Every material Form 8-K Alexandria Real Estate Equities has filed with the SEC since February 13, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Alexandria Real Estate Equities reported a third-quarter 2026 net loss of $638.5 million, or $3.74 per diluted share, compared with a loss of $234.9 million, or $1.38 per share, a year earlier. The loss includes $637.9 million of real estate impairment charges on assets held for sale, and FFO per diluted share, as adjusted, fell to $1.54 from $2.22, so shareholders face a large charge alongside lower core earnings, partly offset by strong leasing.
3Q26 net loss attributable to common stockholders was $638.5 million ($3.74 per diluted share), including $637.9 million of real estate impairment charges
3Q26 FFO per diluted share, as adjusted, was $1.54, versus $2.22 in 3Q25; year-to-date FFO per share was $5.00 versus $6.85
3Q26 total leasing volume was 1,236,030 RSF, the highest quarterly volume since 4Q24
Company expects 4Q26 annualized leverage of 5.6x to 6.2x and reported liquidity of $4.56 billion as of September 30, 2026
Alexandria Real Estate Equities, Inc. said its fourth amended and restated credit agreement took effect on September 24, 2026, after an amendment modifying how certain hybrid debt instruments are treated. The agreement provides a $5 billion unsecured revolving credit facility with an accordion option to add up to $1 billion, and extends the revolver's maturity to January 22, 2032, subject to conditions.
Revolving credit facility of $5 billion, with an accordion option for up to an additional $1 billion
Margin at closing of 0.725% for Floating Rate and Daily RFR loans
Maturity extended to January 22, 2032, with two six-month extension options subject to conditions
Replaces the Existing Credit Agreement dated September 19, 2024; Citibank, N.A. is administrative agent
On August 21, 2026, Alexandria Real Estate Equities issued and sold $1 billion of 7.250% Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057 in a registered public offering. The notes are unsecured, rank below all existing and future senior debt, and carry a rate that resets after February 15, 2032, which adds a long-term debt obligation for shareholders to weigh.
Principal amount: $1,000,000,000 of notes, issued and sold on August 21, 2026
Interest at 7.250% per year until February 15, 2032, then resets to the five-year U.S. Treasury rate plus 2.889%, with the rate not resetting below 7.250%
Interest payable semi-annually on February 15 and August 15, beginning February 15, 2027; notes mature February 15, 2057
Notes are junior subordinated and guaranteed on a subordinated unsecured basis by Alexandria Real Estate Equities, L.P.; trustee is U.S. Bank Trust Company, National Association
Alexandria Real Estate Equities reported a second-quarter 2026 net loss attributable to common stockholders of $73.7 million, or $0.43 per diluted share, narrower than the $109.6 million loss a year earlier. Funds from operations (FFO) as adjusted fell to $1.73 per diluted share from $2.33 in 2Q25, and same property net operating income declined 10.6%, which matters to shareholders because it reflects lower cash earnings from the portfolio.
Net loss attributable to common stockholders was $73.7 million, or $0.43 per diluted share, in 2Q26, versus $109.6 million, or $0.64 per share, in 2Q25.
FFO attributable to common stockholders, diluted and as adjusted, was $296.1 million, or $1.73 per share, versus $396.4 million, or $2.33 per share, in 2Q25.
Same property net operating income fell 10.6% in 2Q26, which the company attributed to lower same property occupancy from previously disclosed lease expirations.
The board declared a common stock dividend of $0.72 per share for 2Q26, consistent with the preceding quarter; no shares had been repurchased under the $500.0 million buyback program as of June 30, 2026.
Alexandria Real Estate Equities signed an escrow agreement on July 9, 2026, for a fourth amended credit agreement that would replace its existing credit facility. The new $5 billion unsecured revolver would extend maturity to January 22, 2032, but the credit will not be available until closing conditions are met, which the company expects by October 1, 2026.
Expected $5 billion unsecured senior revolving credit facility, with an accordion option to add up to $1 billion more
Margin at closing expected to be 0.725% for Floating Rate and Daily RFR loans
Conditions include termination and payment in full of the Existing Credit Agreement dated September 19, 2024; if not met by October 1, 2026, the signature pages are deemed revoked
Alexandria Real Estate Equities reported first-quarter 2026 results on April 27, 2026. Diluted net income attributable to common stockholders was $358.9 million, or $2.10 per share, compared with a loss of $11.6 million, or $0.07 per share, a year earlier. Diluted FFO per share, as adjusted, fell to $1.73 from $2.30, and net operating income on a cash basis declined 15.2% from the prior-year quarter.
