ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Sep 30, 2026. Filed Oct 26, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 26, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001035443-26-000066
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-26.
0001035443-26-000076
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 1741 previous paragraphs and 1819 current paragraphs.
978 unchanged; 443 reworded; 360 added; 282 removed; 38 previous and 38 current paragraphs rearranged.
Tables are not compared: 89 previous and 92 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (360)
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(1)Includes $637.9 million of real estate impairment charges related to assets held for sale for the three months ended September 30, 2026. Refer to Note 3 – “Investments
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•For thethree months ended September 30, 2026 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026
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closing of the sale of our partial interest in the Campus Point by Alexandria joint venture.
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Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume since 4Q24
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approximately 256,000 RSF, and representing thehighest quarterly volume since the fourth quarter of 2024.
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•Includes 450,961 RSF of leasing of previously vacant space, thesecond-highest quarterly amount in company history.
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29% noncontrolling interest in Campus Point by Alexandria Megacampus for$475.0 million to a new joint venture partner.
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expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented excludes 686 thousand RSF of pre-leased space related to
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•Decreased by 9.2% and 8.4% (cash basis) for thenine months ended September 30, 2026, compared to thenine months
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expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in thethree and nine months ended
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•88.1% for thethree months ended September 30, 2026, compared to 91.7% same properties average occupancy for the
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three months ended September 30, 2025.
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•88.6% for thenine months ended September 30, 2026, compared to 92.8% same properties average occupancy for the
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nine months ended September 30, 2025.
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•We entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Drive on the Alexandria
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Center® for Life Science – Fenway Megacampus, aggregating 339,668 RSF, which represents substantially all of our
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development project at this location. The disposition is expected to generate significant sales proceeds and to reduce future
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potential construction spend by approximately$136 million, with closing anticipated in the fourth quarter of 2026.
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•We have executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced
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technologyuse at our project at 311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity enables us to
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pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by
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approximately$220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified
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projects across multiple submarkets. The projects were 84% occupied at delivery and generated incremental annual net
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operating income aggregating$40 million. Key deliveries for the three months ended September 30, 2026 included:
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•198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center® for Life Science –
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Waltham Megacampus.
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•174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown.
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(2)Excludes 667,002 RSF of redevelopment projects currently under evaluation.
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•For the trailing twelve months ended September 30, 2026, general and administrative expenses represented 7.5% of net
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for the two-year period 2025 and 2026 (based on the midpoint of our 2026 guidance range). Some of the cost savings in 2025
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•In August 2026, we completed a public offering of$1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed
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February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%,
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subject to a minimum interest rate of 7.250%. We may elect to defer interest payments for up to five consecutive years, subject
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to the terms of the notes, including certain restrictions on paying dividends and repurchasing equity. We may also redeem at
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100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on
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February 15, 2032, and thereafter on any interest payment date. This issuance supports our liquidity, capital structure and
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deleveraging objectives while receiving 50% equity treatment from key rating agencies for purposes of the computations of
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leverage, fixed charges, and other credit metrics.
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•In September 2026, we closed our amended and restated$5.0 billion unsecured senior line of credit, which, among other
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off of unamortized loan fees.
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(1)Refer to “Tenant collections” under “Definitions and reconciliations” for additional details.
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and 3.6x–4.1x.
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•We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted EBITDA ratio in the second
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Solid leasing volume exceeding 1.0 million RSF during thethree months ended June 30, 2026
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2025 through the first quarter of 2026 of 952,365 RSF by approximately 87,000 RSF.
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•Includes 397,919 RSF of combined previously vacant and development and redevelopment space; second-highest
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amount since the second quarter of 2024, excluding the 466,598 RSF build-to-suit lease signed in the third quarter of
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We expect to allocate this capital as follows (based on guidance midpoints):
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RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San Francisco Bay Area markets.
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ended June 30, 2025.
