Saturday 31 October 2026 Export ARE’s income statement to Excel — free account

Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 billion, down 2.88% from fiscal 2024. In the quarter to June 2026, revenue fell 13.0%, EPS grew 32.8%, free cash flow fell 158.1% and total debt fell 3.62%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.

40.15 0.45 −1.11%

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Market cap: $7.1B
P/E: 0.0×
Fwd P/E: 0.0×
Dividend yield: 7.17%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Segments Filings

Insider Decisions trades per month

Total buys 3.19

Total sells 1.90

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	1	—	1	—	1	3	—	—	1	1	—
Sell	—	1	—	1	—	1	—	1	—	1	1	—

Insider Ownership 0.41%

Capital & Financial Ratios $m

Market Cap 7,070.00

Revenue 2,840.16

Net Income (833.79)

Free Cash Flow 1,716.83

Net Debt 12,337.73

Current Ratio 0.19

Debt/Equity 0.67

P/E ratio 0.00

Fwd P/E 0.00

P/S ratio 2.41

P/B ratio 0.36

Past 5Y EPS Growth —

This Y EPS Growth 109.22%

Next Y EPS Growth (210.48%)

Next Y revenue growth (100.00%)

Next 5Y EPS Growth 50.22%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 0.26%

10-year low 10-year high

P/B against its own 10 years 0.15%

10-year low 10-year high

EV/Sales against its own 10 years 1.36%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 2.88

Annual Dividend Yield 7.17%

	total	individual payouts
2026	2.16	0.72 0.72 0.72
2025	4.68	1.32 1.32 1.32 0.72
2024	5.19	1.27 1.30 1.30 1.32
2023	4.96	1.21 1.24 1.24 1.27
2022	4.72	1.15 1.18 1.18 1.21
2021	4.48	1.09 1.12 1.12 1.15
2020	4.24	1.03 1.06 1.06 1.09
2019	4.00	0.97 1.00 1.00 1.03
2018	3.73	0.90 0.93 0.93 0.97
2017	3.45	0.83 0.86 0.86 0.90
2016	3.23	0.80 0.80 0.80 0.83

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	661	560	554	475
Receivables	8	6	7	8
Inventory	—	—	—	—
Other	—	—	—	—
	669	566	560	483

	2023	2024	2025	Q'26
Payables	2,611	2,654	2,397	2,514
ST’ Debt	—	—	—	—
Other	—	—	—	—
	2,611	2,654	2,397	2,514

Compound Annual Growth %

	10y	5y	3y
Sales	13.63%	9.93%	5.34%
Cash Flow	15.23%	9.89%	2.99%
Earnings	0.00%	0.00%	0.00%
Book Value	16.13%	7.29%	(5.56%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.52 Actual 1.54

1.30 1.54 1.79 2.03 2.27

Q4 FY25 Beat +0.01

Q1 FY26 Met 0.00

Q2 FY26 Beat +0.08

Q3 FY26 Beat +0.02

Q4 FY26 — Jan 25

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	2.15	2.16	Beat by 0.01
Q1 FY26	1.73	1.73	Met by 0.00
Q2 FY26	1.65	1.73	Beat by 0.08
Q3 FY26	1.52	1.54	Beat by 0.02
Q4 FY26	1.41	—	Reports 25 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.10	(0.43)	—	—	—
’25	(0.07)	(0.64)	(1.38)	(6.35)	(8.44)
’24	0.97	0.25	0.96	(0.38)	1.80
’23	0.44	0.51	0.13	(0.54)	0.54
’22	(0.96)	1.67	2.11	0.31	3.18
’21	0.04	2.61	0.67	0.47	3.82
’20	0.14	1.82	0.63	3.26	6.01

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	671	663	—	—	—
’25	758	762	752	754	3,027
’24	769	767	792	789	3,116
’23	701	714	714	757	2,886
’22	615	644	660	670	2,589
’21	480	510	548	577	2,114
’20	440	437	545	464	1,886

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	197	337	—	—	—
’25	208	460	433	312	1,414
’24	341	412	477	274	1,505
’23	306	478	418	429	1,631
’22	191	339	363	401	1,294
’21	212	240	309	250	1,010
’20	191	202	315	174	883

