Alexandria Real Estate Equities (ARE) Financials

$70.36 +2.53 (+3.73%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$70.54 +0.18 (+0.26%)

As of 05/27/2025 07:40 PM Eastern

Annual Income Statements for Alexandria Real Estate Equities

This table shows Alexandria Real Estate Equities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	310	92	513	563	761	351	364	145	-151	117
Consolidated Net Income / (Loss)	511	281	671	654	827	404	403	194	-50	146
Net Income / (Loss) Continuing Operations	511	281	671	654	827	404	403	194	-50	146
Total Pre-Tax Income	511	281	671	654	827	404	403	194	-50	146
Total Operating Income	427	198	464	256	244	199	213	178	-53	132
Total Gross Profit	2,207	2,027	1,806	1,491	1,355	1,086	946	802	643	843
Total Revenue	3,116	2,886	2,589	2,114	1,886	1,531	1,327	1,128	922	843
Operating Revenue	3,116	2,886	2,589	2,114	1,886	1,531	1,327	1,128	922	818
Total Cost of Revenue	909	859	783	624	530	445	381	326	278	0.00
Operating Cost of Revenue	909	859	783	624	530	445	381	326	278	-
Total Operating Expenses	1,780	1,828	1,342	1,235	1,112	887	733	624	697	711
Selling, General & Admin Expense	168	199	177	151	133	109	90	75	64	60
Depreciation Expense	1,202	1,093	1,002	821	698	545	478	417	313	261
Other Operating Expenses / (Income)	186	74	98	209	232	174	157	132	110	367
Impairment Charge	223	461	65	53	48	12	6.31	0.20	209	23
Total Other Income / (Expense), net	83	83	207	398	584	205	189	16	3.62	14
Interest & Investment Income	7.06	0.98	0.65	12	8.15	10	44	15	-0.18	1.65
Other Income / (Expense), net	76	82	206	386	575	195	145	0.27	3.81	12
Net Income / (Loss) Attributable to Noncontrolling Interest	201	189	157	91	66	41	23	30	20	1.90
Basic Earnings per Share	$1.80	$0.54	$3.18	$3.83	$6.03	$3.13	$3.53	$1.59	($1.99)	$1.63
Weighted Average Basic Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Diluted Earnings per Share	$1.80	$0.54	$3.18	$3.82	$6.01	$3.12	$3.52	$1.58	($1.99)	$1.63
Weighted Average Diluted Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Weighted Average Basic & Diluted Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Cash Dividends to Common per Share	$5.19	$4.96	$4.72	$4.48	$4.24	$4.00	$3.73	$3.45	-	-

This table shows Alexandria Real Estate Equities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-12	-65	165	43	167	-92	22	87	75	54	341
Consolidated Net Income / (Loss)	39	-16	214	94	219	-43	68	134	122	95	383
Net Income / (Loss) Continuing Operations	39	-16	214	94	219	-43	68	134	122	95	383
Total Pre-Tax Income	39	-16	214	94	219	-43	68	134	122	95	383
Total Operating Income	76	-57	171	138	175	-114	149	-3.02	167	115	92
Total Gross Profit	532	549	558	549	551	534	496	502	494	466	459
Total Revenue	758	789	792	767	769	757	714	714	701	670	660
Operating Revenue	758	789	792	767	769	757	714	714	701	670	660
Total Cost of Revenue	226	240	233	217	218	223	218	212	207	204	201
Operating Cost of Revenue	226	240	233	217	218	223	218	212	207	204	201
Total Operating Expenses	456	605	387	412	375	648	347	505	327	351	367
Selling, General & Admin Expense	31	33	44	45	47	59	46	46	48	43	50
Depreciation Expense	342	330	294	291	288	285	269	274	265	264	255
Other Operating Expenses / (Income)	51	56	44	46	41	32	11	17	14	21	23
Impairment Charge	32	-	5.74	31	-	-	21	169	-	-	39
Total Other Income / (Expense), net	-37	40	42	-44	44	71	-80	137	-45	-19	291
Interest & Investment Income	-0.51	6.64	0.14	0.13	0.16	0.36	0.24	0.18	0.19	0.17	0.04
Other Income / (Expense), net	-37	34	42	-44	44	71	-81	137	-45	-20	291
Net Income / (Loss) Attributable to Noncontrolling Interest	48	60	46	47	49	57	44	44	44	49	39
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	2.66	-	3.27	3.79	3.66	-	2.41	2.68	2.61	-	3.26
Basic Earnings per Share	($0.07)	($0.38)	$0.96	$0.25	$0.97	($0.54)	$0.13	$0.51	$0.44	$0.36	$2.11
Weighted Average Basic Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Diluted Earnings per Share	($0.07)	($0.38)	$0.96	$0.25	$0.97	($0.54)	$0.13	$0.51	$0.44	$0.36	$2.11
Weighted Average Diluted Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Weighted Average Basic & Diluted Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Cash Dividends to Common per Share	$1.32	-	$1.30	$1.30	$1.27	-	$1.24	$1.24	$1.21	-	$1.18

