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Alexandria Real Estate Equities (ARE) Financials

Alexandria Real Estate Equities logo
$45.39 +1.59 (+3.63%)
As of 10:02 AM Eastern
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Annual Income Statements for Alexandria Real Estate Equities

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 117 -151 145 364 351 761 563 513 92 310 -1,438
Consolidated Net Income / (Loss)		 146 -50 194 403 404 827 654 671 281 511 -1,217
Net Income / (Loss) Continuing Operations		 146 -50 194 403 404 827 654 671 281 511 -1,217
Total Pre-Tax Income 		146 -50 194 403 404 827 654 671 281 511 -1,217
Total Operating Income		 132 -53 178 213 199 244 256 464 198 427 -1,793
Total Gross Profit		 843 643 802 946 1,086 1,355 1,491 1,806 2,027 2,207 2,104
Total Revenue		 843 922 1,128 1,327 1,531 1,886 2,114 2,589 2,886 3,116 3,027
Operating Revenue		 818 922 1,128 1,327 1,531 1,886 2,114 2,589 2,886 3,116 3,027
Total Cost of Revenue		 0.00 278 326 381 445 530 624 783 859 909 923
Operating Cost of Revenue		 - 278 326 381 445 530 624 783 859 909 923
Total Operating Expenses		 711 697 624 733 887 1,112 1,235 1,342 1,828 1,780 3,897
Selling, General & Admin Expense		 60 64 75 90 109 133 151 177 199 168 117
Depreciation Expense		 261 313 417 478 545 698 821 1,002 1,093 1,202 1,350
Other Operating Expenses / (Income)		 367 110 132 157 174 232 209 98 74 186 227
Impairment Charge		 23 209 0.20 6.31 12 48 53 65 461 223 2,203
Total Other Income / (Expense), net		 14 3.62 16 189 205 584 398 207 83 83 576
Interest & Investment Income		 1.65 -0.18 15 44 10 8.15 12 0.65 0.98 7.06 -9.63
Other Income / (Expense), net		 12 3.81 0.27 145 195 575 386 206 82 76 586
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.90 20 30 23 41 66 91 157 189 201 221
Basic Earnings per Share		 $1.63 ($1.99) $1.59 $3.53 $3.13 $6.03 $3.83 $3.18 $0.54 $1.80 ($8.44)
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 173.30M
Diluted Earnings per Share		 $1.63 ($1.99) $1.58 $3.52 $3.12 $6.01 $3.82 $3.18 $0.54 $1.80 ($8.44)
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 173.30M
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 173.30M
Cash Dividends to Common per Share		 - - $3.45 $3.73 $4.00 $4.24 $4.48 $4.72 $4.96 $5.19 $4.68

Quarterly Income Statements for Alexandria Real Estate Equities

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 22 -92 167 43 165 -65 -12 -110 -235 -1,082 359
Consolidated Net Income / (Loss)		 68 -43 219 94 214 -16 39 -62 -198 -995 398
Net Income / (Loss) Continuing Operations		 68 -43 219 94 214 -16 39 -62 -198 -995 398
Total Pre-Tax Income 		68 -43 219 94 214 -16 39 -62 -198 -995 398
Total Operating Income		 149 -114 175 138 171 -57 76 -23 -236 -1,611 403
Total Gross Profit		 496 534 551 549 558 549 532 538 513 522 447
Total Revenue		 714 757 769 767 792 789 758 762 752 754 671
Operating Revenue		 714 757 769 767 792 789 758 762 752 754 671
Total Cost of Revenue		 218 223 218 217 233 240 226 224 239 233 224
Operating Cost of Revenue		 218 223 218 217 233 240 226 224 239 233 224
Total Operating Expenses		 347 648 375 412 387 605 456 560 748 2,133 44
Selling, General & Admin Expense		 46 59 47 45 44 33 31 29 29 28 35
Depreciation Expense		 269 285 288 291 294 330 342 346 340 322 305
Other Operating Expenses / (Income)		 11 32 41 46 44 56 51 55 55 66 65
Impairment Charge		 21 - 0.00 31 5.74 - 32 130 324 1,717 5.50
Other Special Charges / (Income)		 - - - - 0.00 - 0.00 - 0.11 - -366
Total Other Income / (Expense), net		 -80 71 44 -44 42 40 -37 -40 38 616 -4.73
Interest & Investment Income		 0.24 0.36 0.16 0.13 0.14 6.64 -0.51 -9.02 0.20 -0.30 -0.15
Other Income / (Expense), net		 -81 71 44 -44 42 34 -37 -31 38 616 -4.58
Net Income / (Loss) Attributable to Noncontrolling Interest		 44 57 49 47 46 60 48 45 35 94 37
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 2.41 - 3.66 3.79 3.27 - 2.66 2.61 2.18 - 2.78
Basic Earnings per Share		 $0.13 ($0.54) $0.97 $0.25 $0.96 ($0.38) ($0.07) ($0.64) ($1.38) ($6.35) $2.10
Weighted Average Basic Shares Outstanding		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
Diluted Earnings per Share		 $0.13 ($0.54) $0.97 $0.25 $0.96 ($0.38) ($0.07) ($0.64) ($1.38) ($6.35) $2.10
Weighted Average Diluted Shares Outstanding		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
Weighted Average Basic & Diluted Shares Outstanding		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
Cash Dividends to Common per Share		 $1.24 - $1.27 $1.30 $1.30 - $1.32 $1.32 $1.32 - $0.72

