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Alexandria Real Estate Equities

ARE NYSE Office REITs Financials FY2016–FY2025

Alexandria Real Estate Equities had $3.0B of revenue in fiscal 2025, down 2.9% on the year before. Over five years, revenue changed +9.9% a year on average.

Download report 3-page PDF: the company, its results and charts with peers.

Last close · Oct 23, 2026

$43.02

0.7%
Value it Compare

What Alexandria Real Estate Equities does

ARE · Office REITs

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
Charts by

KIRA’s summary AI analyst

Hi! I read Alexandria Real Estate Equities’s latest annual report (fiscal 2025). Here is what stands out:

3 to watch

1.Sales and profit

See section →
  • Alexandria Real Estate Equities had $3.0B of revenue in fiscal 2025, down 2.9% on the year before. Over five years, revenue changed +9.9% a year on average.
  • Alexandria Real Estate Equities lost $1.4B in fiscal 2025.

2.Cash and shareholders

See section →
  • Free cash flow was −$457M in fiscal 2025, −15.1% of revenue.
  • Alexandria Real Estate Equities returned $1.1B to shareholders in fiscal 2025. The diluted share count fell 1.0%.
  • In the last 12 months, insiders bought $3.0M and sold $1.7M of shares on the open market.

Alexandria Real Estate Equities in 30 seconds

Good So-so Weak

Weak

Are sales growing?

−2.9%

No. Sales fell 2.9% last year.

Weak

Does it make a profit?

−47.2%

No. It lost money last year.

Weak

Does profit turn into cash?

−15.1%

No. It spent more cash than it brought in.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

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.
—

Revenue

Total sales reported in the income statement.

KIRA · Alexandria Real Estate Equities had $3.0B of revenue in fiscal 2025, down 2.9% on the year before. Over five years, revenue changed +9.9% a year on average.

See the full section →

Operating margin

Operating income as a share of revenue.

See the full section →

Net income

Profit after all expenses, interest and tax.

KIRA · Alexandria Real Estate Equities lost $1.4B in fiscal 2025.

See the full section →

Free cash flow

Cash from operations minus capital spending.

KIRA · Free cash flow was −$457M in fiscal 2025, −15.1% of revenue.

See the full section →

Return on capital

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

See the full section →

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.

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days Alexandria Real Estate Equities did it, and the next one. Share prices often move a lot on those days.

Next results

October 26, 2026

Monday · tomorrow

Time
After the market closes
Covers
Period ended Sep 30, 2026
Expected EPS
$1.52
Source
Earnings calendar
Date Results for Time Source
Aug 3, 2026 Q2 '26 After the market closes 8-K ↗
Apr 27, 2026 Q1 '26 After the market closes 8-K ↗
Jan 26, 2026 Q4 '25 After the market closes 8-K ↗
Oct 27, 2025 Q3 '25 After the market closes 8-K ↗
Jul 21, 2025 Q2 '25 After the market closes 8-K ↗
Apr 28, 2025 Q1 '25 After the market closes 8-K ↗
Jan 27, 2025 Q4 '24 After the market closes 8-K ↗
Oct 21, 2024 Q3 '24 After the market closes 8-K ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA · Alexandria Real Estate Equities had $3.0B of revenue in fiscal 2025, down 2.9% on the year before. Over five years, revenue changed +9.9% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

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

Net income and earnings per share

KIRA · Alexandria Real Estate Equities lost $1.4B in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income
Net income
Diluted EPS
Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA · Free cash flow was −$457M in fiscal 2025, −15.1% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

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

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

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

Insider trades

KIRA · In the last 12 months, insiders bought $3.0M and sold $1.7M of shares on the open market.

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.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

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

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA · Alexandria Real Estate Equities owes $11.9B more than it holds in cash.

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

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

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

Returns on capital

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

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

Piotroski F-score

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is 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'' ———

Price and value

What does the share cost, and how does it compare?

Value Alexandria Real Estate Equities yourself

KIRA · At $43.02 a share, the company is worth $7.3B.

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.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

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.

Similar companies

KIRA · Alexandria Real Estate Equities grew sales faster than 0 of its 4 similar companies.

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

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

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 →

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

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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