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(349)	(62)	—	—	—
’25	(370)	106	54	2,074	1,864
’24	(529)	(143)	(1)	727	53
’23	(745)	76	(226)	37	(858)
’22	(2,379)	(276)	(282)	(960)	(3,897)
’21	(2,099)	(1,373)	(1,003)	(1,849)	(6,324)
’20	(665)	(367)	(1,121)	(233)	(2,386)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	70.69	106.89	109.04	110.66	109.22	154.37	126.74	90.73	96.44	44.10		(5.1%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	114.67	134.37	131.00	163.51	179.79	224.95	224.33	172.65	131.36	105.14		(1.0%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	285	323	386	439	470	559	593	568	552	514		+6.8%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	3.23	3.49	3.44	3.49	4.01	3.78	4.37	5.08	5.65	5.89		+6.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	922	1,128	1,327	1,531	1,886	2,114	2,589	2,886	3,116	3,027		+14.1%	—	—	—	—
	Gross margin, %	69.79	71.14	71.29	70.91	71.88	70.51	69.75	70.23	70.82	69.52		(0.3) pt	Powerpack Alexandria Real Estate Equities, Inc.’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(54)	194	394	404	665	515	133	3	374	(1,850)		+48.2%
	EBT margin, %	(5.82)	17.18	29.69	26.35	35.26	24.38	5.13	0.10	12.01	(61.11)		(55.3) pt
	Net income	(50)	194	403	404	827	654	671	281	511	(1,217)		+42.6%
	Depreciation	319	406	464	520	648	776	942	1,017	1,135	1,332		+17.2%
Per share, $
Per share, $	Revenue	12.11	12.32	12.89	13.65	14.95	14.39	16.02	16.88	18.11	17.77		+4.4%
	Earnings	(1.99)	1.59	3.53	3.13	6.03	3.83	3.18	0.54	1.80	(8.44)		+17.4%
	Cash flow	5.17	4.93	5.54	6.09	7.00	6.88	8.01	9.54	8.74	8.30		+5.4%
	Capex	(18.90)	(16.97)	(18.87)	(32.69)	(25.92)	(49.92)	(32.11)	(14.56)	(8.43)	2.64		n/m
	Free cash flow	(13.73)	(12.05)	(13.34)	(26.60)	(18.92)	(43.04)	(24.10)	(5.02)	0.31	10.94		n/m
	Book value	70.58	70.69	76.54	90.50	106.52	129.48	140.26	132.27	130.05	112.14		+5.3%
	Shares, m	76	92	103	112	126	147	162	171	172	170		+9.4%
Valuation, ×
Valuation, ×	P/E	0.00	82.23	32.46	52.12	30.41	58.83	46.04	239.46	54.19	0.00		59.6
	P/S	9.13	10.54	8.94	11.84	11.92	15.49	9.00	7.66	5.39	2.75		9.3
	P/B	1.63	1.86	1.52	1.79	1.67	1.72	1.03	0.98	0.75	0.44		1.3
	EV/Sales	13.49	14.52	12.86	16.11	15.61	19.46	12.59	11.35	9.14	6.67		13.2
	EV/FCF	(11.90)	(14.85)	(12.43)	(8.26)	(12.34)	(6.50)	(8.37)	(38.19)	533.09	10.83		43.1
Cash, $m
Cash, $m	Operating cash flow	393	451	570	684	883	1,010	1,294	1,631	1,505	1,414		+15.3%
	Capex	(1,438)	(1,554)	(1,944)	(3,668)	(3,269)	(7,334)	(5,191)	(2,488)	(1,451)	450		n/m
	Free cash flow	(1,045)	(1,103)	(1,374)	(2,985)	(2,386)	(6,324)	(3,897)	(858)	53	1,864		n/m
Balance, $m
Balance, $m	Working capital	(581)	(476)	(700)	(1,067)	(1,065)	(1,788)	(1,606)	(1,942)	(2,088)	(1,837)		+13.7%
	Total debt	4,164	4,765	5,478	6,777	7,563	8,792	10,160	11,316	12,244	12,401		+12.9%
	Net debt	4,023	4,488	5,206	6,535	6,966	8,377	9,302	10,655	11,685	11,847		+12.8%
	Shareholders’ equity	5,371	6,472	7,884	10,154	13,432	19,024	22,674	22,607	22,378	19,098		+15.1%
Returns, %
Returns, %	ROA	(1.57)	1.29	2.74	2.14	3.69	2.12	1.56	0.26	0.83	(4.02)		(2.4) pt
	ROIC	1.77	1.77	1.81	1.62	1.61	1.18	1.22	1.38	1.53	1.29		(0.5) pt
	ROE	(3.33)	2.52	5.12	3.91	6.45	3.47	2.46	0.41	1.38	(6.93)		(3.6) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Reportable Segment, Aggregation before Other Operating Segment	2,928	93.94%
Other Operating Segment	189	6.06%
Gross margin		70.82%
Operating margin		26.84%
Pre-tax margin		12.01%

