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Alexandria Real Estate Equities

ARE NYSE Office REITs Financials FY2016–FY2025

Alexandria Real Estate Equities' revenue fell 2.9% to $3.0 billion in fiscal 2025. Its net margin was −47.2%, down from 10.4% a year earlier. Free cash flow was −$457 million. It paid out $1.1 billion in dividends and buybacks. The diluted share count fell 1.0%.

Last close · Oct 23, 2026

$43.02

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$3.0B
2.9% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
−$1.4B
542.7%
Free cash flow Cash from operations minus capital spending.
−$457M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$7.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Capital spending is Alexandria's additions to real estate (development and redevelopment of its properties); purchases of existing properties aren't included.

What Alexandria Real Estate Equities does

No business description yet.

Legal name
ALEXANDRIA REAL ESTATE EQUITIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001035443-26-000013
0001035443

Revenue and margins

Alexandria Real Estate Equities had $3.0B of revenue in fiscal 2025, down 2.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$457M in fiscal 2025, −15.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Alexandria Real Estate Equities returned $1.1B to shareholders in fiscal 2025. The diluted share count fell 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Alexandria Real Estate Equities yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$11.9B and divides by 170.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Alexandria Real Estate Equities can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $361M$825M$618M$552M$549M
Debt incl. finance leases $8.8B$10.2B$11.3B$12.2B$12.4B
Debt / equity 0.5x0.5x0.6x0.7x0.8x
Total assets $30.2B$35.5B$36.8B$37.5B$34.1B
Total liabilities $11.2B$12.8B$14.1B$15.1B$14.9B
Shareholders' equity $16.2B$19.0B$18.5B$17.9B$15.5B
Net debt (− = net cash) $8.4B$9.3B$10.7B$11.7B$11.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.0M