This table details how cash moves in and out of Alexandria Real Estate Equities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-101	-197	443	-182	355	-29	-5.06	136	-13	39
Net Cash From Operating Activities	1,505	1,631	1,294	1,010	883	684	570	451	393	343
Net Cash From Continuing Operating Activities	1,505	1,631	1,294	1,010	883	684	570	451	394	343
Net Income / (Loss) Continuing Operations	511	281	671	654	827	404	403	194	-50	146
Consolidated Net Income / (Loss)	511	281	671	654	827	404	403	194	-50	146
Depreciation Expense	1,202	1,093	1,002	821	698	545	478	417	313	261
Amortization Expense	-67	-77	-60	-45	-50	-24	-14	-10	5.65	4.51
Non-Cash Adjustments To Reconcile Net Income	59	331	-195	-325	-522	-203	-240	-94	166	-39
Changes in Operating Assets and Liabilities, net	-200	2.03	-123	-95	-70	-37	-56	-56	-42	-31
Net Cash From Investing Activities	-1,511	-2,501	-5,080	-7,107	-3,278	-3,641	-2,162	-1,737	-1,498	-722
Net Cash From Continuing Investing Activities	-1,511	-2,501	-5,080	-7,107	-3,278	-3,641	-2,162	-1,737	-1,498	-722
Purchase of Property, Plant & Equipment	-249	-266	-2,878	-5,435	-2,571	-2,260	-1,037	-676	-740	-249
Purchase of Investments	-240	-190	-244	-422	-178	-191	-236	-172	-102	-96
Sale of Property, Plant & Equipment	1,220	1,196	994	191	747	6.62	20	15	123	130
Sale and/or Maturity of Investments	177	183	199	425	161	147	172	69	54	71
Other Investing Activities, net	-2,419	-3,424	-3,151	-2,252	-1,438	-1,243	-929	-894	-822	-564
Net Cash From Financing Activities	-93	674	4,230	5,916	2,750	2,927	1,588	1,420	1,094	419
Net Cash From Continuing Financing Activities	-93	674	4,230	5,916	2,750	2,927	1,588	1,420	1,094	419
Repayment of Debt	-13,147	-10,395	-16,327	-35,056	-27,227	-8,788	-4,959	-4,442	-4,778	-2,420
Repurchase of Common Equity	-50	0.00	0.00	-	-	-	-	-	-	-
Payment of Dividends	-1,207	-1,093	-950	-775	-622	-499	-418	-344	-332	-307
Issuance of Debt	14,039	11,535	17,666	36,226	27,937	10,010	5,658	5,035	4,757	2,614
Issuance of Common Equity	334	651	3,889	5,556	2,683	2,239	1,322	1,320	1,654	532
Other Financing Activities, net	-62	-25	-47	-34	-21	-25	0.00	0.00	-	-
Effect of Exchange Rate Changes	-1.44	-1.29	-0.89	-1.71	0.31	0.54	-2.07	1.72	-1.46	-0.26
Cash Interest Paid	160	47	63	139	161	146	127	112	85	94

This table details how cash moves in and out of Alexandria Real Estate Equities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-76	-20	14	-166	71	93	-393	-338	440	-8.19	349
Net Cash From Operating Activities	208	274	477	412	341	429	418	478	306	401	363
Net Cash From Continuing Operating Activities	208	274	477	412	341	429	418	478	306	401	363
Net Income / (Loss) Continuing Operations	39	-16	214	94	219	-43	68	134	122	95	383
Consolidated Net Income / (Loss)	39	-16	214	94	219	-43	68	134	122	95	383
Depreciation Expense	342	330	294	291	288	285	269	274	265	264	255
Amortization Expense	-10	-11	-13	-18	-26	-19	-19	-21	-18	-16	-20
Non-Cash Adjustments To Reconcile Net Income	58	141	-49	41	-74	194	89	19	28	34	-259
Changes in Operating Assets and Liabilities, net	-220	-171	32	3.84	-66	11	11	73	-92	24	3.54
Net Cash From Investing Activities	-655	446	-488	-574	-895	-390	-676	-394	-1,040	-1,360	-624
Net Cash From Continuing Investing Activities	-655	446	-488	-574	-895	-390	-676	-394	-1,040	-1,360	-624
Purchase of Property, Plant & Equipment	0.00	-48	-	-7.05	-194	-8.42	-24	-56	-178	-378	-317
Purchase of Investments	-80	-51	-63	-63	-64	-33	-53	-57	-48	-56	-48
Sale of Property, Plant & Equipment	68	990	213	-	17	434	169	593	0.00	-	619
Sale and/or Maturity of Investments	13	35	56	45	41	34	40	60	49	49	59
Other Investing Activities, net	-655	-481	-694	-549	-694	-817	-808	-935	-864	-974	-938
Net Cash From Financing Activities	371	-739	25	-3.97	624	55	-134	-422	1,175	951	610
Net Cash From Continuing Financing Activities	371	-739	25	-3.97	624	55	-134	-422	1,175	951	610
Repayment of Debt	-2,405	-5,530	-2,700	-1,637	-3,280	-8,299	-5.96	-1,305	-785	-3,368	-4,033
Repurchase of Common Equity	-208	-	-	-	-	-	-	-	-	-	-
Payment of Dividends	-314	-305	-287	-282	-333	-266	-274	-281	-272	-246	-240
Issuance of Debt	3,249	5,080	2,939	1,842	4,179	8,409	17	948	2,161	2,999	4,267
Issuance of Common Equity	54	82	92	77	83	215	137	220	79	1,580	634
Other Financing Activities, net	-5.56	-17	-19	-3.05	-24	-4.39	-7.68	-4.67	-7.85	-14	-18
Effect of Exchange Rate Changes	-0.04	-1.51	-0.07	-0.05	0.19	-0.69	-0.42	0.12	-0.31	-0.26	-0.24
Cash Interest Paid	34	72	31	22	35	30	13	-17	22	-4.66	42

This table presents Alexandria Real Estate Equities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	37,527	36,771	35,523	30,219	22,828	18,391	14,465	12,104	10,355	8,881
Total Current Assets	559	626	833	369	576	200	244	265	477	518
Cash & Equivalents	552	618	825	361	569	190	234	254	125	125
Accounts Receivable	6.41	8.21	7.61	7.38	7.33	11	9.80	10	9.74	10
Plant, Property, & Equipment, net	32,110	31,634	29,945	0.00	0.00	0.00	11,914	10,298	9,078	0.00
Total Noncurrent Assets	4,859	4,511	4,745	29,851	22,252	18,190	2,307	1,541	800	8,363
Long-Term Investments	1,517	1,487	1,654	1,915	1,943	1,487	1,130	634	50	127
Other Noncurrent Operating Assets	3,342	3,024	3,092	27,936	20,309	16,703	1,178	907	749	8,236
Total Liabilities & Shareholders' Equity	37,527	36,771	35,523	30,219	22,828	18,391	14,465	12,104	10,355	8,881
Total Liabilities	15,129	14,148	12,840	11,186	9,384	8,224	6,570	5,621	4,973	4,587
Total Current Liabilities	2,654	2,611	2,680	2,210	1,670	1,320	982	764	732	0.00
Accounts Payable	2,654	2,611	2,471	2,210	1,670	1,320	982	764	732	-
Total Noncurrent Liabilities	12,475	11,537	10,160	8,976	7,714	6,904	5,589	4,857	4,241	4,587
Long-Term Debt	12,244	11,316	10,160	8,792	7,563	6,777	5,478	4,765	4,164	2,991
Other Noncurrent Operating Liabilities	230	222	-	184	151	126	110	92	77	1,596
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	20	16	9.61	9.61	11	12	11	12	11	14
Total Equity & Noncontrolling Interests	22,378	22,607	22,674	19,024	13,432	10,154	7,884	6,472	5,371	4,280
Total Preferred & Common Equity	17,889	18,471	18,972	16,190	11,726	8,866	7,342	5,950	4,896	3,975
Total Common Equity	17,889	18,471	18,972	16,190	11,726	8,866	7,278	5,875	4,679	3,608
Common Stock	17,935	18,487	18,993	16,197	11,732	8,876	7,288	5,825	4,674	3,559
Accumulated Other Comprehensive Income / (Loss)	-46	-16	-21	-7.29	-6.63	-9.75	-10	50	5.36	49
Noncontrolling Interest	4,489	4,135	3,701	2,834	1,707	1,288	542	522	475	305

