| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 29 | — | 17.8x | Bottom tier | |
Growth | 8 | -9.3% | 7.1% | Bottom tier | |
Quality | 48 | -4.6% | 4.5% | Around median | |
Safety | 45 | 29.0x | 2.6x | Around median | |
Capital Return | 45 | 6.80% | 2.12% | Around median | |
Momentum | 28 | -38.1% | 2.9% | Bottom tier | |
Sentiment | 76 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Alexandria Real Estate Equities specializes in owning, operating, and developing properties focused on life sciences and advanced technologies, with an emphasis on Megacampus complexes in its key markets. These complexes represent 80% of annual rental revenue, and the company derives its revenue primarily from leasing laboratory space and specialized infrastructure to life sciences and advanced technology companies; 57% of annual rental revenue also comes from investment-grade tenants or large publicly traded companies, and the remaining lease term averages 7.7 years, with rental increases of approximately 3% in 97% of leases.
In fiscal Q2 2026, revenue was $629.4 million, compared with $640.7 million in fiscal Q1 2026 and $722.9 million in fiscal Q2 2025. The company recorded a net loss of $72.8 million and a loss per share of $0.43, compared with net income of $361.7 million and earnings of $2.10 per share in the previous quarter, while the adjusted EBITDA margin was 67%. Adjusted and diluted funds from operations per share were $1.73, with the midpoint of fiscal 2026 guidance maintained at $6.40 and the range narrowed to $6.35–$6.45.
Leasing activity exceeded 1 million square feet in fiscal Q2 2026, up 60% from the previous quarter and 9% from the average of the previous four quarters. The life sciences products, services, and devices sector accounted for approximately 40% of leasing volume, and advanced technologies approximately 30%, while public biotechnology companies represented only 5.8%, compared with their 21% share of annual rental revenue. Despite this momentum, occupancy declined 80 basis points to 86.9%, and same-property net operating income fell 10.6% and 8.6% on a cash basis due to lower occupancy than in the previous year.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on ARE stock is Neutral, with an average price target of $53.75 and a target range of $50 to $60; the highest target is equivalent to only approximately 68% of the 52-week range high of $88.24, while the range low is $39.41. No meaningful price-to-earnings ratio is available in the data due to accounting losses, so the valuation is based more heavily on funds from operations, execution of the $2.9 billion capital-raising program, and the company's ability to reduce leverage and address lease expirations in fiscal 2027.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Fiscal Q2 2026 revenue was approximately $629.4 million, and the company recorded a net loss of $72.8 million and a loss per share of $0.43. In contrast, adjusted and diluted funds from operations per share were $1.73, and the adjusted EBITDA margin reached 67%. Leasing also exceeded 1.039 million square feet, up 60% from the previous quarter, which supported results exceeding expectations according to the August 4, 2026 news report.
Occupancy declined to 86.9% at the end of fiscal Q2 2026, down 80 basis points from the previous quarter. The company has 1.4 million square feet of leased space expected to commence occupancy in November 2026 on average and generate $69 million in annual rental revenue, with approximately 64% expected to be delivered before the end of fiscal 2026. However, fiscal 2027 expirations include 1.4 million square feet with annual rent of $100.5 million and an expected downtime period of 12 to 24 months, so the recovery path remains uncertain.
Advanced technologies accounted for approximately 30% of leasing volume in fiscal Q2 2026, compared with approximately 40% for life sciences products, services, and devices. The company signed a 160 thousand-square-foot lease at Andover Megacampus, while the space leased or under negotiation at 311 Arsenal Street reached 44% following letters of intent for approximately 109 thousand square feet. Management believes advanced technology tenants could provide a faster path to cash flows and lower capital requirements, despite the possibility of lower rents and overall returns than for some laboratory uses.
The fiscal 2026 program aims to fund capital uses and reduce leverage from 7 times in fiscal Q2 to 5.6–6.2 times in fiscal Q4. As of August 4, 2026, $1.3 billion, or 46% of the target, had been completed or entered advanced stages, with another $1.1 billion, or 38%, in progress. The likely completion date was delayed to September 2026 on average, but the guidance assumes no issuance of common stock, and the company expects to repay most of the outstanding commercial paper, which approached $2 billion, before the end of fiscal 2026.
The company recorded real estate impairments of $222.5 million in fiscal Q2 2026, approximately 85%–90% of which related to land or properties that had been candidates for conversion into laboratories. The largest cases included land in Northern San Diego affected by oversupply outside Torrey Pines and UTC, and a building in Toronto where biotechnology demand declined; both assets are now being sold for other uses. There are also assets valued at more than $450 million classified as held for sale, and management warned of possible additional impairments in subsequent quarters if the classification of other assets changes.
The insider activity signal was Neutral during the three months ended with the latest transaction on August 17, 2026, with one purchase, one sale, and recorded net activity of 123,400. The sale alone does not represent strong evidence of the outlook because insider sales may be prearranged unless the data states otherwise. The analyst consensus is Neutral, with an average target of $53.75 and a range of $50 to $60, compared with a 52-week range of $39.41 to $88.24.