Annual Cash Flow Statements for Alexandria Real Estate Equities

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 39 -13 136 -5.06 -29 355 -182 443 -197 -101 -6.09
Net Cash From Operating Activities		 343 393 451 570 684 883 1,010 1,294 1,631 1,505 1,414
Net Cash From Continuing Operating Activities		 343 394 451 570 684 883 1,010 1,294 1,631 1,505 1,414
Net Income / (Loss) Continuing Operations		 146 -50 194 403 404 827 654 671 281 511 -1,217
Consolidated Net Income / (Loss)		 146 -50 194 403 404 827 654 671 281 511 -1,217
Depreciation Expense		 261 313 417 478 545 698 821 1,002 1,093 1,202 1,350
Amortization Expense		 4.51 5.65 -10 -14 -24 -50 -45 -60 -77 -67 -18
Non-Cash Adjustments To Reconcile Net Income		 -39 166 -94 -240 -203 -522 -325 -195 331 59 1,596
Changes in Operating Assets and Liabilities, net		 -31 -42 -56 -56 -37 -70 -95 -123 2.03 -200 -298
Net Cash From Investing Activities		 -722 -1,498 -1,737 -2,162 -3,641 -3,278 -7,107 -5,080 -2,501 -1,511 362
Net Cash From Continuing Investing Activities		 -722 -1,498 -1,737 -2,162 -3,641 -3,278 -7,107 -5,080 -2,501 -1,511 362
Purchase of Property, Plant & Equipment		 -249 -740 -676 -1,037 -2,260 -2,571 -5,435 -2,878 -266 -249 0.00
Purchase of Investments		 -96 -102 -172 -236 -191 -178 -422 -244 -190 -240 -250
Sale of Property, Plant & Equipment		 130 123 15 20 6.62 747 191 994 1,196 1,220 2,321
Sale and/or Maturity of Investments		 71 54 69 172 147 161 425 199 183 177 170
Other Investing Activities, net		 -564 -822 -894 -929 -1,243 -1,438 -2,252 -3,151 -3,424 -2,419 -1,878
Net Cash From Financing Activities		 419 1,094 1,420 1,588 2,927 2,750 5,916 4,230 674 -93 -1,784
Net Cash From Continuing Financing Activities		 419 1,094 1,420 1,588 2,927 2,750 5,916 4,230 674 -93 -1,784
Repayment of Debt		 -2,420 -4,778 -4,442 -4,959 -8,788 -27,227 -35,056 -16,327 -10,395 -13,147 -26,532
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -50 -208
Payment of Dividends		 -307 -332 -344 -418 -499 -622 -775 -950 -1,093 -1,207 -1,863
Issuance of Debt		 2,614 4,757 5,035 5,658 10,010 27,937 36,226 17,666 11,535 14,039 26,679
Issuance of Common Equity		 532 1,654 1,320 1,322 2,239 2,683 5,556 3,889 651 334 165
Other Financing Activities, net		 - - 0.00 0.00 -25 -21 -34 -47 -25 -62 -24
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 1.56
Cash Interest Paid		 94 85 112 127 146 161 139 63 47 160 204