2 insiders

Sold, 12 months

$1.7M

5 insiders

Of sales under plans

8%

$0.1M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Joel S MarcusExecutive Chairman, Director Bought 5,000 $49.68 $0.2M Form 4
Sep 11, 2026 Kristina Fukuzaki-CarlsonEVP - Business Operations Sold 16,810 $50.51 $0.8M Form 4
Aug 31, 2026 Andres GavinetChief Accounting Officer Sold 10,000 $50.93 $0.5M Form 4
Aug 17, 2026 Joel S MarcusExecutive Chairman, Director Bought 5,000 $46.28 $0.2M Form 4
Jun 9, 2026 Marc E BindaCFO & Treasurer Sold plan 2,000 $54.00 $0.1M Form 4
May 6, 2026 Joel S MarcusExecutive Chairman, Director Bought 7,500 $46.34 $0.3M Form 4
May 5, 2026 Joel S MarcusExecutive Chairman, Director Bought 7,500 $42.72 $0.3M Form 4
May 4, 2026 Joel S MarcusExecutive Chairman, Director Bought 10,000 $41.02 $0.4M Form 4
Apr 30, 2026 Gregory Calvin ThomasEVP - CTO Bought 3,500 $41.00 $0.1M Form 4
Apr 17, 2026 Hallie E. KuhnEVP - Cap Market & Co-Lead -LS Sold plan 536 $48.20 $0.0M Form 4
Feb 27, 2026 Bret E. GossettEVP - Co-RMD Sold 4,702 $53.55 $0.3M Form 4
Feb 12, 2026 Joel S MarcusExecutive Chairman, Director Bought 25,000 $53.92 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −4.2%−3.2%−7.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — —
BXP BXP $9.9B 2.2% — — — 33.4x — Compare →
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — — Compare →
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x — Compare →
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $922M $1.1B $1.3B $1.5B $1.9B $2.1B $2.6B $2.9B $3.1B $3.0B
Interest expense $107M $129M $158M $174M $172M $142M $94.2M $74.2M $186M $227M
Net income −$65.9M $169M $379M $363M $771M $571M $522M $104M $323M −$1.4B
Diluted EPS −$1.99 $1.58 $3.52 $3.12 $6.01 $3.82 $3.18 $0.54 $1.80 −$8.44
Diluted shares 0.08B 0.09B 0.10B 0.11B 0.13B 0.15B 0.16B 0.17B 0.17B 0.17B
Cash flow
Cash from operations $394M $451M $570M $684M $883M $1.0B $1.3B $1.6B $1.5B $1.4B
Capital expenditure $822M $894M $927M $1.2B $1.4B $2.1B $3.3B $3.4B $2.4B $1.9B
Free cash flow −$428M −$443M −$357M −$541M −$563M −$1.1B −$2.0B −$1.8B −$918M −$457M
Depreciation and amortization $313M $417M $478M $545M $698M $821M $1.0B $1.1B $1.2B $1.4B
Stock-based compensation $25.4M $25.6M $35.0M $43.6M $43.5M $48.7M $57.7M $82.9M $59.6M $41.1M
Acquisitions $0.0M $660M $0.0M $0.0M $0.0M $9.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $50.1M $208M
Dividends paid $240M $312M $381M $447M $533M $656M $758M $848M $899M $911M
Dividends and buybacks $240M $312M $381M $447M $533M $656M $758M $847M $949M $1.1B
Balance sheet
Cash and short-term investments $125M $254M $234M $190M $569M $361M $825M $618M $552M $549M
Total debt $4.2B $4.8B $5.5B $6.8B $7.6B $8.8B $10.2B $11.3B $12.2B $12.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $12.8M $11.1M $14.8M $23.0M $31.1M $26.4M $23.2M $26.6M $39.6M $70.3M
Total assets $10.4B $12.1B $14.5B $18.4B $22.8B $30.2B $35.5B $36.8B $37.5B $34.1B
Total liabilities $5.0B $5.6B $6.6B $8.2B $9.4B $11.2B $12.8B $14.1B $15.1B $14.9B
Shareholders' equity $4.9B $5.9B $7.3B $8.9B $11.7B $16.2B $19.0B $18.5B $17.9B $15.5B
Margins
Net margin −7.2% 15.0% 28.6% 23.7% 40.9% 27.0% 20.2% 3.6% 10.4% −47.2%
FCF margin −46.5% −39.3% −26.9% −35.3% −29.8% −51.1% −77.8% −62.0% −29.5% −15.1%
Returns
Return on equity −1.5% 3.1% 5.7% 4.5% 7.5% 4.1% 3.0% 0.6% 1.8% −8.6%
Return on assets −0.7% 1.5% 2.9% 2.2% 3.7% 2.2% 1.6% 0.3% 0.9% −4.0%
Growth
Revenue growth — 22.4% 17.7% 15.4% 23.1% 12.1% 22.5% 11.5% 8.0% −2.9%
Net income growth −145.7% — 124.3% −4.3% 112.3% −25.9% −8.7% −80.1% 211.6% −542.7%
EPS growth −222.1% — 122.8% −11.4% 92.6% −36.4% −16.8% −83.0% 233.3% −568.9%
Share count change 6.4% 21.0% 12.2% 8.9% 12.4% 16.6% 9.6% 5.7% 0.7% −1.0%
Financial health
Debt / equity 0.9x 0.8x 0.8x 0.8x 0.7x 0.5x 0.5x 0.6x 0.7x 0.8x
Capital allocation
Capex / revenue 89.2% 79.2% 69.9% 80.0% 76.6% 98.9% 127.8% 118.5% 77.7% 61.8%
Stock comp / revenue 2.8% 2.3% 2.6% 2.9% 2.3% 2.3% 2.2% 2.9% 1.9% 1.4%
Quality scores
Accruals ratio −4.8% −2.5% −1.4% −2.0% −0.5% −1.7% −2.4% −4.2% −3.2% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0001035443). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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