Alexandria Real Estate Equities filed its 10-Q with the SEC, and its figures are now in our data. Today’s growth rate sits near the bottom of the company’s own record. Revenue over the twelve months to Q3 2026 was $2.8 billion, which fell 9.9% on the year before. That growth rate was down 1.5 percentage points on the rate a quarter earlier.
What the company earns
At the bottom line, the company is losing money. The trailing net margin was negative, at −51.8%. The company made a net loss of $1.4 billion over the twelve months.
Cash flow
Today’s cash margin sits near the bottom of the company’s own record. Operating cash flow over the twelve months was $1.2 billion, down 13.7% on the year before. Capital spending was $1.2 billion, or 44.8% of revenue. Alongside that, free cash flow, operating cash flow less capital spending, was −$48.5 million. Free cash flow was −1.8% of revenue (the free-cash-flow margin), down 2.3 percentage points from a year earlier.
Share count
The average diluted share count fell 0.1% over the year.
In context
Measured against its own history: today’s free-cash-flow margin of −1.8% is below every one of the company’s own past quarterly readings, which have ranged from 0.3% to 19.0%. Today’s twelve-month revenue growth rate of −9.9% is below every past reading (−8.4% to 25.0%).
Guidance
The company gave its 2026 guidance for funds from operations per share, as adjusted of $6.35 to $6.45, and for lease renewals and re-leasing of space: rental rate changes of -9% to -1%. The company kept its 4q26 guidance for 4Q26 funds from operations per share – diluted, as adjusted at $1.40 to $1.50. The company kept its 4q26 annualized guidance for net debt and preferred stock to adjusted EBITDA – 4Q26 annualized at 5.6 to 6.2.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
