Alexandria Real Estate Equities, Inc.

ARE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Valuation
Market cap	$8,458	$17,048	$22,030	$23,903	$34,551	$27,618	$18,606	$12,392	$12,500	$8,825	$6,551	$6,316	$4,329	$4,309	$4,074	$3,544	$2,481	$1,910	$3,016	$2,524	$1,686	$1,494	$1,100	$750	$656	$538	$430	$374	$255	$76
Enterprise value	$24,298	$33,737	$37,245	$37,345	$46,250	$36,665	$26,754	$18,178	$17,621	$13,056	$10,339	$9,747	$7,251	$7,296	$6,739	$5,995	$5,199	$4,818	$5,872	$4,604	$3,109	$2,678	$1,804	$1,361	$1,226	$966	$777	$683	$324	$188
P/E (TTM) at period end	–	55.07×	238.30×	46.57×	61.33×	36.30×	53.01×	34.04×	85.97×	–	56.05×	87.58×	39.80×	63.71×	39.61×	33.81×	25.23×	15.90×	32.18×	34.38×	26.58×	24.82×	18.44×	18.72×	21.66×	20.68×	19.47×	19.30×	–	34.77×
P/S (TTM) at period end	2.79×	5.47×	7.63×	9.23×	16.34×	14.65×	12.15×	9.33×	11.08×	9.57×	7.77×	8.69×	6.86×	7.50×	7.59×	7.69×	5.15×	4.20×	9.52×	10.28×	8.65×	9.66×	8.20×	6.26×	6.65×	6.63×	6.47×	7.96×	9.17×	6.71×
P/B at period end	0.55×	0.95×	1.19×	1.26×	2.13×	2.36×	2.10×	1.69×	2.10×	1.80×	1.65×	1.65×	1.11×	1.25×	1.21×	1.21×	1.07×	1.12×	2.01×	1.87×	2.03×	2.41×	2.17×	1.54×	1.97×	1.69×	1.64×	1.87×	1.53×	1.93×
EV / EBITDA (TTM)	163.95×	17.11×	20.88×	23.12×	34.69×	19.01×	27.79×	20.20×	29.49×	36.84×	25.99×	24.07×	22.65×	25.24×	19.49×	18.38×	15.61×	15.59×	21.17×	20.69×	17.92×	20.04×	14.22×	13.46×	13.49×	12.59×	12.81×	15.61×	35.56×	17.25×
EV / Sales (TTM)	8.03×	10.83×	12.91×	14.42×	21.88×	19.44×	17.47×	13.69×	15.62×	14.17×	12.26×	13.41×	11.49×	12.70×	12.55×	13.01×	10.80×	10.58×	18.52×	18.76×	15.95×	17.32×	13.45×	11.37×	12.43×	11.91×	11.69×	14.52×	11.64×	16.49×
Returns
Return on equity	(9.3%)	1.7%	0.5%	2.7%	3.5%	6.5%	4.0%	5.0%	2.4%	(3.1%)	2.9%	1.9%	2.8%	2.0%	3.0%	3.6%	4.2%	7.1%	6.2%	5.4%	7.6%	9.7%	11.8%	8.2%	9.1%	8.1%	8.4%	9.7%	(1.7%)	5.6%
Return on invested capital	(3.8%)	2.2%	2.0%	1.9%	1.8%	5.9%	2.5%	3.2%	1.4%	0.4%	1.7%	2.3%	1.8%	1.6%	3.2%	3.8%	4.3%	4.4%	4.2%	4.2%	5.0%	4.9%	7.1%	5.9%	6.6%	6.9%	6.9%	6.6%	1.8%	5.6%
Dividend yield	10.8%	5.3%	3.8%	3.2%	1.9%	1.9%	2.4%	3.1%	2.5%	2.7%	3.3%	3.2%	3.9%	2.9%	2.6%	1.9%	3.5%	5.3%	3.1%	3.5%	4.3%	3.9%	4.5%	5.5%	5.0%	5.3%	5.5%	5.1%	3.9%	2.1%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.24×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.82×	0.68×	0.62×	0.54×	0.56×	0.65×	0.81×	–	–	–	–	–	–	1.09×	0.93×	0.88×	1.18×	1.73×	1.85×	1.50×	1.70×	1.91×	1.40×	1.27×	1.72×	1.35×	1.33×	1.55×	0.42×	2.86×
Effective tax rate	–	–	–	–	–	–	–	(28.4%)	12.9%	(32.3%)	1.3%	3.8%	2.2%	(10.6%)	(97.1%)	(106.9%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	(100.0%)	–	(100.0%)
Share count
Diluted shares outstanding	170	172	171	162	147	126	113	103	92	76	72	71	68	62	59	48	39	32	30	25	21	20	19	18	16	15	14	12	8	4

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Revenue and gross profit
Revenue	$2,840	$3,027	$3,116	$2,886	$2,589	$2,114	$1,886	$1,531	$1,327	$1,128	$922	$843	$727	$631	$574	$537	$461	$482	$455	$317	$245	$195	$155	$134	$120	$99	$81	$66	$47	$28	$11
Cost of revenue	($903)	($923)	($909)	($859)	($783)	($624)	($530)	($445)	($381)	($326)	($278)	($261)	($219)	($189)	($175)	($169)	($132)	($120)	–	($99)	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$1,921	$2,048	$2,140	$1,983	$1,793	$1,485	$1,364	$1,071	$946	$799	$619	$558	$508	$442	$412	$341	$355	$371	–	$218	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($129)	($117)	($168)	($199)	($177)	($151)	($133)	($109)	($90)	($75)	($64)	($60)	($54)	($49)	($48)	($41)	($34)	($36)	($35)	($32)	($26)	($21)	($15)	($14)	($13)	($12)	($9)	($7)	($4)	($2)	($2)
Total operating expenses	($3,273)	($3,250)	($1,371)	($1,293)	($1,179)	($973)	($133)	($653)	($524)	($618)	($578)	($422)	($327)	($311)	($308)	($147)	($150)	($155)	–	($36)	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($4,192)	($4,229)	($2,347)	($2,195)	($1,975)	($1,602)	($655)	($1,113)	($905)	($947)	($881)	($707)	($546)	($500)	($471)	($342)	($256)	($266)	($254)	($135)	($101)	($82)	($66)	($48)	($55)	($39)	($29)	($25)	($14)	($24)	($3)
Operating income	($1,352)	($1,202)	$770	$690	$613	$512	$1,230	$418	$422	$181	$41	$137	$181	$131	$103	$195	$205	$216	$202	$182	$145	$113	$89	$86	$65	$59	$52	$42	$33	$4	$8
Earnings
EBITDA	($80)	$148	$1,972	$1,784	$1,616	$1,333	$1,928	$963	$900	$598	$354	$398	$405	$320	$289	$346	$326	$333	$309	$277	$222	$174	$134	$127	$101	$91	$77	$61	$44	$9	$11
Interest income	–	–	–	–	($332)	$259	$421	$195	$137	–	$7	$5	$4	$5	$3	$1	$1	$2	–	–	–	–	–	–	$2	$3	$4	$2	$1	–	–
Interest expense	($249)	($227)	($186)	($74)	($94)	($142)	($172)	($174)	($157)	($129)	($107)	($106)	($79)	($68)	($69)	($63)	($70)	($82)	($85)	($88)	($71)	($49)	($29)	($26)	($25)	($29)	($26)	($20)	($14)	($7)	($6)
Pre-tax income	($834)	($1,217)	$511	$281	$671	$654	$827	$404	$403	$194	($50)	$146	$106	$139	$97	$135	$127	$135	$123	$94	$73	$63	$60	$60	$40	$30	$26	$22	$19	($3)	$2
Income tax expense	–	–	–	–	–	–	–	–	$115	($25)	($16)	($2)	($4)	($3)	$10	$131	$135	$135	$123	$94	$73	$63	$60	$60	$40	$30	$26	$22	$19	–	$2
Net income	($1,025)	($1,430)	$323	$104	$522	$571	$771	$363	$379	$169	($66)	$144	$102	$136	$106	$135	$139	$128	$120	$94	$73	$63	$60	$60	$40	$30	$26	$22	$19	($3)	$2
Per share
Diluted EPS (GAAP)	($6.06)	($8.44)	$1.80	$0.54	$3.18	$3.82	$6.01	$3.12	$3.52	$1.58	($1.99)	$1.63	$1.01	$1.60	$1.09	$1.73	$2.19	$2.72	$3.09	$2.63	$2.25	$2.22	$2.33	$3.10	$1.76	$1.64	$1.77	$1.46	$1.58	($0.35)	$0.60
Basic EPS (GAAP)	($6.06)	($8.44)	$1.80	$0.54	$3.18	$3.83	$6.03	$3.13	$3.53	$1.59	($1.99)	$1.63	$1.01	$1.60	$1.09	$1.73	$2.19	$2.72	$3.12	$2.66	$2.28	$2.26	$2.37	$3.14	$1.79	$1.67	$1.80	$1.48	$1.60	($0.35)	$0.60
Basic shares outstanding	170	170	172	171	162	147	126	112	103	92	76	72	71	68	62	59	48	39	32	30	25	21	20	19	18	16	14	14	12	8	4
Margins
Gross margin	67.6%	67.7%	68.7%	68.7%	69.3%	70.2%	72.3%	70.0%	71.3%	70.8%	67.2%	66.2%	69.8%	70.0%	71.6%	63.6%	77.1%	77.0%	–	68.7%	–	–	–	–	–	–	–	–	–	–	–
Operating margin	(47.6%)	(39.7%)	24.7%	23.9%	23.7%	24.2%	65.2%	27.3%	31.8%	16.0%	4.5%	16.2%	24.9%	20.7%	18.0%	36.3%	44.5%	44.8%	44.3%	57.5%	59.0%	57.7%	57.5%	64.2%	54.3%	60.2%	63.9%	62.9%	71.1%	15.1%	74.6%
Net margin	(36.1%)	(47.2%)	10.4%	3.6%	20.1%	27.0%	40.9%	23.7%	28.6%	15.0%	(7.1%)	17.1%	14.0%	21.6%	18.4%	25.2%	30.2%	26.6%	26.4%	29.6%	29.9%	32.5%	38.9%	44.5%	33.4%	30.7%	32.1%	33.2%	41.3%	(10.1%)	19.3%

Analyst consensus

Hold25 analysts

Bearish · 3 · Hold · 13 · Bullish · 9

Earnings history

	EPS	Estimate
Q3 2024	$0.96	$0.88	Beat
Q4 2024	$-0.38	$0.91	Miss
Q1 2025	$-0.07	$0.70	Miss
Q2 2025	$-0.64	$0.59	Miss
Q3 2025	$-1.38	$0.50	Miss
Q4 2025	$-6.35	$0.28	Miss
Q1 2026	$2.10	$1.73	Beat
Q2 2026	$-0.43	$0.09	Miss

Peers

Company overview

IPO dateMay 28, 1997

CEOPeter Moglia

Employees514

SectorReal Estate

IndustryREIT - Office

CountryUS

ExchangeNew York Stock Exchange

Websitewww.are.com

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems. By December 31, 2020, the company commanded a market capitalization of $31.9 billion and managed an extensive North American asset portfolio totaling 49.7 million square feet. This substantial base encompasses 31.9 million RSF of operational properties, 3.3 million RSF of premium Class A spaces currently under construction, 7.1 million RSF designated for near-to-mid-term development and refurbishment, and an additional 7.4 million SF earmarked for future projects. Alexandria has cultivated a significant footprint across vital innovation hubs such as Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Its established expertise lies in crafting superior Class A facilities within these urban campuses, fostering dynamic and collaborative environments. These spaces are instrumental in empowering innovative tenants to successfully attract and retain world-class professionals, thereby stimulating productivity, efficiency, creativity, and overall achievement. Furthermore, Alexandria extends its support to transformative life science, technology, and agtech companies through its dedicated venture capital platform. This distinct business model, coupled with rigorous underwriting practices, ensures a diverse and high-caliber tenant roster, ultimately driving elevated occupancy rates, extended lease durations, robust rental revenues, superior financial returns, and enhanced long-term asset appreciation.

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