Companies · ARE
Alexandria Real Estate
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Latest analysis
Updated Oct 27, 2026
Alexandria posts 7-quarter leasing high in Q3 2026 but flags occupancy headwinds through mid-2027 as $638M in impairments signal portfolio repositioning at scale.
Alexandria's Q3 2026 results demonstrate genuine leasing momentum — 1.236 million square feet, the highest in seven quarters, with 451,000 square feet of previously vacant space absorbed, the second-largest quarterly total in company history — but the setup into 2027 is materially challenged. Management disclosed 1.4 million square feet of key lease expirations with 9-to-24 months of expected downtime and guided to temporary occupancy pressure in the first half of 2027, with occupancy growth not expected until 2028. The $638 million in real estate impairments recognized in the quarter — concentrated in development projects, land, and lab conversion assets — represents the most explicit acknowledgment to date that significant portions of Alexandria's non-Megacampus pipeline carry book values above what the market will support.
Tone: mixedRevenue
$3B
ARE 10-K · FY 2025
Employees
514
Revenue FY2024
$3.1B
EBITDA margin
65%
Profile
ARE 10-K Item 1 · Jan 26, 2026Alexandria Real Estate Equities is a Maryland REIT and the pioneer of the life science real estate niche, founded in 1994. The company owns, operates, and develops Class A/A+ laboratory and collaborative Megacampus ecosystems in AAA life science innovation clusters across North America. It also maintains a venture capital platform providing strategic capital to life science companies.
Read filing description ↓ Collapse description ↑
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. We develop dynamic Megacampus ecosystems that enable and inspire the world's most brilliant minds and innovative companies to create life-changing scientific and technological innovations. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
Primary products
- Class A/A+ laboratory space
- Megacampus ecosystems
- Ground-up development of laboratory facilities
- Redevelopment of office/warehouse/shell space into laboratory space
- Pre-construction services
- Venture capital platform
Business segments
End markets
Geographies
Named customers
“With our founding in 1994, Alexandria pioneered the life science real estate niche. Today, we are the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues decreased by $89.8 million, or 2.9%, to $3.03 billion for the year ended December 31, 2025, compared to $3.12 billion for 2024, primarily driven by dispositions of real estate assets; excluding those dispositions, total revenues would have increased by 2.3%.
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