NYSE : ARE
Alexandria Real Estate Equities, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 40.6 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.07B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.68B | 2.95B | 3.05B | 2.84B | 2.58B | 2.11B |
| Other Revenue | 80.73M | 71.75M | 73.75M | 44.22M | 13.57M | 18.16M |
| Total Revenue | 2.76B | 3.02B | 3.12B | 2.89B | 2.59B | 2.13B |
| Property Expenses | 891.95M | 922.61M | 909.26M | 859.18M | 783.15M | 623.55M |
| Selling, General & Administrative | 140.48M | 117.05M | 168.36M | 199.35M | 177.28M | 151.46M |
| Depreciation & Amortization | 1.24B | 1.35B | 1.20B | 1.09B | 1.00B | 821.06M |
| Total Operating Expenses | 2.27B | 2.39B | 2.28B | 2.15B | 1.96B | 1.60B |
| Operating Income | 490.70M | 626.79M | 843.45M | 734.67M | 627.03M | 530.33M |
| Interest Expense | -274.29M | -226.70M | -185.84M | -74.20M | -94.20M | -142.16M |
| Interest & Investment Income | 152.63M | 259.48M | ||||
| EBT Excluding Unusual Items | 369.05M | 400.10M | 657.61M | 660.47M | 532.83M | 647.64M |
| Gain (Loss) on Sale of Investments | -3.89M | -56.34M | -53.12M | -195.40M | -331.76M | |
| Gain (Loss) on Sale of Assets | 619.91M | 642.45M | 129.31M | 277.04M | 537.92M | 126.57M |
| Asset Writedown | -2.58B | -2.20B | -223.07M | -461.11M | -64.97M | -52.67M |
| Other Unusual Items | 363.11M | -107.00K | -3.32M | -67.25M | ||
| Pretax Income | -1.23B | -1.22B | 510.73M | 280.99M | 670.70M | 654.28M |
| Earnings From Continuing Operations | -1.23B | -1.22B | 510.73M | 280.99M | 670.70M | 654.28M |
| Net Income to Company | -1.23B | -1.22B | 510.73M | 280.99M | 670.70M | 654.28M |
| Minority Interest in Earnings | -194.81M | -212.84M | -187.78M | -177.35M | -149.04M | -83.03M |
| Net Income | -1.43B | -1.43B | 322.95M | 103.64M | 521.66M | 571.25M |
| Preferred Dividends & Other Adjustments | 3.57M | 8.42M | 13.39M | 11.20M | 8.39M | 7.85M |
| Net Income to Common | -1.43B | -1.44B | 309.56M | 92.44M | 513.27M | 563.40M |
| Basic Shares Outstanding | 170.62M | 170.31M | 172.07M | 170.91M | 161.66M | 146.92M |
| Diluted Shares Outstanding | 170.62M | 170.31M | 172.07M | 170.91M | 161.66M | 147.46M |
| EPS (Basic) | -8.40 | -8.44 | 1.80 | 0.54 | 3.18 | 3.83 |
| EPS (Diluted) | -8.40 | -8.44 | 1.80 | 0.54 | 3.18 | 3.82 |
| Dividend Per Share | 2.88 | 4.68 | 5.19 | 4.96 | 4.72 | 4.48 |
| Operating Margin | 17.78% | 20.78% | 27.00% | 25.45% | 24.21% | 24.94% |
| Profit Margin | -51.94% | -47.66% | 9.91% | 3.20% | 19.82% | 26.50% |
| EBITDA | 1.70B | 1.94B | 1.96B | 1.73B | 1.55B | 1.30B |
| EBITDA Margin | 61.57% | 64.29% | 62.76% | 60.10% | 60.04% | 60.98% |
| D&A For Ebitda | 1.21B | 1.31B | 1.12B | 1.00B | 927.80M | 766.28M |
| EBIT | 490.70M | 626.79M | 843.45M | 734.67M | 627.03M | 530.33M |
| EBIT Margin | 17.78% | 20.78% | 27.00% | 25.45% | 24.21% | 24.94% |
