The investor's view
+9.9%
growth in revenue a year, FY2020 to FY2025
- Five fundamentals, each ranked against the all covered companies
- A peer map of growth against margin
- Where the profit is made
The write-downs equal the whole quarterly loss
Q3 FY2026, the quarter to Sep 30, 2026 · 10-Q filed Oct 26, 2026
Largest source of revenue: Income from rentals, 97.4% of the total.
Impairment on buildings held for sale matched the stockholders' loss almost dollar for dollar: the loss is about asset prices.
Impairment of real estate was $637.9M this quarter against $323.9M a year earlier, and equalled 95.0% of total revenues of $671.2M. The net loss attributable to stockholders was $637.7M, so the write-down alone matches the loss. The filing ties the quarter's charge to assets held for sale.1
Total expenses reached $1.29B, 192.3% of revenue. The loss per share widened to $3.74 from $1.38 a year earlier. Gain on sales of real estate was zero, against $9.4M in the same quarter last year.1
AnalysisAn impairment records the gap between the value on the books and what a buyer will pay. It costs no cash in the quarter, but it says part of the asset base is worth less than it cost. Charges of this size on buildings marked for sale suggest the sale program is clearing at prices below carrying value.
Operating cash flow equalled 50.9% of revenue, so the buildings fund the business while their book values are cut.
Operating cash flow was $341.8M in the quarter, 50.9% of revenue, against $433.5M a year earlier. Depreciation and amortization of $304.4M, 45.4% of revenue, and the impairment charge are both non-cash, which is why the accounting loss and the cash flow point in opposite directions.1
The pattern is not new. In FY2025 the company reported a net loss of $1.43B and operating cash flow of $1.41B.1
AnalysisCash flow is what gives the company time to sell assets on its own schedule rather than a forced one. It is also lower than a year ago, as sold buildings and vacant space take rent away, so the cushion is thinner even while it holds.
Interest rose 45.3% as less was capitalized into construction, so a smaller pipeline lifts reported costs even with steady debt.
Interest expense was $79.7M, up 45.3% from $54.9M, and rose to 11.9% of revenue from 7.3% a year earlier. The filing shows gross interest almost unchanged: the increase came from capitalizing less interest into construction as projects were delivered, paused or sold.1
General and administrative costs rose 40.0% to $40.9M from $29.2M, which the filing attributes to the timing of a compensation restructuring in the prior-year quarter, so part of that jump is a comparison effect.1
AnalysisWhile a building is under construction, interest on the money funding it is added to the building's cost. Once it is delivered or paused, that interest becomes an expense. A smaller pipeline therefore raises reported interest without new borrowing, and rent from delivered buildings has to carry it.
Have a question about Alexandria Real Estate Equities? Ask CXProWealth on ChatGPT.Free membership required.
Where Alexandria Real Estate Equities stands among its peers, ten years of growth and cash, where the profit is made, and the edge and the risks.
How Alexandria Real Estate Equities's model works step by step, where every $100 of revenue goes against the industry, and how long it took to scale.
Revenue went from $921.7M in FY2016 to $3.0B in FY2025, over 9 years.
Member research, then your own questions on ChatGPT.
What Alexandria Real Estate Equities's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.
How signed but unoccupied leases, upcoming expirations and asset sale prices decide where Alexandria's rent goes from here.
What the sale program reveals about the gap between book value and market price, and why that gap matters for debt.
Loading…
Explore its competitive edge, where the profit is made, the trends and the risks, with CXProWealth on ChatGPT.
Business Lens describes Alexandria Real Estate Equities from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.