This table presents Alexandria Real Estate Equities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	37,600	37,527	38,488	37,848	37,699	36,771	36,783	36,659	36,912	35,523	34,369
Total Current Assets	483	559	570	568	730	626	539	931	1,272	833	542
Cash & Equivalents	476	552	563	561	722	618	532	924	1,263	825	534
Accounts Receivable	6.88	6.41	6.98	6.82	7.47	8.21	6.90	6.95	8.20	7.61	7.76
Plant, Property, & Equipment, net	32,122	32,110	32,952	32,674	32,323	31,634	0.00	0.00	0.00	29,945	0.00
Total Noncurrent Assets	4,995	4,859	4,967	4,606	4,646	4,511	36,244	35,728	35,641	4,745	33,827
Long-Term Investments	1,530	1,517	1,559	1,535	1,552	1,487	1,469	1,534	1,611	1,654	1,663
Other Noncurrent Operating Assets	3,466	3,342	3,407	3,071	3,094	3,024	34,775	34,194	34,029	3,092	32,164
Total Liabilities & Shareholders' Equity	37,600	37,527	38,488	37,848	37,699	36,771	36,783	36,659	36,912	35,523	34,369
Total Liabilities	15,601	15,129	15,785	15,181	14,943	14,148	14,070	13,892	14,226	12,840	13,113
Total Current Liabilities	2,281	2,654	2,866	2,530	2,726	2,611	2,653	2,494	2,479	2,680	2,394
Accounts Payable	2,281	2,654	2,866	2,530	2,504	2,611	2,653	2,494	2,479	2,471	2,394
Total Noncurrent Liabilities	13,319	12,475	12,919	12,651	12,217	11,537	11,417	11,398	11,747	10,160	10,719
Long-Term Debt	13,091	12,244	12,692	12,424	12,217	11,316	11,203	11,183	11,537	10,160	10,526
Other Noncurrent Operating Liabilities	229	230	227	227	-	222	214	215	209	-	194
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	9.61	20	17	16	17	16	52	53	45	9.61	9.61
Total Equity & Noncontrolling Interests	21,990	22,378	22,687	22,650	22,739	22,607	22,661	22,715	22,642	22,674	21,246
Total Preferred & Common Equity	17,465	17,889	18,218	18,259	18,413	18,471	18,628	18,797	18,884	18,972	17,616
Total Common Equity	17,465	17,889	18,218	18,259	18,413	18,471	18,628	18,797	18,884	18,972	17,616
Common Stock	17,511	17,935	18,240	18,286	18,436	18,487	18,653	18,814	18,905	18,993	17,641
Accumulated Other Comprehensive Income / (Loss)	-46	-46	-23	-28	-24	-16	-25	-17	-21	-21	-25
Noncontrolling Interest	4,525	4,489	4,469	4,392	4,327	4,135	4,033	3,917	3,758	3,701	3,629

