Alexandria produced less revenue and more net income.

That is the surface reading of the latest report. Revenue fell to $671.0 million from $751.9 million in the comparable period, while net income swung from a $232.8 million loss to a $361.7 million profit. Cash also fell to $418.7 million from $579.5 million.

The property-level numbers put the profit swing in context. Same-property occupancy dropped to 88.9% from 94.0% a year earlier, reducing the share of operating costs that tenants reimburse. Alexandria says the revenue pressure came from leases that became vacant, including 657,492 RSF during the latest reported period and another 170,618 RSF at a South San Francisco property.

Management is pointing to space already leased but not yet producing rent as the counterweight. The company expects 1.1 million RSF to be delivered around September, carrying approximately $68 million in annual rental revenue.

The company put that timing plainly in its 10-Q:

"We expect our same property performance to improve in the second half of 2026, primarily due to changes in same property occupancy, including the anticipated delivery of 1.1 million RSF of vacant space that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected delivery date of approximately September 2026 , and is expected to generate annual rental revenue of approximately $68 million ."

Alexandria, 10-Q filed April 27, 2026.

In plain English, some of the replacement rent is contracted. It is not yet showing up in the reported occupancy or revenue figures, so the improvement currently sits on the calendar rather than in the period just reported.

There is also a newly expanded gap on the other side of that calendar. Alexandria no longer expects one tenant at its Waltham Megacampus to renew a 232,902-RSF lease producing $27.0 million in annual rent.

The 10-Q describes the change this way:

"Compared to the information previously reported as of December 31, 2025 , 2027 key lease expirations increased primarily due to a 232,902 -RSF lease expiration with a single tenant at our Alexandria Center ® for Life Science – Waltham Megacampus with $27.0 million of annual rental revenue, for which we no longer expect the tenant to renew."

Alexandria, 10-Q filed April 27, 2026.

That makes the operating trade-off more specific. Alexandria has leased space waiting to be delivered, but it also has occupied space moving toward vacancy. The latest report does not say what caused the sharp change in net income, so that figure cannot by itself settle the property-level question.

The current capital structure adds another consideration. Alexandria's $11.9 billion of net debt compares with a $9.0 billion market capitalization, while cash declined by more than a quarter from the comparable period. Rent that arrives later matters differently when the business is carrying that much financing against its properties.

The next quarterly report is the useful checkpoint: same-property occupancy, delivery of the 1.1 million RSF, and the treatment of the Waltham expiration will show which part of the lease calendar is becoming current. For now, Alexandria has new rent scheduled for later alongside lower current occupancy.

Source: Alexandria Real Estate Equities’ 10-Q filed April 27, 2026, for the period ended March 31, 2026.