Alexandria Real Estate Equities

ARE · Office REITs

$43.02

0.7%

BXP

BXP · Office REITs

$62.10

1.0%

The short version

BXP is the larger business, with $3.5B of revenue in fiscal 2025 against $3.0B for Alexandria Real Estate Equities.
BXP grew revenue faster (2.2%, against −2.9%).

Latest fiscal year	ARE · FY25	BXP · FY25
Size
Market cap	$7.3B	$9.9B
Revenue	$3.0B	$3.5B
Free cash flow	−$457M	—
Net income	−$1.4B	$277M
Growth
Revenue growth	−2.9%	2.2%
5-year growth	9.9%	4.7%
Share count change	−1.0%	0.7%
Profitability
Gross margin	—	59.1%
Operating margin	—	—
Net margin	−47.2%	8.0%
FCF margin	−15.1%	—
Return on capital	—	—
Return on equity	−8.6%	5.2%
Balance sheet
Net debt	$11.9B	—
Net debt / EBITDA	—	—
Dividends and buybacks	$1.1B	$643M
Valuation & quality
P/E	—	33.4x
Piotroski F-score	—	—

Revenue

FY16

ARE $922M

BXP $2.6B

FY17

ARE $1.1B

BXP $2.6B

FY18

ARE $1.3B

BXP $2.7B

FY19

ARE $1.5B

BXP $3.0B

FY20

ARE $1.9B

BXP $2.8B

FY21

ARE $2.1B

BXP $2.9B

FY22

ARE $2.6B

BXP $3.1B

FY23

ARE $2.9B

BXP $3.3B

FY24

ARE $3.1B

BXP $3.4B

FY25

ARE $3.0B

BXP $3.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ARE BXP

Operating margin

FY16

ARE —

BXP 32.4%

FY17

ARE —

BXP 34.9%

FY18

ARE —

BXP —

FY19

ARE —

BXP —

FY20

ARE —

BXP —

FY21

ARE —

BXP —

FY22

ARE —

BXP —

FY23

ARE —

BXP —

FY24

ARE —

BXP —

FY25

ARE —

BXP —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ARE BXP

Free cash flow

FY16

ARE −$428M

BXP —

FY17

ARE −$443M

BXP —

FY18

ARE −$357M

BXP —

FY19

ARE −$541M

BXP —

FY20

ARE −$563M

BXP —

FY21

ARE −$1.1B

BXP —

FY22

ARE −$2.0B

BXP —

FY23

ARE −$1.8B

BXP —

FY24

ARE −$918M

BXP —

FY25

ARE −$457M

BXP —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ARE BXP

Return on capital

FY16

ARE —

BXP —

FY17

ARE —

BXP —

FY18

ARE —

BXP —

FY19

ARE —

BXP —

FY20

ARE —

BXP —

FY21

ARE —

BXP —

FY22

ARE —

BXP —

FY23

ARE —

BXP —

FY24

ARE —

BXP —

FY25

ARE —

BXP —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ARE BXP

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