This table displays calculated financial ratios and metrics derived from Alexandria Real Estate Equities' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.99%	11.46%	22.46%	12.12%	23.14%	15.36%	17.67%	22.39%	9.28%	16.04%
EBITDA Growth	26.37%	-19.54%	13.69%	-3.35%	60.48%	11.14%	40.57%	117.14%	-34.34%	24.01%
EBIT Growth	79.87%	-58.21%	4.37%	-21.61%	107.92%	9.78%	100.83%	460.11%	-134.33%	46.58%
NOPAT Growth	115.49%	-57.24%	81.22%	5.08%	22.55%	-6.82%	19.59%	577.07%	-128.31%	33.97%
Net Income Growth	81.76%	-58.10%	2.51%	-20.90%	104.72%	0.31%	107.41%	489.98%	-134.08%	36.84%
EPS Growth	233.33%	-83.02%	-16.75%	-36.44%	92.63%	-11.36%	122.78%	179.40%	-222.09%	61.39%
Operating Cash Flow Growth	-7.73%	25.98%	28.13%	14.47%	29.05%	19.90%	26.49%	14.59%	14.85%	2.48%
Free Cash Flow Firm Growth	70.49%	76.73%	32.91%	-127.75%	2.43%	-113.03%	-24.57%	52.27%	-483.58%	403.11%
Invested Capital Growth	2.33%	4.12%	19.67%	38.14%	21.15%	27.13%	15.92%	14.74%	35.75%	-6.96%
Revenue Q/Q Growth	1.03%	3.11%	3.74%	5.66%	3.04%	4.62%	3.24%	4.60%	2.81%	4.37%
EBITDA Q/Q Growth	4.72%	-8.52%	1.32%	-17.33%	23.13%	36.12%	-5.61%	7.15%	2.79%	20.76%
EBIT Q/Q Growth	4.20%	-33.03%	-0.25%	-35.72%	42.00%	141.70%	-15.29%	19.09%	-39.19%	64.89%
NOPAT Q/Q Growth	15.50%	-53.55%	6.75%	18.27%	-4.78%	1.52%	4.88%	22.25%	-49.87%	50.71%
Net Income Q/Q Growth	5.49%	-32.92%	-0.67%	-35.32%	41.13%	138.57%	-13.75%	15.33%	-87.12%	50.47%
EPS Q/Q Growth	9.76%	-62.50%	-4.22%	-43.32%	37.84%	197.14%	-16.39%	75.56%	-63.11%	77.17%
Operating Cash Flow Q/Q Growth	-9.31%	1.71%	13.27%	8.13%	-0.53%	3.33%	12.33%	-1.74%	1.40%	5.22%
Free Cash Flow Firm Q/Q Growth	68.33%	44.22%	18.68%	-28.88%	22.16%	-50.97%	29.11%	45.52%	-688.28%	265.18%
Invested Capital Q/Q Growth	-2.10%	-0.25%	3.34%	8.53%	2.46%	9.36%	2.31%	8.95%	24.58%	-13.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.82%	70.23%	69.75%	70.51%	71.88%	70.91%	71.29%	71.14%	69.79%	100.00%
EBITDA Margin	52.59%	44.94%	62.26%	67.06%	77.79%	59.69%	61.95%	51.86%	29.23%	48.65%
Operating Margin	13.72%	6.87%	17.92%	12.11%	12.92%	12.98%	16.07%	15.81%	-5.80%	15.66%
EBIT Margin	16.16%	9.70%	25.88%	30.37%	43.43%	25.72%	27.03%	15.84%	-5.38%	17.13%
Profit (Net Income) Margin	16.39%	9.74%	25.91%	30.95%	43.87%	26.39%	30.34%	17.22%	-5.40%	17.32%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.06%	100.00%	99.97%
Interest Burden Percent	101.40%	100.35%	100.10%	101.91%	100.99%	102.57%	112.26%	108.63%	100.37%	101.14%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.33%	0.64%	1.65%	1.16%	1.44%	1.46%	1.91%	1.84%	-0.48%	1.91%
ROIC Less NNEP Spread (ROIC-NNEP)	2.19%	1.60%	4.52%	8.05%	12.94%	5.91%	6.65%	2.26%	-0.89%	2.42%
Return on Net Nonoperating Assets (RNNOA)	0.94%	0.60%	1.56%	2.87%	5.56%	3.02%	3.70%	1.43%	-0.55%	1.65%
Return on Equity (ROE)	2.27%	1.24%	3.22%	4.03%	7.01%	4.47%	5.60%	3.27%	-1.03%	3.56%
Cash Return on Invested Capital (CROIC)	-0.97%	-3.40%	-16.25%	-30.87%	-17.68%	-22.43%	-12.84%	-11.89%	-30.81%	9.13%
Operating Return on Assets (OROA)	1.36%	0.77%	2.04%	2.42%	3.97%	2.40%	2.70%	1.59%	-0.52%	1.70%
Return on Assets (ROA)	1.37%	0.78%	2.04%	2.47%	4.01%	2.46%	3.03%	1.73%	-0.52%	1.72%
Return on Common Equity (ROCE)	1.83%	1.03%	2.71%	3.46%	6.11%	4.00%	5.13%	2.91%	-0.88%	3.07%
Return on Equity Simple (ROE_SIMPLE)	2.86%	1.52%	3.54%	4.04%	7.05%	4.56%	5.49%	3.26%	-1.02%	3.68%
Net Operating Profit after Tax (NOPAT)	427	198	464	256	244	199	213	178	-37	132
NOPAT Margin	13.72%	6.87%	17.92%	12.11%	12.92%	12.98%	16.07%	15.81%	-4.06%	15.66%
Net Nonoperating Expense Percent (NNEP)	-0.86%	-0.97%	-2.87%	-6.89%	-11.50%	-4.46%	-4.74%	-0.42%	0.41%	-0.50%
Return On Investment Capital (ROIC_SIMPLE)	1.23%	0.58%	1.41%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	29.18%	29.77%	30.25%	29.49%	28.12%	29.09%	28.71%	28.86%	30.21%	0.00%
SG&A Expenses to Revenue	5.40%	6.91%	6.85%	7.16%	7.07%	7.11%	6.81%	6.65%	6.93%	7.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	57.11%	63.35%	51.83%	58.40%	58.96%	57.93%	55.22%	55.32%	75.59%	84.34%
Earnings before Interest and Taxes (EBIT)	504	280	670	642	819	394	359	179	-50	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,639	1,297	1,612	1,418	1,467	914	822	585	269	410
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.95	1.14	1.15	1.98	1.86	1.85	1.46	1.77	1.53	1.42
Price to Tangible Book Value (P/TBV)	0.95	1.14	1.15	1.98	1.86	1.85	1.46	1.77	1.53	1.42
Price to Revenue (P/Rev)	5.47	7.29	8.44	15.17	11.57	10.73	8.02	9.23	7.75	6.09
Price to Earnings (P/E)	55.07	227.61	42.59	56.94	28.67	46.81	29.26	71.64	0.00	43.96
Dividend Yield	5.32%	4.10%	3.54%	2.16%	2.62%	2.80%	3.77%	3.17%	3.59%	4.30%
Earnings Yield	1.82%	0.44%	2.35%	1.76%	3.49%	2.14%	3.42%	1.40%	0.00%	2.27%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.08	1.09	1.62	1.55	1.50	1.28	1.44	1.27	1.23
Enterprise Value to Revenue (EV/Rev)	10.18	11.92	12.84	19.60	15.16	14.91	11.59	13.21	12.47	9.70
Enterprise Value to EBITDA (EV/EBITDA)	19.36	26.53	20.63	29.23	19.48	24.98	18.70	25.47	42.66	19.94
Enterprise Value to EBIT (EV/EBIT)	63.00	122.86	49.62	64.54	34.89	57.96	42.87	83.40	0.00	56.61
Enterprise Value to NOPAT (EV/NOPAT)	74.23	173.43	71.68	161.88	117.31	114.85	72.10	83.52	0.00	61.94
Enterprise Value to Operating Cash Flow (EV/OCF)	21.09	21.10	25.69	41.02	32.38	33.39	26.97	33.05	29.21	23.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	0.50	0.45	0.46	0.56	0.67	0.69	0.74	0.77	0.70
Long-Term Debt to Equity	0.55	0.50	0.45	0.46	0.56	0.67	0.69	0.74	0.77	0.70