| Funds From Operations (FFO) | 1.65B | 1.31B | 1.43B | 1.23B | 879.57M | 1.20B |
| FFO Per Share | 9.67 | 7.69 | 8.32 | 7.19 | 5.44 | 8.16 |
| Adjusted Funds From Operations (AFFO) | 1.22B | 1.53B | 1.63B | 1.53B | 1.36B | 1.14B |
| AFFO Per Share | 7.16 | 9.01 | 9.47 | 8.97 | 8.42 | 7.76 |
| FFO Payout Ratio | 36.20% | 69.54% | 62.76% | 68.93% | 86.15% | 54.51% |
| Revenue as Reported | 2.76B | 3.03B | 3.12B | 2.89B | 2.59B | 2.11B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 28.74B | 29.03B | 32.68B | 32.32B | 30.68B | 25.63B |
| Total Real Estate Assets | 28.74B | 29.03B | 32.68B | 32.32B | 30.68B | 25.63B |
| Cash & Equivalents | 508.86M | 549.06M | 552.15M | 618.19M | 825.19M | 361.35M |
| Accounts Receivable | 1.28B | 1.25B | 1.23B | 1.10B | 989.61M | 917.37M |
| Investment In Debt and Equity Securities | 1.34B | 1.14B | 1.29B | 1.45B | 1.62B | 1.88B |
| Other Intangible Assets | 158.80M | 204.01M | 305.14M | 461.61M | 615.64M | 609.87M |
| Loans Receivable Current | 276.81M | 258.03M | 120.55M | 15.84M | 19.88M | 13.09M |
| Restricted Cash | 4.91M | 4.69M | 7.70M | 42.58M | 32.78M | 53.88M |
| Other Current Assets | 72.89M | 62.34M | 55.34M | 56.83M | 49.10M | 200.88M |
| Deferred Long-Term Charges | 515.19M | 497.72M | 535.01M | 540.29M | 548.02M | 422.19M |
| Other Long-Term Assets | 1.16B | 1.09B | 743.16M | 166.60M | 152.69M | 131.41M |
| Total Assets | 34.05B | 34.08B | 37.53B | 36.77B | 35.52B | 30.22B |
| Current Portion of Long-Term Debt | 349.83M | 649.80M | ||||
| Current Portion of Leases | 4.99M | 22.77M | ||||
| Long-Term Debt | 12.55B | 11.75B | 12.24B | 11.32B | 10.16B | 8.79B |
| Long-Term Leases | 349.04M | 337.77M | 507.13M | 382.88M | 406.70M | 434.75M |
| Accounts Payable | 507.75M | 510.58M | 534.80M | 524.44M | 389.74M | 513.42M |
| Other Current Liabilities | 132.00M | 127.77M | 230.26M | 221.82M | 209.13M | 183.85M |
| Long-Term Unearned Revenue | 1.20B | 890.91M | 703.33M | 563.71M | 467.94M | 339.31M |
| Other Long-Term Liabilities | 544.13M | 635.04M | 909.09M | 1.14B | 1.21B | 922.94M |
| Total Liabilities | 15.63B | 14.93B | 15.13B | 14.15B | 12.84B | 11.19B |
| Common Stock | 1.71M | 1.71M | 1.72M | 1.72M | 1.71M | 1.58M |
| Additional Paid-In Capital | 14.84B | 15.50B | 17.93B | 18.49B | 18.99B | 16.20B |
| Comprehensive Income & Other | -33.69M | -29.39M | -46.25M | -15.90M | -20.81M | -7.29M |
| Total Common Equity | 14.81B | 15.47B | 17.89B | 18.47B | 18.97B | 16.19B |
| Minority Interest | 3.61B | 3.69B | 4.51B | 4.15B | 3.71B | 2.84B |
| Shareholders' Equity | 18.42B | 19.16B | 22.40B | 22.62B | 22.68B | 19.03B |
| Total Liabilities & Equity | 34.05B | 34.08B | 37.53B | 36.77B | 35.52B | 30.22B |
| Total Debt | 13.25B | 12.76B | 12.75B | 11.70B | 10.57B | 9.23B |
| Net Cash (Debt) | -12.74B | -12.21B | -12.20B | -11.08B | -9.74B | -8.87B |
