Alexandria Real Estate Equities narrowed 2026 FFO per share, as adjusted, to $6.35-$6.45, keeping the midpoint at $6.4.
4Q26 annualized leverage outlook unchanged: net debt and preferred stock to adjusted EBITDA at 5.6x-6.2x; fixed-charge coverage at 3.6x-4.1x.
Capital plan midpoint maintained: dispositions, partial-interest sales, other capital sources at $2.9 billion; construction at $1.75 billion; unsecured senior debt reduction at $1.68 billion.
2026 operating occupancy forecast unchanged at 86.2%-87.8% at Dec. 31; same-property NOI expected to fall 8.5%-10.5%.
Guidance revisions include straight-line rent revenue cut by $10 million; interest expense raised by $20 million, tied to later capital recycling timing.
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