Filing Flows › Alexandria Real Estate Equities (ARE) › Q1 2026
Alexandria Real Estate Equities (ARE) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 27, 2026
Alexandria Real Estate Equities (ARE) reported revenue of $671M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -11% from the quarter before. Operating margin was 5.5%, net earnings $362M (53.9% of revenue).
Alexandria Real Estate Equities, Q1 2026: revenue $671M (-12% year over year), operating margin 5.5%, net earnings $362M, operating cash flow $197M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $671M | -11% | -11% |
| Operating profit | $36.7M | — | -52% |
| Net earnings | $362M | — | — |
| Operating cash flow | $197M | -37% | -5% |
What changed
Revenue was $671.0M in Q1 2026, down 11% year over year and down 11% from the previous quarter. Income from rentals was the largest line at 97% of revenue. Income from rentals lost $90.2M year over year (down 12%), 103% of the total change.
Operating profit was $36.7M, a 5.5% margin (down 4.6 points year over year). Total costs fell 7% while revenue fell 11%. The fastest-growing cost line was General & admin (+13%). Net earnings were $361.7M. The effective tax rate was 0.0%. Non-operating items added $361.7M, 91% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $196.6M (down 5% year over year), 49% of net income including minority interests. Non-cash charges added back $305.4M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items used $518.2M. Capital expenditures of $546.0M exceeded it, leaving free cash flow of −$349.4M.
Questions
What was Alexandria Real Estate Equities' revenue in the first quarter 2026?
Alexandria Real Estate Equities (ARE) reported revenue of $671M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -11% from the quarter before.
Was Alexandria Real Estate Equities profitable in the first quarter 2026?
Operating profit was $36.7M (5.5% of revenue) and net earnings $362M.