Financial Leverage	0.43	0.38	0.35	0.36	0.43	0.51	0.56	0.63	0.62	0.68
Leverage Ratio	1.65	1.60	1.58	1.63	1.75	1.82	1.85	1.89	1.99	2.07
Compound Leverage Factor	1.67	1.60	1.58	1.66	1.76	1.87	2.07	2.06	2.00	2.10
Debt to Total Capital	35.34%	33.34%	30.93%	31.60%	36.00%	40.00%	40.97%	42.36%	43.62%	41.06%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	35.34%	33.34%	30.93%	31.60%	36.00%	40.00%	40.97%	42.36%	43.62%	41.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.48%	0.66%	2.27%	5.04%
Noncontrolling Interests to Total Capital	13.02%	12.23%	11.30%	10.22%	8.18%	7.68%	4.13%	4.74%	5.10%	4.38%
Common Equity to Total Capital	51.64%	54.43%	57.77%	58.18%	55.82%	52.32%	54.42%	52.23%	49.01%	49.52%
Debt to EBITDA	7.47	8.73	6.30	6.20	5.16	7.41	6.66	8.14	15.46	7.29
Net Debt to EBITDA	6.21	7.10	4.77	4.60	3.44	5.58	5.00	6.63	13.53	5.74
Long-Term Debt to EBITDA	7.47	8.73	6.30	6.20	5.16	7.41	6.66	8.14	15.46	7.29
Debt to NOPAT	28.64	57.04	21.90	34.35	31.05	34.09	25.68	26.71	-111.36	22.65
Net Debt to NOPAT	23.80	46.43	16.56	25.45	20.73	25.66	19.28	21.73	-97.51	17.84
Long-Term Debt to NOPAT	28.64	57.04	21.90	34.35	31.05	34.09	25.68	26.71	-111.36	22.65
Altman Z-Score	0.74	0.93	1.09	1.79	1.54	1.28	1.09	1.20	0.91	0.89
Noncontrolling Interest Sharing Ratio	19.24%	17.35%	15.71%	14.05%	12.79%	10.62%	8.52%	11.05%	14.36%	13.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.21	0.24	0.31	0.17	0.34	0.15	0.25	0.35	0.65	0.00
Quick Ratio	0.21	0.24	0.31	0.17	0.34	0.15	0.25	0.35	0.65	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-313	-1,061	-4,561	-6,798	-2,985	-3,059	-1,436	-1,153	-2,415	630
Operating Cash Flow to CapEx	0.00%	0.00%	68.72%	19.26%	48.39%	30.35%	56.08%	68.30%	63.82%	287.58%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.08	0.08	0.09	0.09	0.10	0.10	0.10	0.10
Accounts Receivable Turnover	426.32	364.70	345.36	287.40	209.24	149.47	132.35	112.78	91.13	80.20
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.10	0.09	0.00	0.00	0.00	0.00	0.12	0.12	0.00	0.00
Accounts Payable Turnover	0.35	0.34	0.33	0.32	0.35	0.39	0.44	0.44	0.00	0.00
Days Sales Outstanding (DSO)	0.86	1.00	1.06	1.27	1.74	2.44	2.76	3.24	4.01	4.55
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,056.81	1,079.52	1,090.98	1,135.66	1,029.17	943.03	835.85	838.21	0.00	0.00
Cash Conversion Cycle (CCC)	-1,055.95	-1,078.52	-1,089.92	-1,134.39	-1,027.43	-940.58	-833.10	-834.98	4.01	4.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,574	31,833	30,573	25,549	18,495	15,267	12,009	10,360	9,029	6,651
Invested Capital Turnover	0.10	0.09	0.09	0.10	0.11	0.11	0.12	0.12	0.12	0.12
Increase / (Decrease) in Invested Capital	741	1,260	5,025	7,054	3,228	3,258	1,649	1,331	2,378	-498
Enterprise Value (EV)	31,733	34,403	33,251	41,439	28,579	22,831	15,382	14,901	11,495	8,181
Market Capitalization	17,048	21,041	21,859	32,080	21,809	16,430	10,651	10,416	7,145	5,138
Book Value per Share	$102.36	$106.29	$115.62	$104.47	$86.89	$76.99	$67.68	$61.38	$58.92	$49.77
Tangible Book Value per Share	$102.36	$106.29	$115.62	$104.47	$86.89	$76.99	$67.68	$61.38	$58.92	$49.77
Total Capital	34,643	33,939	32,843	27,825	21,007	16,944	13,373	11,248	9,546	7,285
Total Debt	12,244	11,316	10,160	8,792	7,563	6,777	5,478	4,765	4,164	2,991
Total Long-Term Debt	12,244	11,316	10,160	8,792	7,563	6,777	5,478	4,765	4,164	2,991
Net Debt	10,175	9,210	7,681	6,515	5,051	5,100	4,114	3,877	3,646	2,357
Capital Expenditures (CapEx)	-972	-930	1,884	5,244	1,824	2,253	1,017	660	617	119
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,648	-2,603	-2,673	-2,203	-1,662	-1,310	-972	-754	-722	10
Debt-free Net Working Capital (DFNWC)	-2,096	-1,985	-1,848	-1,842	-1,094	-1,120	-738	-499	-254	518
Net Working Capital (NWC)	-2,096	-1,985	-1,848	-1,842	-1,094	-1,120	-738	-499	-254	518
Net Nonoperating Expense (NNE)	-83	-83	-207	-398	-584	-205	-189	-16	12	-14
Net Nonoperating Obligations (NNO)	10,175	9,210	7,890	6,515	5,051	5,100	4,114	3,877	3,646	2,357
Total Depreciation and Amortization (D&A)	1,135	1,017	942	776	648	520	464	406	319	266
Debt-free, Cash-free Net Working Capital to Revenue	-84.97%	-90.19%	-103.24%	-104.20%	-88.17%	-85.52%	-73.22%	-66.80%	-78.33%	1.24%
Debt-free Net Working Capital to Revenue	-67.25%	-68.77%	-71.36%	-87.11%	-58.02%	-73.13%	-55.57%	-44.25%	-27.60%	61.40%
Net Working Capital to Revenue	-67.25%	-68.77%	-71.36%	-87.11%	-58.02%	-73.13%	-55.57%	-44.25%	-27.60%	61.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	$0.54	$3.18	$3.83	$6.03	$3.13	$3.53	$1.59	($1.99)	$1.63
Adjusted Weighted Average Basic Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Adjusted Diluted Earnings per Share	$1.80	$0.54	$3.18	$3.82	$6.01	$3.12	$3.52	$1.58	($1.99)	$1.63
Adjusted Weighted Average Diluted Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.99)	$1.63
Adjusted Weighted Average Basic & Diluted Shares Outstanding	173.09M	174.97M	173.09M	159.94M	136.69M	122.70M	112.73M	101.24M	88.88M	73.38M
Normalized Net Operating Profit after Tax (NOPAT)	455	462	370	216	204	181	155	125	109	109
Normalized NOPAT Margin	14.61%	16.00%	14.30%	10.22%	10.83%	11.83%	11.64%	11.08%	11.84%	12.91%
Pre Tax Income Margin	16.39%	9.74%	25.91%	30.95%	43.87%	26.39%	30.34%	17.21%	-5.40%	17.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	236.36%	388.82%	141.63%	118.43%	75.17%	123.60%	103.80%	177.19%	-667.56%	210.22%
Augmented Payout Ratio	246.18%	388.82%	141.63%	118.43%	75.17%	123.60%	103.80%	177.19%	-667.56%	210.22%