Net income attributable to common stockholders, diluted: $358.9 million, or $2.10 per share, versus a loss of $11.6 million, or $0.07 per share, in 1Q25.
FFO attributable to common stockholders, diluted, as adjusted: $295.9 million, or $1.73 per share, versus $392.0 million, or $2.30 per share, in 1Q25.
Net operating income (cash basis) was $1.672 billion on an annualized basis, down 15.2% from 1Q25. Same property net operating income changes were down 11.9%.
In February 2026, the company recognized a $366.4 million gain on early extinguishment of debt tied to $1.33 billion of tender offers for senior notes.
Alexandria Real Estate Equities, Inc. issued and sold $750 million of 5.25% Senior Notes due 2036 in a registered public offering on February 25, 2026. The notes are unsecured senior obligations guaranteed by its operating partnership and rank equally with existing and future unsecured senior debt, so the filing adds fixed-rate debt to the company's balance sheet.
Principal amount: $750 million; interest rate 5.25% per year, paid semi-annually on March 15 and September 15, starting September 15, 2026
Notes mature March 15, 2036; redeemable at any time, with a make-whole amount before December 15, 2035
Indenture dated February 13, 2025, supplemented by Supplemental Indenture No. 2 dated February 25, 2026, with U.S. Bank Trust Company, National Association as trustee
Alexandria Real Estate Equities reported a fourth-quarter 2025 net loss attributable to common stockholders of $1.08 billion, or $6.35 per diluted share, compared with a loss of $64.9 million, or $0.38 per share, a year earlier. Fund from operations (FFO) per share, as adjusted, fell to $2.16 from $2.39, and the company declared a common dividend of $0.72 per share, down 45% from $1.32 in the prior quarter, while reiterating its 2026 FFO guidance of $6.25 to $6.55 per share.
4Q25 net loss attributable to common stockholders of $1.08 billion, or $6.35 per diluted share, versus $64.9 million, or $0.38 per share, in 4Q24
4Q25 FFO per share, as adjusted, of $2.16, down from $2.39 in 4Q24; full-year 2025 was $9.01
Common dividend declared of $0.72 per share for 4Q25, a 45% reduction from $1.32 for 3Q25
2026 FFO per share, as adjusted, guidance of $6.25 to $6.55 was reiterated on January 26, 2026
Alexandria Real Estate amended the 2025 long-term incentive grant for Executive Chairman Joel S. Marcus, so 100% of the grant now vests only on corporate performance criteria, with no time-based vesting. The filing says the target value stays at $3.6 million, while the maximum value rises to $5.4 million from $4.5 million under the prior terms. The company also elected John Hart Cole as Co-President and Co-Regional Market Director for Seattle, effective January 1, 2026.
Marcus's 2025 LTI grant, made January 9, 2026, keeps a $3.6 million target value, now fully performance-based.
Maximum value of the 2025 grant rises to $5.4 million, or 150% of the target, from a prior combined maximum of $4.5 million.
The amendment applies only to the 2025 grant and not to later grants or other awards to Marcus.
John Hart Cole was elected Co-President effective January 1, 2026; his only contemplated pay change is a base salary increase, with no amount disclosed.
Alexandria Real Estate Equities, Inc. (ARE) authorized a new common stock repurchase program of up to $500 million, running until December 31, 2026, to replace a $500 million program set to expire on December 31, 2025. The company is not obligated to buy any shares, and repurchases may be suspended or discontinued at any time. The filing also reports that Co-President and Regional Market Director Daniel J. Ryan resigned effective December 31, 2025, for personal and health reasons.
New repurchase program authorizes up to $500 million of common stock through December 31, 2026, approved December 5, 2025.
The prior program had $258.2 million of repurchases, primarily in January 2025.
Company says it prefers to fund repurchases on a leverage-neutral basis from operating cash flow after dividends and real estate disposition or joint venture proceeds.
Co-President Daniel J. Ryan's resignation takes effect December 31, 2025.
Alexandria Real Estate Equities reported a third-quarter 2025 net loss attributable to common stockholders of $234.9 million, or $1.38 per diluted share, compared with net income of $164.7 million, or $0.96 per share, a year earlier. The company lowered the midpoint of its 2025 funds from operations (FFO) per share, as adjusted, guidance by 25 cents to $9.01, and cut its 2025 net loss per share guidance midpoint by $3.44 to $(2.94), which matters to shareholders because it reflects weaker expected operating results and larger asset write-downs.
