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Alexandria Real Estate Equities (ARE)
NYSE:ARE
Earnings Data
Report Date
Apr 27, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.1Last Year’s EPS
-0.07Same Quarter Last Year
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call described strong execution on balance sheet management, sizable Q4 dispositions ($1.5B), notable leasing momentum (1.2M sqft in Q4 and nearly 900k sqft signed to commence in Q3 2026), substantial G&A savings (30%, $51.3M), healthy liquidity ($5.3B) and a robust adjusted EBITDA margin (70%). Offsetting these positives were material Q4 impairments ($1.45B), same-property NOI declines (-6% Q4, -3.5% FY), elevated free rent and near-term occupancy headwinds driven by 1.2M sqft of lease expirations and an assumed ~$6M per quarter rent reduction tied to tenant wind-downs. Management expects a Q1 2026 dip in occupancy and a temporary leverage increase, with recovery anticipated in the back half of 2026 as dispositions and signed-lease commencements occur. Overall, the company conveyed operational resilience and strong liquidity while also acknowledging significant near-term earnings and asset-value pressures that create uncertainty into 2026.Company Guidance
Strong Q4 Dispositions and Execution
Completed $1.5 billion of dispositions in Q4 across 26 transactions, helping achieve the company’s leverage target and advance the 2026 non-core disposition program.
Robust Q4 Leasing Volume
Total leasing volume of 1.2 million rentable square feet in Q4 (highest quarter in the last year), up 14% versus the prior 4-quarter average and up 10% versus the prior 8-quarter average; 393,000 rentable square feet of vacant space leased in Q4 — almost double the 5-quarter quarterly average.
Backlog of Signed Leases Driving Future Revenue
Nearly 900,000 rentable square feet of signed leases (about 2.5% of the portfolio) are expected to commence on average in Q3 2026 and generate approximately $52 million of incremental annual rental revenue.
FFO and Earnings Execution
FFO per share diluted as adjusted was $2.16 for Q4 2025 and $9.01 for the full year 2025, which tracked at the midpoint of prior guidance; reaffirmed 2026 FFO guidance and the Q4'26 trough expectation of $1.40 to $1.60 per share.
Operating Margin and Cost Savings
Adjusted EBITDA margin of 70% for Q4 2025; achieved $51.3 million of G&A savings in 2025 (a 30% reduction versus prior year) and reported G&A as ~5.6% of NOI — about half the S&P 500 REIT average.
Strong Balance Sheet and Liquidity
Liquidity of $5.3 billion, longest average remaining debt maturity among S&P 500 REITs at just over 12 years, and modest leverage at 5.7x net debt to adjusted EBITDA (Q4 annualized); reiterated 4Q'26 leverage guidance of 5.6x to 6.2x.
Reduced Capitalized Interest Outlook
Guidance for capitalized interest in 2026 of $250 million, down 24% from 2025, driven by dispositions and evaluations to pause or sell certain projects under construction.
Progress on Repositioning Non-Income Assets
Reduced non-income-producing assets as a percentage of gross assets from 20% at end of 2024 to 17% at end of 2025 and expects continued declines through 2026; disposition program expected to include 65%-75% non-core assets and land of the $2.9 billion midpoint guidance.
ARE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ARE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 26, 2026 | $57.16 | $58.14 | +1.71% |
Oct 27, 2025 | $77.87 | $62.94 | -19.17% |
Jul 21, 2025 | $77.05 | $79.43 | +3.09% |
Apr 28, 2025 | $74.41 | $70.15 | -5.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Alexandria Real Estate Equities (ARE) report earnings?
Alexandria Real Estate Equities (ARE) is schdueled to report earning on Apr 27, 2026, After Close (Confirmed).
What is Alexandria Real Estate Equities (ARE) earnings time?
Alexandria Real Estate Equities (ARE) earnings time is at Apr 27, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ARE EPS forecast?
ARE EPS forecast for the fiscal quarter 2026 (Q1) is 0.1.