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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vikram Malhotra | Mizuho Securities | 15 (33%) |
| Anthony Paolone | JPMorgan | 13 (0%) |
| Jim Kammert | Evercore ISI | 13 (0%) |
| Rich Anderson | Cantor Fitzgerald | 13 (0%) |
| Farrell Granath | Bank of America | 12 (0%) |
| Mike Carroll | RBC Capital Markets | 11 (0%) |
| Nick Joseph | Citigroup | 9 (0%) |
| Dylan Burzinski | Green Street | 9 (11%) |
| John Kim | BMO Capital Markets | 8 (13%) |
| Omotayo Okusanya | Deutsche Bank | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 2 | 15 (0%) |
| Mizuho Securities | 1 | 15 (33%) |
| JPMorgan | 1 | 13 (0%) |
| Cantor Fitzgerald | 1 |
| 13 (0%) |
| Bank of America | 1 | 12 (0%) |
| RBC Capital Markets | 1 | 11 (0%) |
| Citigroup | 2 | 11 (0%) |
| Green Street | 1 | 9 (11%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $763M | +2.8% | $-0.38 | -116.6% | 21.0% | -8.2% | $274M |
| FY2025 Q1 | $743M | -1.6% | $-0.07 | -107.0% | 19.4% | -1.2% | $208M |
| FY2025 Q2 | $737M | -2.4% | $-0.64 | -356.0% | 18.7% | -14.5% | $460M |
| FY2025 Q3 | $736M | -5.1% | $-1.38 | -243.8% | 17.3% | -31.6% | $433M |
| FY2025 Q4 | $754M | -1.2% | $-6.35 | -1571.1% | -213.6% | -143.4% | $312M |
| FY2026 Q1 | $671M | -9.7% | $2.10 | +3188.2% | 15.9% | 59.4% | $197M |
| FY2026 Q2 | $796M | +8.0% | $0.07 | +110.3% | 3.1% | 1.5% | $-66M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Alexandria's Q1 2026 was marked by the unprecedented absence of any public biotech leasing and a sharp 320 bps occupancy decline to 87.7% as 657,000 square feet of known vacates materialized. FFO fell to $1.73 per share, but management reaffirmed the full-year $6.40 midpoint as development leasing momentum ($394K sqft of leases and LOIs) and the advanced technology pivot at 311 Arsenal and 3000 Minuteman provided alternative demand sources. The disposition program remained on track with 80% of the $2.9 billion target pending or in process, highlighted by record $1,645/sqft pricing on the 409 Illinois Street sale, while the court defeat of NIH's 15% indirect cost limitation offered a potential catalyst for institutional demand recovery.
Demand | Capital Allocation | Capex Investment | Competitive Dynamics | Regulation Policy | Credit | Pricing | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 5 | 3 | 4 | 2 | 2 | 1 | 1 |
| 2025Q1 | 8 | 5 | 4 | 2 | 2 | |||
| 2025Q2 | 8 | 3 | 6 | 1 | 2 | 2 | ||
| 2025Q3 | 10 | 10 | 3 | 3 | 1 | 1 | 2 | 1 |
| 2025Q4 | 9 | 5 | 3 | 3 | 1 | 2 | 1 | 2 |
| 2026Q1 | 13 | 5 | 4 | 1 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 9 | 8 | 8 | 10 | 9 | 13 |
| Capital Allocation | 5 | 5 | 3 | 10 | 5 | 5 |
| Capex Investment | 3 | 4 | 6 | 3 | 3 | 4 |
| Competitive Dynamics | 4 | 1 | 3 | 3 | 1 | |
| Regulation Policy | 2 | 2 | 2 | 1 | 1 | 2 |
| Credit | 2 | 2 | 1 | 2 | 2 | |
| Pricing | 1 | 2 | 2 | 1 | ||
| Margin | 1 | 1 | 2 | 1 |
What ARE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we did Google, although Google is not necessarily an office -- or a lab-type tenant, although we've leased to some of their subsidiaries”
Alexandria has leased space to Google and some of its subsidiaries as advanced-technology tenants, though not as a traditional lab occupier.
“several stories of brand-new office for Leidos who does the -- they manufacture the advanced screening technology at airports, et cetera.”
Alexandria completed a build-to-suit for Leidos, an advanced-technology tenant, reflecting Leidos's demand for specialized/secure facility space.
“This is part of -- I really can't say what part of Amazon, but it is a very sophisticated and research-oriented part of Amazon, and they've been there for quite a long time.”
A research-oriented Amazon unit is a long-standing advanced-technology tenant occupying part of Alexandria's Campus Point campus.
“We're working -- we just broke ground on Novartis, and there's a lot of early-stage biotech there.”
Alexandria recently broke ground on a Novartis facility at Campus Point, indicating Novartis is expanding its research real estate footprint.
“we're delivering the Bristol-Myers West Coast Research headquarters hub”
Alexandria is developing Bristol Myers Squibb's West Coast research headquarters at its Campus Point mega campus, signaling continued big-pharma facility expansion by BMY.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ARE Alexandria Real Estate Equities | 2 | -9.7% | |
| BXP BXP, Inc. | 6 | +0.8% | |
| DLR Digital Realty | 8 | +12.0% |