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•Decreased by 11.5% and 11.2% (cash basis) for thesix months ended June 30, 2026, compared to thesix months ended
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expirations with expected downtime aggregating 657,492 RSF during the three months ended March 31, 2026 and
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•87.1% for thethree months ended June 30, 2026, compared to 92.6% same properties average occupancy for thethree
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•88.2% for thesix months ended June 30, 2026, compared to 93.5% same properties average occupancy for thesix
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•During the three months ended June 30, 2026, we executed a lease aggregating 159,947 RSF with an advanced technology
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tenant at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The lease enables us to pivot a
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portion of the redevelopment project from future laboratory and/or biomanufacturing use to a lower-cost advanced technology
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use, reducing the project’s expected aggregate construction budget byapproximately$80 million. We expect to deliver the
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159,947 RSF of leased space in thesecond quarter of 2027 upon completion of building and tenant improvements.
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431,550 RSF as of March 31, 2026 to 271,603 RSF as of June 30, 2026.
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•As of June 30, 2026, we executed letters of intent aggregating 108,800 RSF for advanced technology use at our
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redevelopment project at 311 Arsenal Street. If we are successful in executing these potential leases, we expect to evaluate
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whether all or a portion of this project will be placed back into operation without the need to further redevelop for laboratory
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use.
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targeting a range of 11% to 16% by December 31, 2026.
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is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University Town Center submarket and
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delivered incremental annual net operating income aggregating$57 million.
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(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including speculative future leasing that is not yet fully
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(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027–
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(3)Represents the current leased/negotiating percentage of our 174,662 RSF development project that is expected to stabilize in 4Q26.
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•General and administrative expenses for thethree months ended June 30, 2026 aggregated$36.9 million, an increase of
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$7.7 million, or 26.5%, compared with thethree months ended June 30, 2025, but a decrease of$7.8 million, or 17.4%,
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•For the trailing twelve months ended June 30, 2026, general and administrative expenses represented 6.6% of net operating
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•In July 2026, we executed an agreement to amend our$5.0 billion unsecured senior line of credit. The amendment is expected
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to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date
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write-off of unamortized loan fees during the three months ended September 30, 2026.
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•In April 2026, we repaid, upon maturity,$350.0 million of 3.80% unsecured senior notes payable. The repayment was funded
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repayment.
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Key capital metrics as of or for thethree months ended June 30, 2026
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•Non-real estate investments aggregating$1.69 billion:
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Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total market capitalization of
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Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a total market capitalization
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$21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties
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of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+ properties
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•75% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•74% of our leasing activity during the last twelve months was generated from our existing tenant base.
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30, 2026, refer to “Sales of real estate assets and impairment of real estate” in Note 3 – “Investments in real estate” to our
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in real estate” to our unaudited consolidated financial statements in Item 1 for additional details.
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•$21.84 billion in total market capitalization.
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•$21.01 billion in total market capitalization.
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•$9.02 billion in total equity capitalization.
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•$8.11 billion in total equity capitalization.
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June 30, 2026 annualized; the respective targets for the three months ending December 31, 2026, annualized, are 5.6x–6.2x
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•Target for the three months ending December 31, 2026, annualized:5.6x–6.2x.
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•Significant liquidity of$3.60 billion and extension of our$5.0 billion unsecured senior line of creditto 2032.
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•Significant liquidity of $4.56 billion and closed extension of our$5.0 billion unsecured senior line of credit to 2032.
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•9.7-year weighted-average remaining debt term, thelongest among S&P 500 REITs.
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•11.6-year weighted-average remaining debt term, thelongest among S&P 500 REITs.
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•Total debt and preferred stock to gross assets of 31%.
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•Total debt and preferred stock, as adjusted, to gross assets of 30%.
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•Total leasing volume surpassed 1.0 million RSF during thethree months ended June 30, 2026, increasing 60% from the three
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•Total leasing volume surpassed 1.2 million RSF during thethree months ended September 30, 2026, exceeding the average
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months ended March 31, 2026 and exceeding the average quarterly leasing volume for the period from the second quarter of
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quarterly leasing volume of 979,822 RSF for the period from the first quarter of 2025 through the second quarter of 2026 by
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•75% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•74% of our leasing activity during the last twelve months was generated from our existing tenant base.
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dispositions of land, non-core assets, sales of partial interests, and other capital sources.