| Net Cash Per Share | -74.68 | -71.71 | -70.90 | -64.83 | -60.26 | -60.12 |
| Filing Date Shares Outstanding | 174.16M | 173.30M | 173.09M | 174.97M | 173.09M | 159.94M |
| Total Common Shares Outstanding | 170.85M | 170.54M | 172.20M | 171.91M | 170.75M | 158.04M |
| Book Value Per Share | 86.67 | 90.71 | 103.88 | 107.45 | 111.11 | 102.44 |
| Tangible Book Value | 14.65B | 15.27B | 17.58B | 18.01B | 18.36B | 15.58B |
| Tangible Book Value Per Share | 85.74 | 89.52 | 102.11 | 104.76 | 107.51 | 98.58 |
| Land | 3.68B | 3.20B | 3.86B | 4.30B | 4.28B | 3.78B |
| Buildings | 21.20B | 19.74B | 20.38B | 20.15B | 18.61B | 16.31B |
| Construction In Progress | 4.63B | 6.79B | 8.62B | 8.22B | 8.72B | 6.53B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.43B | -1.43B | 322.95M | 103.64M | 521.66M | 571.25M |
| Depreciation & Amortization | 1.21B | 1.31B | 1.12B | 1.00B | 927.80M | 766.28M |
| Other Amortization | 19.10M | 19.63M | 18.44M | 16.69M | 13.93M | 9.40M |
| Gain (Loss) on Sale of Assets | -619.91M | -642.45M | -129.31M | -277.04M | -537.92M | -126.57M |
| Gain (Loss) on Sale of Investments | -148.75M | 56.34M | 53.12M | 195.40M | 331.76M | |
| Asset Writedown | 2.58B | 2.20B | 223.07M | 461.11M | 64.97M | 52.67M |
| Stock-Based Compensation | 41.36M | 41.12M | 59.63M | 82.86M | 57.74M | 48.67M |
| Income (Loss) on Equity Investments | 1.40M | 11.81M | -4.08M | 2.28M | 2.73M | 8.10M |
| Change in Accounts Receivable | 209.00K | -252.00K | 1.77M | -102.00K | -273.00K | -44.00K |
| Change in Accounts Payable | -103.12M | -117.82M | -56.82M | 110.67M | 77.85M | 60.93M |
| Change in Other Net Operating Assets | -160.44M | -179.77M | -145.40M | -108.54M | -200.28M | -156.15M |
| Other Operating Activities | -203.62M | 139.47M | 44.45M | 43.44M | 34.35M | -224.33M |
| Operating Cash Flow | 1.19B | 1.41B | 1.50B | 1.63B | 1.29B | 1.01B |
| Acquisition of Real Estate Assets | -1.66B | -1.87B | -2.67B | -3.68B | -6.19B | -7.52B |
| Sale of Real Estate Assets | 2.33B | 2.32B | 1.22B | 1.20B | 994.33M | 190.58M |
| Net Sale / Acq. of Real Estate Assets | 669.65M | 449.95M | -1.45B | -2.49B | -5.19B | -7.33B |
| Investment in Marketable & Equity Securities | -35.96M | -80.49M | -63.44M | -6.73M | -45.58M | 388.30M |
| Other Investing Activities | -7.36M | 3.86M | -5.58M | 155.97M | -161.70M | |
| Investing Cash Flow | 633.70M | 362.10M | -1.51B | -2.50B | -5.08B | -7.11B |
| Short-Term Debt Issued | 26.13B | 13.01B | 10.48B | 15.82B | 34.47B | |
| Long-Term Debt Issued | 552.56M | 1.03B | 1.06B | 1.84B | 1.75B | |
| Total Debt Issued | 50.99B | 26.68B | 14.04B | 11.54B | 17.67B | 36.23B |
| Short-Term Debt Repaid | -25.77B | -13.11B | -10.38B | -16.09B | -34.30B | |
| Long-Term Debt Repaid | -754.21M | -32.00K | -30.00K | -199.24M | -667.98M | |