Quarterly Cash Flow Statements for Alexandria Real Estate Equities

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -393 93 71 -166 14 -20 -76 44 56 -30 -130
Net Cash From Operating Activities		 418 429 341 412 477 274 208 460 433 312 197
Net Cash From Continuing Operating Activities		 418 429 341 412 477 274 208 460 433 312 197
Net Income / (Loss) Continuing Operations		 68 -43 219 94 214 -16 39 -62 -198 -995 398
Consolidated Net Income / (Loss)		 68 -43 219 94 214 -16 39 -62 -198 -995 398
Depreciation Expense		 269 285 288 291 294 330 342 346 340 322 305
Amortization Expense		 -19 -19 -26 -18 -13 -11 -10 -5.25 -1.63 -1.08 -0.87
Non-Cash Adjustments To Reconcile Net Income		 89 194 -74 41 -49 141 58 164 278 1,096 -363
Changes in Operating Assets and Liabilities, net		 11 11 -66 3.84 32 -171 -220 17 15 -109 -144
Net Cash From Investing Activities		 -676 -390 -895 -574 -488 446 -655 -375 -408 1,800 -585
Net Cash From Continuing Investing Activities		 -676 -390 -895 -574 -488 446 -655 -375 -408 1,800 -585
Purchase of Investments		 -53 -33 -64 -63 -63 -51 -80 -51 -64 -54 -74
Sale of Property, Plant & Equipment		 169 434 17 - 213 990 68 81 78 2,094 0.00
Sale and/or Maturity of Investments		 40 34 41 45 56 35 13 29 35 92 35
Other Investing Activities, net		 -808 -817 -694 -549 -694 -481 -655 -434 -457 -332 -546
Net Cash From Financing Activities		 -134 55 624 -3.97 25 -739 371 -41 31 -2,145 258
Net Cash From Continuing Financing Activities		 -134 55 624 -3.97 25 -739 371 -41 31 -2,145 258
Repayment of Debt		 -5.96 -8,299 -3,280 -1,637 -2,700 -5,530 -2,405 -5,568 -6,614 -11,945 -12,588
Repurchase of Common Equity		 - - 0.00 - - - -208 - - - 0.00
Payment of Dividends		 -274 -266 -333 -282 -287 -305 -296 -285 -290 -974 -184
Issuance of Debt		 17 8,409 4,179 1,842 2,939 5,080 3,249 5,771 6,910 10,748 13,067
Issuance of Common Equity		 137 215 83 77 92 82 54 42 36 33 18
Other Financing Activities, net		 -7.68 -4.39 -24 -3.05 -19 -17 -23 -0.71 -11 -7.20 -56
Effect of Exchange Rate Changes		 -0.42 -0.69 0.19 -0.05 -0.07 -1.51 -0.04 -0.50 -0.11 2.21 -0.19
Cash Interest Paid		 13 30 35 22 31 72 34 54 41 75 56

Annual Balance Sheets for Alexandria Real Estate Equities

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 2025
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 12/31/2025
Total Assets		 8,881 10,355 12,104 14,465 18,391 22,828 30,219 35,523 36,771 37,527 34,082
Total Current Assets		 518 477 265 244 200 576 369 833 626 559 556
Cash & Equivalents		 125 125 254 234 190 569 361 825 618 552 549
Accounts Receivable		 10 9.74 10 9.80 11 7.33 7.38 7.61 8.21 6.41 6.67
Plant, Property, & Equipment, net		 0.00 9,078 10,298 11,914 0.00 0.00 0.00 29,945 31,634 32,110 28,690
Total Noncurrent Assets		 8,363 800 1,541 2,307 18,190 22,252 29,851 4,745 4,511 4,859 4,836
Long-Term Investments		 127 50 634 1,130 1,487 1,943 1,915 1,654 1,487 1,517 1,532
Other Noncurrent Operating Assets		 8,236 749 907 1,178 16,703 20,309 27,936 3,092 3,024 3,342 3,304
Total Liabilities & Shareholders' Equity		 8,881 10,355 12,104 14,465 18,391 22,828 30,219 35,523 36,771 37,527 34,082
Total Liabilities		 4,587 4,973 5,621 6,570 8,224 9,384 11,186 12,840 14,148 15,129 14,925
Total Current Liabilities		 0.00 732 764 982 1,320 1,670 2,210 2,680 2,611 2,654 2,397
Accounts Payable		 - 732 764 982 1,320 1,670 2,210 2,471 2,611 2,654 2,397
Total Noncurrent Liabilities		 4,587 4,241 4,857 5,589 6,904 7,714 8,976 10,160 11,537 12,475 12,528
Long-Term Debt		 2,991 4,164 4,765 5,478 6,777 7,563 8,792 10,160 11,316 12,244 12,401
Other Noncurrent Operating Liabilities		 1,596 77 92 110 126 151 184 - 222 230 128
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		 14 11 12 11 12 11 9.61 9.61 16 20 59
Total Equity & Noncontrolling Interests		 4,280 5,371 6,472 7,884 10,154 13,432 19,024 22,674 22,607 22,378 19,098
Total Preferred & Common Equity		 3,975 4,896 5,950 7,342 8,866 11,726 16,190 18,972 18,471 17,889 15,470
Total Common Equity		 3,608 4,679 5,875 7,278 8,866 11,726 16,190 18,972 18,471 17,889 15,470
Common Stock		 3,559 4,674 5,825 7,288 8,876 11,732 16,197 18,993 18,487 17,935 15,499
Accumulated Other Comprehensive Income / (Loss)		 49 5.36 50 -10 -9.75 -6.63 -7.29 -21 -16 -46 -29
Noncontrolling Interest		 305 475 522 542 1,288 1,707 2,834 3,701 4,135 4,489 3,628

