EarningsQ2 2026 Earnings Report
MX:ARE Q2 2026 EPS Results
Actual EPS-$7.78
Consensus EPS$1.70
Beat/MissMissed by -$9.48
One Year Ago EPS-$11.58
MX:ARE Q2 2026 Revenue Results
Actual Revenue$11.99B
Expected Revenue$8.41B
Beat/MissBeat by +$3.58B
YoY Revenue Growth-13.03%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:ARE Upcoming Earnings
Alexandria Equities's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ARE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a mixed but balanced picture: strong operational execution in leasing, liquidity, margin control, and a reaffirmed FFO outlook and credit extension provide key positives, while occupancy pressures, a double-digit same-property NOI decline, meaningful impairments, elevated leverage and concentrated 2027 lease rollover risk represent significant near-term headwinds. Management has actionable plans (dispositions, pivoting projects, cost savings) and progress on those plans is evident, but material execution risk remains over the next several quarters.Company Guidance
Strong Leasing Volume
Total leasing volume of 1,039,000 rentable sq ft in 2Q26, up 60% QoQ and up 9% versus the prior 4-quarter average; new leasing ~400,000 sq ft (second largest quarterly total since 2Q24 excluding last year's large build-to-suit).
Material Pre-Leased Pipeline
1.4 million sq ft leased that is expected to commence in November 2026 on average, representing expected annual rental revenue of $69 million.
Major Build-to-Suit Delivery
Delivered a 427,000 sq ft build-to-suit to Bristol-Myers at Campus Point Megacampus under a long-term lease, expected to contribute significant NOI and shareholder value.
Solid Balance Sheet and Liquidity
Liquidity of $3.6 billion and extension of the $5 billion unsecured credit facility to 2032; longest average remaining debt maturity among S&P 500 REITs at 9.7 years.
Maintained and Tightened FFO Guidance
2Q26 FFO per share diluted as adjusted was $1.73; reaffirmed 2026 FFO per share midpoint of $6.40 and tightened the full-year range to ±$0.05.
Operational Efficiency and Cost Savings
G&A guidance of $134M–$154M for 2026 representing ~14% savings at the midpoint versus 2024 (about $24M); combined 2025–2026 G&A savings expected ~ $76M; trailing 12-month G&A as % of NOI at 6.6% vs S&P 500 REIT average of 14.3%.
High Margin and Credit Quality
Adjusted EBITDA margin of 67% for 2Q26 and 57% of annual rent from investment-grade or publicly traded large-cap tenants; average remaining lease term of 7.7 years and ~3% average rent steps on 97% of leases.
Progress on Capital Plan / Dispositions
Target dispositions/sales program midpoint of $2.9 billion: 46% (~$1.3B) completed or pending (nonrefundable deposits/LOIs/signed agreements), 38% (~$1.1B) in process, with weighted average projected completion date in September; reduced capitalized interest guidance by $5M at midpoint.
Development Pipeline Metrics
1.4M sq ft under construction expected to stabilize through 2028 and 71% leased; overall pipeline sq ft reduced by 20% YTD as company rebalances projects and pivots some to advanced technology strategies.
Improving Leasing Concessions
Initial free rent concessions trending down from peak (~2 months per year of term) to ~1.5 months per year on a trailing 12-month basis.
MX: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