Alexandria Real Estate Posts Q1 FFO of $1.73, Revenue Beats at $671M
Alexandria Real Estate Equities reported Q1 funds from operations of $295.9 million ($1.73 per share) and net income of $358.9 million ($2.10 per share), with revenue of $671 million. The REIT closed Q1 at 87.7% occupancy, held $4.17 billion in liquidity and reaffirmed 2026 FFO guidance of $6.30–$6.50 per share.
1. Q1 Financial Performance
In Q1 2026 Alexandria generated $295.9 million in funds from operations ($1.73 per share), matching prior estimates and down from $392 million ($2.30 per share) in Q1 2025. Net income was $358.9 million ($2.10 per share) versus a $11.6 million loss a year ago, while revenue rose to $671 million, topping forecasts.
2. Balance Sheet and Liquidity
The REIT held $4.17 billion in liquidity as of March 31 and reported net debt plus preferred stock to adjusted EBITDA of 6.8x, with a fixed-charge coverage ratio of 3.4x. Only 9% of debt matures through 2028, and the weighted-average remaining debt term stands at 10.0 years, supporting financial flexibility.
3. Occupancy and Leasing Activity
Operating occupancy declined to 87.7% due to key lease expirations but rose to 90.9% when including vacant space under lease. Leasing volume reached 647,356 RSF in Q1, including 117,935 RSF of development space, while tenant collections were 99.9% of rents as of April 27.
4. Outlook and Guidance
Management reaffirmed full-year FFO guidance of $6.30–$6.50 per share and plans to fund capital requirements through $2.9 billion of asset dispositions and partial-interest sales. Completed and pending transactions total $151 million, with $2.18 billion identified and in process for 2026.