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dispositions of land, non-core dispositions, and sales of partial interests. In October 2026, we completed the sale of an approximately
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Occupancy and leasing progress on temporary vacancy
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Occupancy of operating properties and leasing progress on temporary vacancy
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(1)Refer to “Reduction of capital spend and funding needs” within this section for additional details regarding the 159,947 RSF lease executed during the three months
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(1)Refer to “Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs” within this section for additional details.
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(2)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average
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(2)Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy expected upon completion of building and/or tenant
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expected occupancy date is approximately November 2026, with expected annual rental revenue of approximately$69 million. We expect 64% of the total 1.4 million
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improvements. The weighted-average expected occupancy date is approximately June 2027, with expected annual rental revenue of approximately$52 million. We
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New Class A/A+ development and redevelopment properties
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development and redevelopment projects under construction with future delivery. Refer to “New Class A/A+ development and redevelopment properties: under
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committed. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in Item 2 for
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construction” in Item 2 for additional details.
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•Decreased by 10.6% and 8.6% (cash basis) for thethree months ended June 30, 2026, compared to thethree months
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•Decreased by 6.7% and 2.8% (cash basis) for thethree months ended September 30, 2026, compared to thethree
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average lease expiration date of April 2026.
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September 30, 2026, respectively, with weighted-average lease expiration dates of August 2026 and April 2026,
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Reduction of capital spend and funding needs
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Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs
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•As a result, the leased space was reclassified from redevelopment to operating, reducing the redevelopment project from
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from redevelopment to operating as of September 30, 2026.
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•We continue to evaluate the business and financial strategy forfive projects aggregating 1.4 million RSF, which may allow us
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•We continue to evaluate the business and financial strategy forthree remaining projects aggregating 667,002 RSF, including
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to further reduce future construction funding requirements within our active pipeline.
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options that could further reduce future construction funding requirements.
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•Non-income-producing assets as of June 30, 2026 are 16% of gross assets, a 4% reduction since December 31, 2024; we are
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•Non-income-producing assets as of September 30, 2026 are 12% of gross assets, a reduction of 800 bps since December 31,
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Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of$57 million during 2Q26,
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Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $40 million during 3Q26,
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with an additional $42 million anticipated to be delivered by 4Q26
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with an additional$85 million expected from projects to be delivered by 4Q28
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•During the three months ended June 30, 2026, we placed into service one development project aggregating 426,927 RSF that
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•During the three months ended September 30, 2026, we placed into service 529,061 RSF of development and redevelopment
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•Annual net operating income (cash basis) from recently delivered projects is expected to increase by$40 million upon the
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•Annual net operating income (cash basis) from recently delivered projects is expected to increase by$67 million upon the
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burn-off of initial free rent, which has a weighted-average remaining period of approximately five months.
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burn-off of initial free rent, which has a weighted-average remaining period of approximately four months.
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•79% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
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•80% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
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income, approximately half the average of other S&P 500 REITs for 2023–2025.
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operating income, nearly half the average of other S&P 500 REITs for 2023–2025.
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•Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings
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•Compared to 2024, we continue to expect approximately$76 million of cumulative general and administrative expense savings
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in nature, while approximately half of the cost reductions achieved in 2025 have continued into 2026 and are expected to continue
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were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026 (based on
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in 2025 and 2026 (based on the midpoint of our 2026 guidance range).
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the midpoint of our 2026 guidance range).
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January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduces the applicable
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changes, extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control.
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the applicable borrowing rate to SOFR plus 0.725% from the currently applicable SOFR plus 0.835%. In connection with the
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The amendment also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection with
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amendment, we expect to recognize a loss on early extinguishment of debt of approximately$3.3 million related to the partial
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the amendment, we recognized a loss on early extinguishment of debt of approximately$3.3 million related to the partial write-
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report on Form 10-K for the year ended December 31,2025.
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ended September 30, 2026, refer to “Sales of real estate assets and impairment of real estate” in Note 3 – “Investments in real
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estate” to our unaudited consolidated financial statements in Item 1.
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forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our
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Dispositions and sales of partial interests
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(5)Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for additional details.
