Alexandria Real Estate Equities (ARE) Financials

$71.60 -1.94 (-2.63%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$72.75 +1.14 (+1.60%)

As of 05/6/2025 07:53 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	117	-151	145	364	351	761	563	513	92	310
Consolidated Net Income / (Loss)	146	-50	194	403	404	827	654	671	281	511
Net Income / (Loss) Continuing Operations	146	-50	194	403	404	827	654	671	281	511
Total Pre-Tax Income	146	-50	194	403	404	827	654	671	281	511
Total Operating Income	132	-53	178	213	199	244	256	464	198	427
Total Gross Profit	843	643	802	946	1,086	1,355	1,491	1,806	2,027	2,207
Total Revenue	843	922	1,128	1,327	1,531	1,886	2,114	2,589	2,886	3,116
Operating Revenue	818	922	1,128	1,327	1,531	1,886	2,114	2,589	2,886	3,116
Total Cost of Revenue	0.00	278	326	381	445	530	624	783	859	909
Operating Cost of Revenue	-	278	326	381	445	530	624	783	859	909
Total Operating Expenses	711	697	624	733	887	1,112	1,235	1,342	1,828	1,780
Selling, General & Admin Expense	60	64	75	90	109	133	151	177	199	168
Depreciation Expense	261	313	417	478	545	698	821	1,002	1,093	1,202
Other Operating Expenses / (Income)	367	110	132	157	174	232	209	98	74	186
Impairment Charge	23	209	0.20	6.31	12	48	53	65	461	223
Total Other Income / (Expense), net	14	3.62	16	189	205	584	398	207	83	83
Interest & Investment Income	1.65	-0.18	15	44	10	8.15	12	0.65	0.98	7.06
Other Income / (Expense), net	12	3.81	0.27	145	195	575	386	206	82	76
Net Income / (Loss) Attributable to Noncontrolling Interest	1.90	20	30	23	41	66	91	157	189	201
Basic Earnings per Share	$1.63	($1.99)	$1.59	$3.53	$3.13	$6.03	$3.83	$3.18	$0.54	$1.80
Weighted Average Basic Shares Outstanding	73.38M	88.88M	101.24M	112.73M	122.70M	136.69M	159.94M	173.09M	174.97M	173.09M
Diluted Earnings per Share	$1.63	($1.99)	$1.58	$3.52	$3.12	$6.01	$3.82	$3.18	$0.54	$1.80
Weighted Average Diluted Shares Outstanding	73.38M	88.88M	101.24M	112.73M	122.70M	136.69M	159.94M	173.09M	174.97M	173.09M
Weighted Average Basic & Diluted Shares Outstanding	73.38M	88.88M	101.24M	112.73M	122.70M	136.69M	159.94M	173.09M	174.97M	173.09M
Cash Dividends to Common per Share	-	-	$3.45	$3.73	$4.00	$4.24	$4.48	$4.72	$4.96	$5.19

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

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

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

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

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

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

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

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

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

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. Find out what analysts predict for Alexandria Real Estate Equities in the coming months.

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 5/7/2025 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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