Q3 2025 net loss of $234.9 million, or $(1.38) per diluted share, versus net income of $164.7 million, or $0.96 per share, in Q3 2024.
Q3 2025 FFO per share, as adjusted, of $2.22, down from $2.37 a year earlier; year-to-date FFO per share, as adjusted, was $6.85 versus $7.08.
2025 FFO per share, as adjusted, guidance midpoint lowered to $9.01 from $9.26, citing slower re-leasing and reduced life science demand.
Year-to-date impairments of real estate of $485.6 million; potential additional 4Q25 impairments ranging from $0 to $685 million.
Alexandria Real Estate Equities reported a second-quarter 2025 net loss attributable to common stockholders of $109.6 million, or $(0.64) per diluted share, compared with net income of $42.9 million, or $0.25 per share, a year earlier. The company lowered its 2025 projected earnings per share to $0.40 to $0.60 from $1.36 to $1.56 as of April 28, 2025, which reduces expected earnings for shareholders.
2Q25 net loss attributable to common stockholders of $109.6 million, or $(0.64) per diluted share, versus net income of $42.9 million, or $0.25 per share, in 2Q24
2Q25 total revenues of $762.0 million, down from $766.7 million in 2Q24
2Q25 FFO per diluted share, as adjusted, of $2.33, compared with $2.36 in 2Q24
2025 projected EPS lowered to $0.40 to $0.60 from $1.36 to $1.56 as of April 28, 2025; 2Q25 included a $129.6 million impairment of real estate
At its May 13, 2025 annual meeting, Alexandria's stockholders approved an amended and restated 1997 Stock Award and Incentive Plan that adds 850,000 shares available for grant and changes change-of-control vesting terms. Stockholders also elected eight directors, ratified Ernst & Young LLP as auditor, and approved a stockholder proposal titled "Simple Majority Vote."
Plan amendment approved with 142,218,524 votes for and 6,639,954 against, adding 850,000 shares as of March 31, 2025
Stockholder proposal "Simple Majority Vote" approved with 125,287,429 votes for and 23,620,234 against
Non-binding say-on-pay vote approved with 108,283,843 votes for and 40,344,648 against
Eight directors elected to serve until the 2026 Annual Meeting; Ernst & Young LLP ratified for fiscal 2025
Alexandria Real Estate Equities reported a first-quarter 2025 net loss attributable to common stockholders of $11.6 million, or $(0.07) per diluted share, compared with net income of $166.9 million, or $0.97 per share, a year earlier. Total revenues fell to $758.2 million from $769.1 million, and diluted FFO per share, as adjusted, declined to $2.30 from $2.35, so shareholders saw lower revenue, a swing to a loss and lower FFO per share.
Net loss attributable to common stockholders of $11.6 million, or $(0.07) per diluted share, for the quarter ended March 31, 2025, versus net income of $166.9 million, or $0.97 per share, in the prior-year quarter
Total revenues of $758.2 million, down from $769.1 million in the prior-year quarter
Diluted FFO per share, as adjusted, of $2.30, down from $2.35; FFO attributable to common stockholders was $392.0 million, down from $403.9 million
Net investment-related losses of $98.6 million in the quarter, including $68.1 million of unrealized losses on non-real estate investments and $32.2 million of impairment of real estate
Alexandria Real Estate Equities elected Claire Aldridge, PhD, as a director effective March 14, 2025, increasing the board from eight to nine members. She was also appointed to the Life Science Committee and was determined to be independent under NYSE and SEC rules.
Board elected Dr. Claire Aldridge as a director on February 28, 2025, effective March 14, 2025; term runs until the 2025 annual meeting
Board size increased from eight to nine directors; Dr. Aldridge joins the Life Science Committee
Dr. Aldridge receives 1,000 shares of restricted stock that vest in full on the second anniversary of the grant date
Previously Chief Strategy Officer of Form Bio from July 2022 to August 2024
On February 13, 2025, Alexandria Real Estate Equities, Inc. issued and sold $550 million of 5.50% Senior Notes due October 1, 2035, in a registered public offering. The notes are unsecured senior obligations, fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., and rank equally with the company's existing and future unsecured senior debt. The filing adds new long-term debt for shareholders to weigh, and it does not discuss the use of proceeds.
$550 million aggregate principal of 5.50% Senior Notes issued February 13, 2025, maturing October 1, 2035
Interest is payable semi-annually on April 1 and October 1, beginning October 1, 2025
Notes may be redeemed before July 1, 2035 at par plus accrued interest and a make-whole amount; U.S. Bank Trust Company, National Association is trustee
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