This table displays calculated financial ratios and metrics derived from Alexandria Real Estate Equities' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.42%	4.19%	10.90%	7.40%	9.75%	12.97%	8.17%	10.89%	13.94%	16.18%	20.46%
EBITDA Growth	-22.81%	33.16%	55.31%	-5.11%	30.24%	-35.14%	-48.48%	-28.19%	230.10%	6.51%	92.69%
EBIT Growth	-82.12%	47.17%	213.86%	-29.66%	80.27%	-145.24%	-82.26%	-56.81%	203.30%	-1.74%	215.97%
NOPAT Growth	-56.66%	50.35%	15.08%	4,658.62%	5.24%	-169.48%	61.60%	-102.25%	93.97%	34.31%	68.23%
Net Income Growth	-82.36%	62.27%	212.95%	-29.66%	80.11%	-144.78%	-82.20%	-56.78%	203.66%	-4.54%	208.15%
EPS Growth	-107.22%	29.63%	638.46%	-50.98%	120.45%	-250.00%	-93.84%	-69.46%	145.83%	-28.00%	214.93%
Operating Cash Flow Growth	-39.05%	-36.03%	14.24%	-13.94%	11.65%	6.84%	15.11%	41.13%	59.91%	60.75%	17.56%
Free Cash Flow Firm Growth	93.74%	41.75%	45.53%	52.56%	56.00%	72.72%	63.35%	52.89%	55.05%	29.54%	-9.47%
Invested Capital Growth	0.50%	2.33%	4.26%	4.77%	5.01%	4.12%	7.87%	10.04%	11.92%	19.67%	25.67%
Revenue Q/Q Growth	-3.90%	-0.34%	3.24%	-0.31%	1.57%	6.08%	-0.02%	1.87%	4.55%	1.58%	2.50%
EBITDA Q/Q Growth	25.01%	-40.00%	34.94%	-23.74%	115.65%	-30.02%	-17.55%	4.67%	7.39%	-44.41%	14.93%
EBIT Q/Q Growth	272.32%	-110.65%	127.29%	-57.12%	609.10%	-163.26%	-49.06%	9.90%	27.76%	-75.20%	24.01%
NOPAT Q/Q Growth	291.99%	-123.13%	24.37%	-21.54%	319.92%	-153.62%	5,026.57%	-101.81%	45.20%	24.72%	-31.56%
Net Income Q/Q Growth	340.21%	-107.54%	127.12%	-57.09%	613.80%	-162.50%	-48.95%	9.87%	27.74%	-75.15%	23.94%
EPS Q/Q Growth	81.58%	-139.58%	284.00%	-74.23%	279.63%	-515.38%	-74.51%	15.91%	22.22%	-82.94%	26.35%
Operating Cash Flow Q/Q Growth	-24.16%	-42.57%	15.93%	20.71%	-20.41%	2.57%	-12.66%	56.58%	-23.83%	10.50%	7.08%
Free Cash Flow Firm Q/Q Growth	88.80%	34.32%	12.97%	2.24%	10.57%	38.59%	24.20%	9.33%	35.37%	17.49%	2.57%
Invested Capital Q/Q Growth	1.57%	-2.10%	0.84%	0.23%	2.70%	-0.25%	1.34%	0.46%	2.54%	3.34%	3.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	70.14%	69.52%	70.53%	71.67%	71.61%	70.59%	69.50%	70.33%	70.47%	69.51%	69.51%
EBITDA Margin	48.94%	37.62%	62.49%	47.81%	62.50%	29.44%	44.62%	54.11%	52.67%	51.28%	93.70%
Operating Margin	10.02%	-7.17%	21.62%	17.94%	22.80%	-15.04%	20.83%	-0.42%	23.77%	17.12%	13.94%
EBIT Margin	5.17%	-2.88%	26.97%	12.25%	28.48%	-5.68%	9.53%	18.70%	17.34%	14.19%	58.10%
Profit (Net Income) Margin	5.10%	-2.04%	26.98%	12.27%	28.50%	-5.63%	9.56%	18.73%	17.37%	14.21%	58.11%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	98.71%	70.81%	100.07%	100.14%	100.07%	99.16%	100.36%	100.14%	100.16%	100.18%	100.01%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.94%	-0.49%	2.05%	1.67%	2.10%	-0.97%	1.90%	-0.04%	2.14%	1.58%	1.31%
ROIC Less NNEP Spread (ROIC-NNEP)	0.59%	-0.24%	2.48%	1.22%	2.56%	-0.54%	0.98%	1.58%	1.60%	1.31%	5.22%
Return on Net Nonoperating Assets (RNNOA)	0.28%	-0.10%	1.08%	0.51%	1.06%	-0.20%	0.39%	0.62%	0.61%	0.45%	2.04%
Return on Equity (ROE)	1.22%	-0.59%	3.12%	2.18%	3.16%	-1.18%	2.29%	0.58%	2.76%	2.03%	3.35%
Cash Return on Invested Capital (CROIC)	0.50%	-0.97%	-3.03%	-3.58%	-4.25%	-3.40%	-6.19%	-8.33%	-9.54%	-16.25%	-21.11%
Operating Return on Assets (OROA)	0.43%	-0.24%	2.21%	0.99%	2.25%	-0.45%	0.75%	1.47%	1.33%	1.12%	4.61%
Return on Assets (ROA)	0.42%	-0.17%	2.21%	0.99%	2.26%	-0.45%	0.75%	1.47%	1.33%	1.12%	4.61%
Return on Common Equity (ROCE)	0.98%	-0.48%	2.53%	1.78%	2.59%	-0.97%	1.88%	0.48%	2.30%	1.71%	2.83%
Return on Equity Simple (ROE_SIMPLE)	1.89%	0.00%	2.66%	1.86%	2.06%	0.00%	2.25%	3.91%	4.82%	0.00%	3.83%
Net Operating Profit after Tax (NOPAT)	76	-40	171	138	175	-80	149	-3.02	167	115	92
NOPAT Margin	10.02%	-5.02%	21.62%	17.94%	22.80%	-10.53%	20.83%	-0.42%	23.77%	17.12%	13.94%
Net Nonoperating Expense Percent (NNEP)	0.35%	-0.24%	-0.43%	0.46%	-0.47%	-0.43%	0.92%	-1.62%	0.54%	0.27%	-3.91%
Return On Investment Capital (ROIC_SIMPLE)	0.22%	-0.11%	-	-	-	-0.24%	-	-	-	0.35%	-
Cost of Revenue to Revenue	29.86%	30.48%	29.47%	28.34%	28.39%	29.41%	30.50%	29.67%	29.53%	30.49%	30.49%
SG&A Expenses to Revenue	4.05%	4.15%	5.55%	5.82%	6.12%	7.83%	6.44%	6.43%	6.88%	6.41%	7.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	60.12%	76.69%	48.92%	53.72%	48.82%	85.63%	48.67%	70.75%	46.70%	52.39%	55.57%
Earnings before Interest and Taxes (EBIT)	39	-23	213	94	219	-43	68	134	121	95	383
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	371	297	495	367	481	223	319	386	369	344	618
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.92	0.95	1.14	1.12	1.22	1.14	0.89	1.00	1.10	1.15	1.23
Price to Tangible Book Value (P/TBV)	0.92	0.95	1.14	1.12	1.22	1.14	0.89	1.00	1.10	1.15	1.23
Price to Revenue (P/Rev)	5.16	5.47	6.73	6.80	7.58	7.29	5.93	6.85	7.78	8.44	8.70
Price to Earnings (P/E)	122.17	55.07	73.52	146.40	121.70	227.61	69.60	33.66	28.11	42.59	40.63
Dividend Yield	5.66%	5.32%	4.33%	4.34%	3.89%	4.10%	5.11%	4.46%	3.98%	3.54%	3.50%
Earnings Yield	0.82%	1.82%	1.36%	0.68%	0.82%	0.44%	1.44%	2.97%	3.56%	2.35%	2.46%
Enterprise Value to Invested Capital (EV/IC)	0.96	0.97	1.08	1.07	1.11	1.08	0.94	1.00	1.06	1.09	1.14
Enterprise Value to Revenue (EV/Rev)	10.19	10.18	11.61	11.70	12.42	11.92	10.68	11.47	12.44	12.84	13.50
Enterprise Value to EBITDA (EV/EBITDA)	20.69	19.36	22.89	25.34	26.05	26.53	21.08	18.33	17.80	20.63	21.17
Enterprise Value to EBIT (EV/EBIT)	97.68	63.00	74.12	104.14	97.18	122.86	71.49	42.92	36.59	49.62	50.15
Enterprise Value to NOPAT (EV/NOPAT)	96.40	74.23	96.80	101.21	177.14	173.43	70.00	85.01	65.52	71.68	77.51
Enterprise Value to Operating Cash Flow (EV/OCF)	23.07	21.09	21.60	22.00	22.02	21.10	18.65	20.34	23.62	25.69	29.48
Enterprise Value to Free Cash Flow (EV/FCFF)	191.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.60	0.55	0.56	0.55	0.54	0.50	0.49	0.49	0.51	0.45	0.50