Revenue by segment since 2016

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BXP BXP, Inc.	$11.2B	33.7×	29.4×	+3.14% (above 0%: growing)	−23.21% (below 0%: shrinking)	+38.70% (above 0%: growing)	61.43%	28.91%	Compare
CDP COPT Defense Properties	$7.7B	23.2×	23.5×	+3.94% (above 0%: growing)	+17.65% (above 0%: growing)	+76.90% (above 0%: growing)	60.18%	32.03%	Compare
VNO Vornado Realty Trust	$7.2B	1,723×	— (loss-making)	+4.71% (above 0%: growing)	−97.93% (below 0%: shrinking)	−90.54% (below 0%: shrinking)	51.58%	5.54%	Compare
ARE Alexandria Real Estate Equities, Inc.	$7.1B	— (loss-making)	— (loss-making)	−13.03% (below 0%: shrinking)	n/m	−158.14% (below 0%: shrinking)	68.72%	17.23%
CUZ Cousins Properties Incorporated	$4.8B	737×	134×	+11.83% (above 0%: growing)	+77.78% (above 0%: growing)	+811.42% (above 0%: growing)	68.47%	24.85%	Compare
KRC Kilroy Realty Corporation	$4.3B	25.3×	139×	−6.04% (below 0%: shrinking)	−70.69% (below 0%: shrinking)	−83.18% (below 0%: shrinking)	65.29%	23.99%	Compare
SLG SL Green Realty Corporation	$3.9B	— (loss-making)	— (loss-making)	+9.13% (above 0%: growing)	n/m	+7,443.12% (above 0%: growing)	48.82%	7.84%	Compare
HIW Highwoods Properties, Inc.	$3.4B	20.4×	17.8×	+7.87% (above 0%: growing)	+400.00% (above 0%: growing)	+364.51% (above 0%: growing)	67.58%	26.47%	Compare
DEI Douglas Emmett, Inc.	$1.7B	— (loss-making)	— (loss-making)	+1.63% (above 0%: growing)	n/m	+41.06% (above 0%: growing)	63.19%	19.62%	Compare
Median of peers	$4.5B	29.5×	29.4×	+4.33%	−2.78%	+58.98%	62.31%	24.42%

All 19 Reit Office stocks →

Business profile

Updated 27 October 2026

Alexandria Real Estate Equities is a real estate investment trust, or REIT, that owns, operates, develops and redevelops laboratory-focused properties for life-science and related tenants. Founded in 1994, it is headquartered in Pasadena, and Peter M. Moglia is its chief executive.

Its main product is leased space within “Megacampus” ecosystems: clusters of Class A/A+ laboratory properties near academic and medical research institutions, with amenities, services and transit access. The company builds new generic laboratory facilities and converts acquired office, warehouse or shell space into reusable laboratory space. It generally seeks significant pre-leasing before starting aboveground construction, except where it sees solid demand.

Read the full business profile →

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together 1.35%

The Vanguard Group, Inc. .................................................................................. 14.91%

BlackRock, Inc. .................................................................................................... 11.72%

Norges Bank (The Central Bank of Norway) .................................................. 9.51%

State Street Corporation .................................................................................... 6.55%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement