.
- Capital-plan execution advanced through the Campus Point joint venture and junior subordinated notes issuance.
- The near-term setup is mixed because approximately 1.4 million square feet of 2027 expirations may create downtime and occupancy pressure.
Management priorities
- Continue leasing Megacampus assets and expanding the advanced-technology tenant mix.
- Advance the development pipeline while focusing spending on re-leasing vacant space and high-return operating assets.
- Use joint ventures and capital-market transactions to support funding and balance-sheet objectives.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$40.86Current
$41Low
$69.26Average
$130High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 |
|---|---|---|---|---|
| JP Morgan | Underweight | Neutral | Downgrade | Sep 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 21, 2026 |
| Baird | Neutral | Neutral | Maintain | Aug 24, 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 |
| 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 current price $40.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BMO Capital | John Kim | $41 | $45.51 | +0.3% | Oct 12, 2026 |
| RBC Capital | Analyst unavailable | $41 | $45.51 | +0.3% | Oct 12, 2026 |
| Evercore ISI | Analyst unavailable | $59 | $53.3 | +44.4% | Sep 21, 2026 |
| Robert W. Baird | Analyst unavailable | $52 | $53.49 | +27.3% | Aug 24, 2026 |
| Evercore ISI | James Kammert | $57 | $48.14 | +39.5% | Aug 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $52 | $48.04 | +27.3% | Aug 5, 2026 |
| Mizuho Securities | Analyst unavailable | $60 | $51.95 | +46.8% | Jul 6, 2026 |
| BMO Capital | Analyst unavailable | $54 | $53.18 | +32.2% | Jun 12, 2026 |
| Evercore ISI | Analyst unavailable | $58 | $51.96 | +41.9% | Jun 8, 2026 |
| Morgan Stanley | Ronald Kamdem | $53 | $48.22 | +29.7% | May 26, 2026 |
| Goldman Sachs | Julien Blouin | $52 | $46.68 | +27.3% | May 19, 2026 |
| RBC Capital | Analyst unavailable | $50 | $42.32 | +22.4% | May 5, 2026 |
| Evercore ISI | Analyst unavailable | $55 | $41.21 | +34.6% | May 4, 2026 |
| Robert W. Baird | Analyst unavailable | $46 | $41.39 | +12.6% | May 4, 2026 |
| Cantor Fitzgerald | Richard Anderson | $43 | $40.41 | +5.2% | Apr 29, 2026 |
| Morgan Stanley | Analyst unavailable | $54 | $56.62 | +32.2% | Feb 10, 2026 |
| Goldman Sachs | Analyst unavailable | $60 | $54.15 | +46.8% | Feb 3, 2026 |
| Morgan Stanley | Analyst unavailable | $55 | $53.27 | +34.6% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $46 | $48.97 | +12.6% | Jan 5, 2026 |
| Deutsche Bank | Omotayo Okusanya | $45 | $47.94 | +10.1% | Dec 19, 2025 |
| Jefferies | Analyst unavailable | $47 | $47.42 | +15.0% | Dec 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $48 | $46.84 | +17.5% | Dec 5, 2025 |
| Evercore ISI | Analyst unavailable | $64 | $46.53 | +56.6% | Dec 4, 2025 |
| BMO Capital | John Kim | $60 | $48.42 | +46.8% | Dec 4, 2025 |
| Robert W. Baird | Wesley Golladay | $67 | $48.42 | +64.0% | Dec 4, 2025 |
| Evercore ISI | Analyst unavailable | $72 | $53.84 | +76.2% | Nov 28, 2025 |
| Robert W. Baird | Wesley Golladay | $73 | $52.65 | +78.7% | Nov 26, 2025 |
| Jefferies | Joe Dickstein | $62 | $58.22 | +51.7% | Nov 3, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $79 | $74.09 | +93.3% | Oct 13, 2025 |
| BNP Paribas | Analyst unavailable | $82 | $83.46 | +100.7% | Oct 1, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $88 | $83.34 | +115.4% | Oct 1, 2025 |
| Jefferies | Peter Abramowitz | $105 | $97.55 | +157.0% | Jan 1, 2025 |
| Citigroup | Nick Joseph | $125 | $121.91 | +205.9% | Sep 12, 2024 |
| RBC Capital | Michael Carroll | $130 | $112.14 | +218.2% | Aug 5, 2024 |
| Bank of America Securities | Joshua Dennerlein | $126 | $118.92 | +208.4% | Jul 29, 2024 |
| Evercore ISI | Steve Sakwa | $126 | $115.98 | +208.4% | Jul 25, 2024 |
| Deutsche Bank | Omotayo Okusanya | $140 | $126.01 | +242.6% | Mar 5, 2024 |
| Mizuho Securities | Analyst unavailable | $172 | $133.39 | +320.9% | 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 earningsReal Estate peers this season
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| PSA-PO Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance again as demand strengthens |
| PSA-PK Public Storage | FY2026 Q3 · Calendar Q4 2026 | -32.1% | — | Public Storage raises guidance as digital platform and acquisitions support growth |
Latest beats and misses
Who reports nextBeat on EPS
- AITFY2027 Q1 · October 27, 2026+2.8% EPS-8.3% move
- LECOFY2026 Q3 · October 27, 2026+6.0% EPS+9.2% move
- LOGIFY2027 Q2 · October 27, 2026+12.7% EPS+1.8% move
- CSGPFY2026 Q3 · October 27, 2026+12.8% EPS-5.0% move
- CNCFY2026 Q3 · October 27, 2026+506.1% EPS+1.0% move
- HCAFY2026 Q3 · October 27, 2026+8.6% EPS-3.3% move
Missed on EPS
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- SHGFY2026 Q3 · October 27, 2026-4.5% EPS-1.4% move
- XYLFY2026 Q3 · October 27, 2026-0.7% EPS-14.2% move
- HSBCFY2026 Q3 · October 27, 2026-4.5% EPS-5.7% move
- BROFY2026 Q3 · October 26, 2026-1.8% EPS-5.0% 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 · 2026-10-28T04:05:30.915898+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T05:30:43.402643+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T05:30:43.400007+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 2026-10-28. For educational purposes only; not investment advice.