Alexandria Real Estate Equities
Owns, operates, and develops Megacampus real estate for life science and advanced-technology tenants.
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Profile
Owns, operates, and develops laboratory and office properties for life science and advanced-technology tenants across North American innovation clusters. Rental income centers on collaborative Megacampus ecosystems, with development, redevelopment, and a smaller venture-capital platform extending the business.
Owns, operates, and develops Class A/A+ laboratory and office properties, led by collaborative Megacampus ecosystems and supported by development and redevelopment projects. A venture-capital platform provides strategic capital to life science companies. Tenants span pharmaceutical, biotechnology, medical-device, digital-health, advanced-technology, academic, government, nonprofit, and venture organizations across Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City.
Clustered campuses pair specialized research space with amenities, transit access, and room for tenant expansion; longstanding relationships and build-to-suit development support leasing and redevelopment execution. The portfolio is being narrowed toward Megacampuses through non-core dispositions and lower construction commitments. Demand depends on life science funding, drug-development policy, and tenant credit, while REIT distribution rules and continued access to debt, equity, joint-venture, and asset-sale capital shape investment capacity.
Company facts
Categories
Key statistics
Year to date +5.3% · Average volume (30d) 2.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Robert W. Baird | Target | $46 | $52 | ||
| Aug 17, 2026 | Evercore ISI | Reiterate | Outperform | $58 | $57 | |
| Aug 5, 2026 | Cantor Fitzgerald | Reiterate | Neutral | $43 | $52 | |
| Jul 6, 2026 | Mizuho Securities | Target | $172 | $60 | ||
| Jun 12, 2026 | BMO Capital | Reiterate | Market Perform | $60 | $54 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.09 | −$0.43 | −557.9% | $464.9M | $643.2M | +38.4% | −7.84% |
| Apr 27, 2026Q1 FY26 | $1.73 | $1.73 | 0.0% | $684.8M | $653.0M | −4.6% | −11.30% |
| Jan 26, 2026Q4 FY25 | $2.15 | $2.16 | +0.5% | $739.0M | $728.9M | −1.4% | +1.71% |
| Oct 27, 2025Q3 FY25 | $2.31 | $2.22 | −3.9% | $744.9M | $735.8M | −1.2% | −19.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $743.2M | $737.3M | $735.8M | $754.4M | $671.0M | $796.0M | |
| Gross profit | $516.8M | $512.8M | $496.6M | $521.9M | $446.9M | $588.7M | |
| Operating income | $144.0M | $137.6M | $127.2M | −$1.61B | $106.8M | $25.0M | |
| Net income | −$8.9M | −$107.0M | −$232.8M | −$1.08B | $398.4M | $12.2M | |
| Diluted EPS | −$0.07 | −$0.64 | −$1.38 | −$6.35 | $2.10 | $0.07 | |
| Gross margin | 69.5% | 69.6% | 67.5% | 69.2% | 66.6% | 74.0% | |
| Operating margin | 19.4% | 18.7% | 17.3% | -213.6% | 15.9% | 3.1% |
Fiscal years (4-quarter sums)FY21 $2.11B · FY22 $2.58B · FY23 $2.84B · FY24 $3.05B · FY25 $2.97B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $470.4M · Total debt $13.17B · Total assets $34.63B · Shareholders' equity $15.55B
Dividends
Raised for 16 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.72 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.72 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.72 | cut from $1.32 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $1.32 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $1.32 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $1.32 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $1.32 | raised from $1.30 |
| Sep 30, 2024 | Sep 30 | Oct 15 | $1.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 174.27M · Float 154.68M · 88.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 21.69M | 12.45% | 13F | Aug 7, 2026 |
| Norges Bank | 16.44M | 9.43% | 13F | Aug 12, 2026 |
| Vanguard Portfolio Management LLC | 14.00M | 8.03% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 10.84M | 6.22% | 13F | Aug 13, 2026 |
| State Street Corp | 10.60M | 6.08% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Joel S. Marcus | director, officer: Executive Chairman | +5,000 | $46.28 |
| Jun 9, 2026 | Marc E. Binda | officer: CFO & Treasurer | −2,000 | $54.00 |
| May 6, 2026 | Joel S. Marcus | director, officer: Executive Chairman | +7,500 | $46.34 |
| May 5, 2026 | Joel S. Marcus | director, officer: Executive Chairman | +7,500 | $42.72 |
| May 4, 2026 | Joel S. Marcus | director, officer: Executive Chairman | +10,000 | $41.02 |
Peers
- Healthpeak Properties
Lab campuses overlap in core biotech clusters
- BXP
Kendall Square and life-science pipeline overlap in core labs
- Ventas
Research and innovation campuses overlap with lab real estate
- Kilroy Realty
West Coast life-science campuses overlap in Bay Area and San Diego
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Alexandria Real Estate Equities | $51.98 | +0.81% | $8.99B | — | — | 3.0 | −15.6% |
| Healthpeak Properties | $20.79 | −0.79% | $14.45B | 59.9 | 101.1 | 4.9 | +8.0% |
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| Kilroy Realty | $36.21 | −0.03% | $4.21B | 25.3 | 86.1 | 3.8 | −6.0% |
| Median | 48.6 | 93.6 | 4.4 | +5.6% |