Long-Term Debt to Equity	0.60	0.55	0.56	0.55	0.54	0.50	0.49	0.49	0.51	0.45	0.50
Financial Leverage	0.47	0.43	0.44	0.42	0.41	0.38	0.40	0.39	0.38	0.35	0.39
Leverage Ratio	1.68	1.65	1.66	1.64	1.64	1.60	1.62	1.62	1.63	1.58	1.65
Compound Leverage Factor	1.66	1.17	1.66	1.64	1.64	1.58	1.62	1.62	1.63	1.58	1.65
Debt to Total Capital	37.31%	35.34%	35.86%	35.41%	34.93%	33.34%	33.03%	32.94%	33.71%	30.93%	33.12%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	37.31%	35.34%	35.86%	35.41%	34.93%	33.34%	33.03%	32.94%	33.71%	30.93%	33.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.92%	13.02%	12.67%	12.56%	12.42%	12.23%	12.04%	11.69%	11.11%	11.30%	11.45%
Common Equity to Total Capital	49.77%	51.64%	51.47%	52.03%	52.65%	54.43%	54.92%	55.37%	55.18%	57.77%	55.43%
Debt to EBITDA	8.56	7.47	8.11	8.95	8.67	8.73	7.90	6.51	6.17	6.30	6.62
Net Debt to EBITDA	7.25	6.21	6.75	7.44	7.06	7.10	6.49	5.08	4.63	4.77	5.24
Long-Term Debt to EBITDA	8.56	7.47	8.11	8.95	8.67	8.73	7.90	6.51	6.17	6.30	6.62
Debt to NOPAT	39.89	28.64	34.29	35.73	58.99	57.04	26.23	30.20	22.72	21.90	24.22
Net Debt to NOPAT	33.78	23.80	28.56	29.70	48.01	46.43	21.55	23.56	17.06	16.56	19.17
Long-Term Debt to NOPAT	39.89	28.64	34.29	35.73	58.99	57.04	26.23	30.20	22.72	21.90	24.22
Altman Z-Score	0.64	0.69	0.82	0.83	0.93	0.90	0.72	0.85	0.92	1.04	1.04
Noncontrolling Interest Sharing Ratio	19.84%	19.24%	18.87%	18.44%	17.93%	17.35%	17.57%	16.87%	16.45%	15.71%	15.40%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.21	0.21	0.20	0.22	0.27	0.24	0.20	0.37	0.51	0.31	0.23
Quick Ratio	0.21	0.21	0.20	0.22	0.27	0.24	0.20	0.37	0.51	0.31	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-87	-780	-1,188	-1,365	-1,396	-1,339	-2,181	-2,877	-3,173	-4,910	-5,951
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	5,843.58%	192.38%	0.00%	0.00%	0.00%	172.11%	106.10%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
Accounts Receivable Turnover	433.00	426.32	444.57	436.63	377.12	364.70	381.93	391.56	339.28	345.36	321.85
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.10	0.10	0.00	0.00	0.00	0.09	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.38	0.35	0.32	0.35	0.35	0.34	0.33	0.34	0.35	0.33	0.33
Days Sales Outstanding (DSO)	0.84	0.86	0.82	0.84	0.97	1.00	0.96	0.93	1.08	1.06	1.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	951.99	1,056.81	1,129.73	1,046.61	1,044.59	1,079.52	1,095.45	1,065.37	1,049.69	1,090.98	1,098.90
Cash Conversion Cycle (CCC)	-951.15	-1,055.95	-1,128.91	-1,045.77	-1,043.62	-1,078.52	-1,094.49	-1,064.44	-1,048.61	-1,089.92	-1,097.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,084	32,574	33,273	32,995	32,921	31,833	31,914	31,492	31,349	30,573	29,584
Invested Capital Turnover	0.09	0.10	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Increase / (Decrease) in Invested Capital	163	741	1,359	1,503	1,572	1,260	2,330	2,874	3,340	5,025	6,043
Enterprise Value (EV)	31,632	31,733	35,828	35,192	36,687	34,403	29,891	31,485	33,271	33,251	33,685
Market Capitalization	16,013	17,048	20,772	20,456	22,401	21,041	16,605	18,790	20,805	21,859	21,717
Book Value per Share	$100.90	$102.36	$104.14	$104.40	$105.29	$106.29	$107.66	$108.65	$109.10	$115.62	$107.96
Tangible Book Value per Share	$100.90	$102.36	$104.14	$104.40	$105.29	$106.29	$107.66	$108.65	$109.10	$115.62	$107.96
Total Capital	35,090	34,643	35,395	35,091	34,973	33,939	33,916	33,951	34,224	32,843	31,781
Total Debt	13,091	12,244	12,692	12,424	12,217	11,316	11,203	11,183	11,537	10,160	10,526
Total Long-Term Debt	13,091	12,244	12,692	12,424	12,217	11,316	11,203	11,183	11,537	10,160	10,526
Net Debt	11,085	10,175	10,569	10,328	9,943	9,210	9,201	8,725	8,662	7,681	8,329
Capital Expenditures (CapEx)	-68	-943	-213	7.05	177	-426	-145	-537	178	378	-302
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,275	-2,648	-2,859	-2,523	-2,718	-2,603	-2,646	-2,487	-2,471	-2,673	-2,386
Debt-free Net Working Capital (DFNWC)	-1,798	-2,096	-2,296	-1,962	-1,996	-1,985	-2,114	-1,563	-1,207	-1,848	-1,852
Net Working Capital (NWC)	-1,798	-2,096	-2,296	-1,962	-1,996	-1,985	-2,114	-1,563	-1,207	-1,848	-1,852
Net Nonoperating Expense (NNE)	37	-23	-42	44	-44	-37	80	-137	45	19	-291
Net Nonoperating Obligations (NNO)	11,085	10,175	10,569	10,328	10,165	9,210	9,201	8,725	8,662	7,890	8,329
Total Depreciation and Amortization (D&A)	332	320	281	273	262	266	251	253	248	249	235
Debt-free, Cash-free Net Working Capital to Revenue	-73.24%	-84.97%	-92.68%	-83.90%	-92.03%	-90.19%	-94.55%	-90.61%	-92.38%	-103.24%	-95.61%
Debt-free Net Working Capital to Revenue	-57.90%	-67.25%	-74.44%	-65.24%	-67.58%	-68.77%	-75.53%	-56.93%	-45.14%	-71.36%	-74.22%
Net Working Capital to Revenue	-57.90%	-67.25%	-74.44%	-65.24%	-67.58%	-68.77%	-75.53%	-56.93%	-45.14%	-71.36%	-74.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.07)	($0.38)	$0.96	$0.25	$0.97	($0.54)	$0.13	$0.51	$0.44	$0.36	$2.11
Adjusted Weighted Average Basic Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Adjusted Diluted Earnings per Share	($0.07)	($0.38)	$0.96	$0.25	$0.97	($0.54)	$0.13	$0.51	$0.44	$0.36	$2.11
Adjusted Weighted Average Diluted Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	172.99M	173.09M	174.76M	174.93M	174.88M	174.97M	173.78M	173.03M	173.01M	173.09M	164.09M
Normalized Net Operating Profit after Tax (NOPAT)	76	-40	124	118	123	-80	119	116	117	80	92
Normalized NOPAT Margin	9.99%	-5.02%	15.64%	15.37%	15.96%	-10.53%	16.61%	16.23%	16.64%	11.98%	13.88%
Pre Tax Income Margin	5.10%	-2.04%	26.98%	12.27%	28.50%	-5.63%	9.56%	18.73%	17.37%	14.21%	58.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	359.66%	236.36%	241.29%	340.98%	304.81%	388.82%	256.10%	141.56%	110.78%	141.63%	135.41%
Augmented Payout Ratio	437.88%	246.18%	241.29%	340.98%	304.81%	388.82%	256.10%	141.56%	110.78%	141.63%	135.41%

