Alexandria Real Estate Equities Posts $638.5 Million Third-Quarter Net Loss on $637.9 Million Impairment; Adjusted FFO $1.54 Per Share
Alexandria Real Estate Equities, Inc. (NYSE: ARE), the Pasadena, California-based life science real estate investment trust headquartered in Los Angeles County, reported third-quarter 2026 results on October 26. The net loss attributable to common stockholders was $638.5 million, or $3.74 per share, including $637.9 million of real estate impairment charges related to assets held for sale. Funds from operations per share, as adjusted, were $1.54, down from $2.22 a year earlier, and total revenues were $671.2 million for the quarter ended September 30, 2026.
Operating property occupancy stood at 87.1%, or 90.8% including executed leases with future occupancy. Third-quarter leasing volume surpassed 1.2 million rentable square feet, the highest quarterly total since the fourth quarter of 2024, including 450,961 square feet of previously vacant space, the second-highest quarterly amount in company history. Same property net operating income fell 6.7% year over year, which the company attributed primarily to downtime from previously disclosed key lease expirations.
On capital recycling, Alexandria closed the sale in October of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million. Completed dispositions and sales of partial interests totaled $717 million as of October 26, against full-year guidance with a midpoint of $1.9 billion. Liquidity stood at $4.56 billion, its $5.0 billion unsecured senior line of credit was extended to 2032, and only 6% of total debt matures through 2028.
The company placed 529,061 square feet of development and redevelopment projects into service during the quarter, 84% occupied at delivery, generating about $40 million of incremental annual net operating income, including 198,992 square feet delivered to Novo Nordisk for its R&D center in Waltham. It also signed an agreement to sell its 421 Park Drive project at the Fenway Megacampus, expected to cut future construction spending by about $136 million and to close in the fourth quarter.
Source: GSM · USA (original Chinese edition)
Photo: 图：生命科学研究建筑外观（资料图，非该公司物业）。图片：美国国家标准与技术研究院 NIST，公共领域（Wikimedia Commons）。Photo: A life science research building (file photo, not a company property). Credit: National Institute of Standards and Technology (NIST), public domain, via Wikimedia Commons.