Quarterly Balance Sheets for Alexandria Real Estate Equities

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 36,659 36,783 36,771 37,699 37,848 38,488 37,527 37,600 37,624 37,375 34,167
Total Current Assets		 931 539 626 730 568 570 559 483 527 586 426
Cash & Equivalents		 924 532 618 722 561 563 552 476 521 579 419
Accounts Receivable		 6.95 6.90 8.21 7.47 6.82 6.98 6.41 6.88 6.27 6.41 7.36
Plant, Property, & Equipment, net		 0.00 0.00 31,634 32,323 32,674 32,952 32,110 32,122 0.00 31,744 28,830
Total Noncurrent Assets		 35,728 36,244 4,511 4,646 4,606 4,967 4,859 4,995 37,097 5,045 4,911
Long-Term Investments		 1,534 1,469 1,487 1,552 1,535 1,559 1,517 1,530 1,517 1,577 1,567
Other Noncurrent Operating Assets		 34,194 34,775 3,024 3,094 3,071 3,407 3,342 3,466 35,580 3,468 3,344
Total Liabilities & Shareholders' Equity		 36,659 36,783 36,771 37,699 37,848 38,488 37,527 37,600 37,624 37,375 34,167
Total Liabilities		 13,892 14,070 14,148 14,943 15,181 15,785 15,129 15,601 15,885 16,257 14,804
Total Current Liabilities		 2,494 2,653 2,611 2,726 2,530 2,866 2,654 2,281 2,361 2,433 2,155
Accounts Payable		 2,494 2,653 2,611 2,504 2,530 2,866 2,654 2,281 2,361 2,433 2,155
Total Noncurrent Liabilities		 11,398 11,417 11,537 12,217 12,651 12,919 12,475 13,319 13,524 13,824 12,649
Long-Term Debt		 11,183 11,203 11,316 12,217 12,424 12,692 12,244 13,091 13,294 13,594 12,520
Other Noncurrent Operating Liabilities		 215 214 222 - 227 227 230 229 230 231 129
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		 53 52 16 17 16 17 20 9.61 9.61 59 9.23
Total Equity & Noncontrolling Interests		 22,715 22,661 22,607 22,739 22,650 22,687 22,378 21,990 21,729 21,060 19,355
Total Preferred & Common Equity		 18,797 18,628 18,471 18,413 18,259 18,218 17,889 17,465 17,175 16,639 15,734
Total Common Equity		 18,797 18,628 18,471 18,413 18,259 18,218 17,889 17,465 17,175 16,639 15,734
Common Stock		 18,814 18,653 18,487 18,436 18,286 18,240 17,935 17,511 17,203 16,672 15,765
Accumulated Other Comprehensive Income / (Loss)		 -17 -25 -16 -24 -28 -23 -46 -46 -27 -32 -31
Noncontrolling Interest		 3,917 4,033 4,135 4,327 4,392 4,469 4,489 4,525 4,554 4,420 3,620