Frequently Asked Questions About Alexandria Real Estate Equities' Financials

When does Alexandria Real Estate Equities's fiscal year end?

According to the most recent income statement we have on file, Alexandria Real Estate Equities' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Alexandria Real Estate Equities' net income changed over the last 9 years?

Alexandria Real Estate Equities' net income appears to be on an upward trend, with a most recent value of $510.73 million in 2024, rising from $146.11 million in 2015. The previous period was $280.99 million in 2023. View Alexandria Real Estate Equities' forecast to see where analysts expect Alexandria Real Estate Equities to go next.

What is Alexandria Real Estate Equities's operating income?

Alexandria Real Estate Equities's total operating income in 2024 was $427.48 million, based on the following breakdown:

Total Gross Profit: $2.21 billion
Total Operating Expenses: $1.78 billion

How has Alexandria Real Estate Equities revenue changed over the last 9 years?

Over the last 9 years, Alexandria Real Estate Equities' total revenue changed from $843.47 million in 2015 to $3.12 billion in 2024, a change of 269.5%.

How much debt does Alexandria Real Estate Equities have?

Alexandria Real Estate Equities' total liabilities were at $15.13 billion at the end of 2024, a 6.9% increase from 2023, and a 229.8% increase since 2015.

How much cash does Alexandria Real Estate Equities have?

In the past 9 years, Alexandria Real Estate Equities' cash and equivalents has ranged from $125.03 million in 2016 to $825.19 million in 2022, and is currently $552.15 million as of their latest financial filing in 2024.

How has Alexandria Real Estate Equities' book value per share changed over the last 9 years?

Over the last 9 years, Alexandria Real Estate Equities' book value per share changed from 49.77 in 2015 to 102.36 in 2024, a change of 105.7%.

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This page (NYSE:ARE) was last updated on 5/28/2025 by MarketBeat.com Staff

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Alexandria Real Estate Equities (ARE) Financials

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Alexandria Real Estate Equities (ARE) Financials

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