Alexandria Real Estate Eq

Q2 FY2026 EarningsQ2 FY26 revenue of $662.8M slightly beat the $655.0M consensus (+1.19%), supported by resilient rental income. However, GAAP EPS of $(0.43) was a massive miss against the $0.07 expected, driven by $222.5M in non-cash real estate impairment charges across core markets. Operational metrics showed significant pressure, with same-property NOI down 10.6% YoY and occupancy dropping to 86.9%. Management narrowed the FY26 FFO guidance range to $6.35-$6.45, maintaining the $6.40 midpoint, but cautioned on lower interest capitalization in Q4.