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Alexandria Real Estate Equities
Alexandria Real Estate Equities (ARE) investor relations material
Alexandria Real Estate Equities Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Reported a net loss per share of $6.35 for Q4 2025 and $8.44 for 2025; FFO per share as adjusted was $2.16 for Q4 2025 and $9.01 for the year.
Achieved $1.5–$1.81 billion in dispositions across 26 transactions and 1.2 million sq ft of leasing in Q4 2025, the highest quarterly leasing volume in the past year.
Occupancy of operating properties in North America was 90.9% at year-end 2025, with 93.4% including leased but not yet delivered space.
Dividend per share was reduced to $0.72 in Q4 2025, a 45% decrease from the prior quarter, to preserve liquidity and support the 2026 capital plan.
Maintained a high-quality tenant base, with 53% of annual rental revenue from investment-grade or large-cap tenants.
Financial highlights
FFO per share diluted as adjusted was $2.16 for Q4 2025 and $9.01 for the year, at the midpoint of prior guidance.
Total revenues for 2025 were $2.95–$3.03 billion, down from 2024.
Same property NOI (cash basis) was down 3.5% for 2025; excluding dispositions, it would have increased 6.2%.
Achieved $51.3 million in G&A cost savings, with G&A at 5.6% of NOI, about half the S&P 500 REIT average.
Net loss attributable to common stockholders was $1.44 billion for 2025, compared to net income of $310 million in 2024.
Outlook and guidance
2026 FFO per share (as adjusted) guidance is $6.25–$6.55, midpoint $6.40.
Projected occupancy in North America by end of 2026 is 87.7%–89.3%.
Same property NOI for 2026 expected to be down 8.5% at the midpoint, driven by lower occupancy.
General and administrative expenses for 2026 are expected to be $134–$154 million, midpoint $144 million.
Guidance assumes $1.5–$2.1 billion in dispositions and sales of partial interests in 2026.
Detail strategy for projects under evaluation
Update on Cloud Software Group lease expiration
How does dividend cut support 2026 capital plan?
Impact of specific leases on 4Q25 cash rent growth
Rationale for $300M pipeline reduction
Mitigation plan for 2026 lease expirations
Disposition impact on Q1 2026 leverage
Leasing incentives evolution in 2026
Strategy for remaining land bank monetization
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Next Alexandria Real Estate Equities earnings date
Q1 202628 Apr, 2026
Alexandria Real Estate Equities
Next Alexandria Real Estate Equities earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Alexandria Real Estate Equities Inc is a real estate investment trust focused on the development, ownership, and operation of life science and technology campuses. The company provides specialized real estate solutions to companies in the life sciences, agtech, and technology sectors. Alexandria serves a tenant base that includes pharmaceutical, biotechnology, and academic institutions. The company is headquartered in Pasadena, California, and its shares are listed on the NYSE.
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