| Total Debt Repaid | -51.31B | -26.53B | -13.11B | -10.38B | -16.29B | -34.97B |
| Net Debt Issued (Repaid) | -321.05M | 151.85M | 928.69M | 1.16B | 1.37B | 1.26B |
| Issuance of Common Stock | 27.10M | 103.85M | 2.35B | 3.53B | ||
| Repurchase of Common Stock | -17.80M | -232.60M | -112.52M | -24.59M | -47.29M | -34.34M |
| Common Dividends Paid | -598.46M | -911.45M | -898.56M | -847.48M | -757.74M | -655.97M |
| Total Dividends Paid | -598.46M | -911.45M | -898.56M | -847.48M | -757.74M | -655.97M |
| Other Financing Activities | -956.27M | -791.60M | -38.03M | 286.25M | 1.31B | 1.82B |
| Foreign Exchange Rate Adjustments | 1.68M | 1.56M | -1.44M | -1.29M | -887.00K | -1.71M |
| Net Cash Flow | -70.42M | -6.09M | -100.92M | -197.20M | 442.75M | -182.48M |
| Levered Free Cash Flow | 1.29B | 1.35B | 1.42B | 1.54B | 1.33B | 1.03B |
| Unlevered Free Cash Flow | 1.44B | 1.47B | 1.52B | 1.57B | 1.37B | 1.10B |
| Cash Interest Paid | 266.41M | 204.03M | 160.08M | 46.58M | 63.19M | 139.47M |
| Change in Working Capital | -263.35M | -297.85M | -200.46M | 2.03M | -122.70M | -95.27M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.08B | 8.46B | 17.05B | 22.03B | 23.90B | 34.55B |
| Enterprise Value | 19.82B | 26.31B | 34.31B | 37.17B | 37.94B | 46.11B |
| Last Close Price | 40.20 | 46.85 | 87.72 | 108.89 | 119.80 | 177.81 |
| Price/FFO Ratio | 4.91 | 6.09 | 10.54 | 15.14 | 22.02 | 21.79 |
| Price/AFFO Ratio | 6.63 | 5.20 | 9.26 | 12.14 | 14.23 | 22.91 |
| PE Ratio | 55.07 | 238.30 | 46.57 | 61.33 | ||
| PS Ratio | 2.56 | 2.80 | 5.46 | 7.63 | 9.23 | 16.25 |
| PB Ratio | 0.46 | 0.44 | 0.76 | 0.97 | 1.05 | 1.81 |
| P/OCF Ratio | 5.94 | 5.98 | 11.33 | 13.51 | 18.47 | 34.20 |
| EV/Sales Ratio | 7.17 | 8.72 | 10.98 | 12.88 | 14.65 | 21.68 |
| EV/EBITDA Ratio | 11.65 | 13.57 | 17.50 | 21.43 | 24.40 | 35.56 |
| EV/EBIT Ratio | 40.34 | 41.98 | 40.68 | 50.59 | 60.51 | 86.94 |
| Debt / Equity Ratio | 0.72 | 0.67 | 0.57 | 0.52 | 0.47 | 0.48 |
| Debt / EBITDA Ratio | 7.66 | 6.44 | 6.38 | 6.61 | 6.66 | 6.98 |
| Net Debt / Equity Ratio | 0.69 | 0.64 | 0.55 | 0.49 | 0.43 | 0.47 |
| Net Debt / EBITDA Ratio | 7.50 | 6.30 | 6.22 | 6.39 | 6.26 | 6.84 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Quick Ratio | 1.80 | 1.37 | 2.34 | 2.30 | 3.03 | 1.83 |
| Current Ratio | 2.15 | 1.62 | 2.58 | 2.46 | 3.20 | 2.22 |
| Return on Equity (ROE) | -6.25% | -5.86% | 2.27% | 1.24% | 3.22% | 4.03% |
| Return on Assets (ROA) | 0.86% | 1.09% | 1.42% | 1.27% | 1.19% | 1.25% |
| Earnings Yield | -20.66% | -16.90% | 1.89% | 0.47% | 2.18% | 1.65% |
| Dividend Yield | 7.06% | 9.44% | 5.24% | 3.87% | 3.37% | 2.05% |
| Payout Ratio | 278.24% | 817.73% | 145.26% | 114.83% | ||
| Buyback Yield / Dilution | 0.09% | 1.03% | -0.68% | -5.72% | -9.63% | -16.58% |
| Total Shareholder Return | 7.20% | 10.46% | 4.56% | -1.85% | -6.26% | -14.53% |