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Dec 31, 2025
Alexandria Q4 2025 Earnings Report
Reported a significant net loss in Q4 driven by impairments, while maintaining strong FFO and operational execution.
Key Takeaways
Alexandria Real Estate Equities posted a large net loss for Q4 2025 due to over $1.7 billion in impairment charges but continued to generate solid adjusted FFO and showcased strong leasing performance and tenant collections.
Reported a Q4 net loss of $1.08 billion due to impairment charges.
Adjusted FFO per share was strong at $2.16.
Leased 1.2 million square feet, including 393k of previously vacant space.
Reduced quarterly dividend to $0.72 to preserve liquidity and flexibility.
Revenue by Geographic Location
Forward Guidance
Alexandria reaffirmed its 2026 outlook, emphasizing a focus on capital recycling, reducing leverage, and managing lease expirations amid macro challenges.
Positive Outlook
- 2026 FFO per share (as adjusted) guided to $6.25–$6.55
- Planned $2.1B–$3.7B in asset sales to fund capital needs
- Projected net debt/EBITDA to decline by year end
- 87.7%–89.3% occupancy targeted by end of 2026
- Anticipated realized gains of $60M–$90M from non-real estate investments
Challenges Ahead
- Net operating income projected to decline 7.5%–9.5%
- Rental rates (cash) expected to fall 4.0%–12.0%
- 1.2M RSF of 2026 lease expirations likely to go vacant
- Guided increase in G&A expenses to $134M–$154M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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