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New Class A/A+ development and redevelopment properties: recent deliveries (continued)
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(1)Excludes future incremental annual net operating income from recently delivered spaces aggregating 134,767 RSF that were vacant and/or unleased at delivery.
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New Class A/A+ development and redevelopment properties: under construction
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deliveries of these projects are in 2028.
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rental revenue basis)were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs
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and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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land parcels in our San Diego market that met the criteria for classification as held for sale.
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Loss on early extinguishment of debt
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Gain on sales of real estate
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within our consolidated statement of operations for the three months ended September 30, 2025.
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leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in
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prior years. The increase relative to 2025 primarily reflects the expected return of a portion of the cost reductions achieved in 2025 that
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were temporary in nature, while approximately half of the cost reductions achieved in 2025 have continued into 2026 and are expected
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in impairment of real estate in our consolidated statement of operations. For additional information, refer to “Sales of real estate assets
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Gain on sales of real estate
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the three months ended September 30, 2026 (in thousands):
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of which are expected to cease by the end of 2026 as we complete the respective projects.
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Class A/A+ development and redevelopment properties: under construction” in Item 2 for additional details.
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lower than those associated with laboratory improvements.
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million RSF of 2027 key lease expirations.
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unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for additional details.
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7 – “Investments” to our unaudited consolidated financial statements in Item 1 for additional information.
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“Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for additional details.
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and/or borrowings under secured construction loans.
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also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% and eliminated the existing sustainability-
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– “Consolidated and unconsolidated real estate joint ventures,” and Note 14 – “Stockholders’ equity” to our unaudited consolidated
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“Summary of significant accounting policies” to our unaudited consolidated financial statements in Item 1 for additional information.
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an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance,
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utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to
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September 30, 2026 and December 31, 2025 (dollars in thousands):
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included in debt or preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding
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half of 2026 as we complete dispositions, sales of partial interests, and other capital sources.
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temporarily with borrowings under our commercial paper program, which will be repaid through planned dispositions, sales of
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partial interests, and other capital sources included in our 2026 guidance. No gain or loss was incurred in connection with this
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result, absorption of available space has been notably slower.
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Risk factors” in Part I of our annual report on Form 10-K for the year ended December 31,2025.
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unaudited consolidated financial statements in Item 1.
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looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control.
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was temporarily vacant as of June 30, 2026, primarily in our Greater Boston, San Diego, and San Francisco Bay
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Dispositions, sales of partial interests, and other capital sources
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under construction” in Item 2 for additional details.
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(3)Includes 50,531 RSF that were vacant and/or unleased at delivery.
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dates of January 2026 and April 2026, respectively.
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dates of January 2026 and April 2026, respectively.
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tenants. As of June 30, 2026, 91% of our leases (on an annual rental revenue basis)were triple net leases, which require tenants to pay
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substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
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(including increases thereto) in addition to base rent.
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The increase relative to 2025 primarily reflects the expected return of a portion of the cost reductions achieved in 2025 that were
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temporary in nature, while approximately half of the cost reductions achieved in 2025 have continued into 2026 and are expected to
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primarily related to three operating properties in our San Diego market andland parcels in our non-cluster market that met the criteria
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annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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impairment of real estate in our consolidated statement of operations. For additional information, refer to “Sales of real estate assets
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dollar during this period, partially offset by $8.1 million of unrealized gains related to the change in the fair value of our cross-currency
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continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use),
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2026 as we complete the respective projects.
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and redevelopment properties: under construction” in Item 2 for additional details.
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“Capitalization of interest” in Item 2 for additional details.
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development and redevelopment properties: under construction” in Item 2 for additional details.
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“Investments” to our unaudited consolidated financial statements in Item 1 for additional information.
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“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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approximately$3.3 million related to the partial write-off of unamortized loan fees.
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costs and other transaction-related costs.
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adjusted. Refer to “Net cash provided by operating activities, as adjusted” under “Definitions and reconciliations” in Item 2 for the
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definition and reconciliation from the most directly comparable financial measure presented in accordance with GAAP. We expect to
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significant accounting policies” to our unaudited consolidated financial statements in Item 1 for additional information.
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annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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properties classified as held for sale, as of June 30, 2026 (dollars in thousands):