| ARE |
Report |
FFO/share (Q2'26) |
MISS |
pred ~$1.62 vs. cons $1.65 |
MEDIUM |
| ARE |
Report |
Total Revenue (Q2'26) |
IN-LINE |
pred ~$647M vs. cons $649M |
MEDIUM |
| ARE |
Report |
Same-Store Cash NOI YoY (Q2'26) |
MISS |
pred ~-19.5% vs. cons -18.0% |
MEDIUM |
| ARE |
Guide |
FY2026 FFO/share guidance |
LOWER |
guide ~$6.30-$6.45 (mid $6.35) vs. cons $6.41 (FY2026) |
MEDIUM |
| ARE |
Guide |
Year-end 2026 leverage (net debt/EBITDA) target |
UNCHANGED |
guide ~6.0x vs. cons 5.6x-6.2x range (4Q26) |
MEDIUM |
| ARE |
Guide |
2026 disposition/JV proceeds target |
UNCHANGED |
guide ~$2.9B midpoint vs. cons $2.9B (FY2026) |
LOW |
| ARE |
Return |
Day-1 residual (stock − beta × S&P 500) |
-2.5% |
— |
MEDIUM |
| ARE |
Return |
5-day cumulative residual |
-3.8% (FOLLOW-THROUGH) |
Q2 occupancy/NOI weakness was largely pre-telegraphed, but confirmation of a slight FFO miss, a growing tenant wind-down reserve ($25-30M and rising), and a trimmed/narrowed FY26 FFO guide implies analysts push out the occupancy trough and cut 2H26/2027 NOI and FFO estimates further, extending the negative reaction over the week rather than a snap-back, especially if disposition timing (already pushed to August) shows further slippage. |
MEDIUM |