diff --git a/.changelog/e9b2bb64775a4b88a993bde159330b23.md b/.changelog/e9b2bb64775a4b88a993bde159330b23.md
new file mode 100644
index 0000000..b774278
--- /dev/null
+++ b/.changelog/e9b2bb64775a4b88a993bde159330b23.md
@@ -0,0 +1,4 @@
+---
+type: patch
+---
+Fix Templating processor not working on alias zones
\ No newline at end of file
diff --git a/octodns/manager.py b/octodns/manager.py
index a18b255..3b021d1 100644
--- a/octodns/manager.py
+++ b/octodns/manager.py
@@ -4,6 +4,7 @@
 
 from collections import deque
 from concurrent.futures import ThreadPoolExecutor
+from copy import deepcopy
 from hashlib import sha256
 from importlib import import_module
 from importlib.metadata import PackageNotFoundError
@@ -500,7 +501,7 @@ class Manager(object):
         if desired:
             # This is an alias zone, rather than populate it we'll copy the
             # records over from `desired`.
-            for _, records in desired._records.items():
+            for _, records in desired._pre_processing_records.items():
                 for record in records:
                     zone.add_record(record.copy(zone=zone), lenient=lenient)
         else:
@@ -520,6 +521,10 @@ class Manager(object):
                     )
                     source.populate(zone)
 
+            # Frozen copy of zone records *before* going through processors so
+            # alias zone can copy them if needed.
+            zone._pre_processing_records = deepcopy(zone._records)
+
         for processor in processors:
             zone = processor.process_source_zone(zone, sources=sources)
 
@@ -690,6 +695,7 @@ class Manager(object):
                     raise ManagerException(msg)
 
                 aliased_zones[zone_name] = source_zone
+                self.log.info('sync:     alias_of=%s', source_zone)
                 continue
 
             lenient = config.get('lenient', False)
diff --git a/octodns/zone.py b/octodns/zone.py
index a94cda9..2a6d26b 100644
--- a/octodns/zone.py
+++ b/octodns/zone.py
@@ -90,6 +90,12 @@ class Zone(object):
         # node that we always store things with Record.name which will be idna
         # encoded thus we don't have to deal with idna/utf8 collisions
         self._records = defaultdict(set)
+        # Frozen copy of populated records set just before calling processors in
+        # Manager._populate_and_plan(), so alias zones can be populated with
+        # "raw" records instead of already processed records.
+        # This is especially useful for processors who changes records based on
+        # zone/records data like Templating processor.
+        self._pre_processing_records = None
         self._root_ns = None
         # optional leading . to match empty hostname
         # optional trailing . b/c some sources don't have it on their fqdn