Annual Metrics And Ratios for Alexandria Real Estate Equities

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.04% 9.28% 22.39% 17.67% 15.36% 23.14% 12.12% 22.46% 11.46% 7.99% -2.88%
EBITDA Growth		 24.01% -34.34% 117.14% 40.57% 11.14% 60.48% -3.35% 13.69% -19.54% 26.37% -92.36%
EBIT Growth		 46.58% -134.33% 460.11% 100.83% 9.78% 107.92% -21.61% 4.37% -58.21% 79.87% -339.66%
NOPAT Growth		 33.97% -128.31% 577.07% 19.59% -6.82% 22.55% 5.08% 81.22% -57.24% 115.49% -393.63%
Net Income Growth		 36.84% -134.08% 489.98% 107.41% 0.31% 104.72% -20.90% 2.51% -58.10% 81.76% -338.23%
EPS Growth		 61.39% -222.09% 179.40% 122.78% -11.36% 92.63% -36.44% -16.75% -83.02% 233.33% -568.89%
Operating Cash Flow Growth		 2.48% 14.85% 14.59% 26.49% 19.90% 29.05% 14.47% 28.13% 25.98% -7.73% -6.01%
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% 688.31%
Invested Capital Growth		 -6.96% 35.75% 14.74% 15.92% 27.13% 21.15% 38.14% 19.67% 4.12% 2.33% -9.51%
Revenue Q/Q Growth		 4.37% 2.81% 4.60% 3.24% 4.62% 3.04% 5.66% 3.74% 3.11% 1.03% -1.13%
EBITDA Q/Q Growth		 20.76% 2.79% 7.15% -5.61% 36.12% 23.13% -17.33% 1.32% -8.52% 4.72% -88.57%
EBIT Q/Q Growth		 64.89% -39.19% 19.09% -15.29% 141.70% 42.00% -35.72% -0.25% -33.03% 4.20% -414.15%
NOPAT Q/Q Growth		 50.71% -49.87% 22.25% 4.88% 1.52% -4.78% 18.27% 6.75% -53.55% 15.50% -651.33%
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% -412.38%
EPS Q/Q Growth		 77.17% -63.11% 75.56% -16.39% 197.14% 37.84% -43.32% -4.22% -62.50% 9.76% -241.70%
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% 2.78%
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% 234.55%
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% -9.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 69.79% 71.14% 71.29% 70.91% 71.88% 70.51% 69.75% 70.23% 70.82% 69.52%
EBITDA Margin		 48.65% 29.23% 51.86% 61.95% 59.69% 77.79% 67.06% 62.26% 44.94% 52.59% 4.14%
Operating Margin		 15.66% -5.80% 15.81% 16.07% 12.98% 12.92% 12.11% 17.92% 6.87% 13.72% -59.25%
EBIT Margin		 17.13% -5.38% 15.84% 27.03% 25.72% 43.43% 30.37% 25.88% 9.70% 16.16% -39.88%
Profit (Net Income) Margin		 17.32% -5.40% 17.22% 30.34% 26.39% 43.87% 30.95% 25.91% 9.74% 16.39% -40.20%
Tax Burden Percent		 99.97% 100.00% 100.06% 100.00% 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% 100.80%
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)		 1.91% -0.48% 1.84% 1.91% 1.46% 1.44% 1.16% 1.65% 0.64% 1.33% -4.05%
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% -3.67%
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% -1.81%
Return on Equity (ROE)		 3.56% -1.03% 3.27% 5.60% 4.47% 7.01% 4.03% 3.22% 1.24% 2.27% -5.86%
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% 5.94%
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% -3.37%
Return on Assets (ROA)		 1.72% -0.52% 1.73% 3.03% 2.46% 4.01% 2.47% 2.04% 0.78% 1.37% -3.40%
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% -4.70%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 132 -37 178 213 199 244 256 464 198 427 -1,255
NOPAT Margin		 15.66% -4.06% 15.81% 16.07% 12.98% 12.92% 12.11% 17.92% 6.87% 13.72% -41.47%
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% -0.38%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 1.41% 0.58% 1.23% -3.99%
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% 30.48%
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% 3.87%
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		 84.34% 75.59% 55.32% 55.22% 57.93% 58.96% 58.40% 51.83% 63.35% 57.11% 128.77%
Earnings before Interest and Taxes (EBIT)		 145 -50 179 359 394 819 642 670 280 504 -1,207
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 410 269 585 822 914 1,467 1,418 1,612 1,297 1,639 125
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 0.55
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 0.55
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 2.79
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 0.00
Dividend Yield		 4.30% 3.59% 3.17% 3.77% 2.80% 2.62% 2.16% 3.54% 4.10% 5.32% 9.56%
Earnings Yield		 2.27% 0.00% 1.40% 3.42% 2.14% 3.49% 1.76% 2.35% 0.44% 1.82% 0.00%
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 0.76
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 7.42
Enterprise Value to EBITDA (EV/EBITDA)		 19.94 42.66 25.47 18.70 24.98 19.48 29.23 20.63 26.53 19.36 179.36
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 0.00
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 0.00
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 15.89
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 12.19
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 0.65
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 0.65
Financial Leverage		 0.68 0.62 0.63 0.56 0.51 0.43 0.36 0.35 0.38 0.43 0.49
Leverage Ratio		 2.07 1.99 1.89 1.85 1.82 1.75 1.63 1.58 1.60 1.65 1.72
Compound Leverage Factor		 2.10 2.00 2.06 2.07 1.87 1.76 1.66 1.58 1.60 1.67 1.74
Debt to Total Capital		 41.06% 43.62% 42.36% 40.97% 40.00% 36.00% 31.60% 30.93% 33.34% 35.34% 39.30%
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		 41.06% 43.62% 42.36% 40.97% 40.00% 36.00% 31.60% 30.93% 33.34% 35.34% 39.30%
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% 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% 11.68%
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% 49.02%
Debt to EBITDA		 7.29 15.46 8.14 6.66 7.41 5.16 6.20 6.30 8.73 7.47 99.01
Net Debt to EBITDA		 5.74 13.53 6.63 5.00 5.58 3.44 4.60 4.77 7.10 6.21 82.39
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 99.01
Debt to NOPAT		 22.65 -111.36 26.71 25.68 34.09 31.05 34.35 21.90 57.04 28.64 -9.88
Net Debt to NOPAT		 17.84 -97.51 21.73 19.28 25.66 20.73 25.45 16.56 46.43 23.80 -8.22
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 -9.88
Altman Z-Score		 0.89 0.91 1.20 1.09 1.28 1.54 1.79 1.09 0.93 0.74 0.25
Noncontrolling Interest Sharing Ratio		 13.83% 14.36% 11.05% 8.52% 10.62% 12.79% 14.05% 15.71% 17.35% 19.24% 19.72%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.65 0.35 0.25 0.15 0.34 0.17 0.31 0.24 0.21 0.23
Quick Ratio		 0.00 0.65 0.35 0.25 0.15 0.34 0.17 0.31 0.24 0.21 0.23
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 1,843
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% 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		 0.10 0.10 0.10 0.10 0.09 0.09 0.08 0.08 0.08 0.08 0.08
Accounts Receivable Turnover		 80.20 91.13 112.78 132.35 149.47 209.24 287.40 345.36 364.70 426.32 462.74
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 0.12 0.12 0.00 0.00 0.00 0.00 0.09 0.10 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 0.37
Days Sales Outstanding (DSO)		 4.55 4.01 3.24 2.76 2.44 1.74 1.27 1.06 1.00 0.86 0.79
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)		 0.00 0.00 838.21 835.85 943.03 1,029.17 1,135.66 1,090.98 1,079.52 1,056.81 999.22
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 -998.43
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 29,476
Invested Capital Turnover		 0.12 0.12 0.12 0.12 0.11 0.11 0.10 0.09 0.09 0.10 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 -3,098
Enterprise Value (EV)		 8,181 11,495 14,901 15,382 22,831 28,579 41,439 33,251 34,403 31,733 22,464
Market Capitalization		 5,138 7,145 10,416 10,651 16,430 21,809 32,080 21,859 21,041 17,048 8,458
Book Value per Share		 $49.77 $58.92 $61.38 $67.68 $76.99 $86.89 $104.47 $115.62 $106.29 $102.36 $89.51
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 $89.51
Total Capital		 7,285 9,546 11,248 13,373 16,944 21,007 27,825 32,843 33,939 34,643 31,557
Total Debt		 2,991 4,164 4,765 5,478 6,777 7,563 8,792 10,160 11,316 12,244 12,401
Total Long-Term Debt		 2,991 4,164 4,765 5,478 6,777 7,563 8,792 10,160 11,316 12,244 12,401
Net Debt		 2,357 3,646 3,877 4,114 5,100 5,051 6,515 7,681 9,210 10,175 10,320
Capital Expenditures (CapEx)		 119 617 660 1,017 2,253 1,824 5,244 1,884 -930 -972 -2,321
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 10 -722 -754 -972 -1,310 -1,662 -2,203 -2,673 -2,603 -2,648 -2,390
Debt-free Net Working Capital (DFNWC)		 518 -254 -499 -738 -1,120 -1,094 -1,842 -1,848 -1,985 -2,096 -1,841
Net Working Capital (NWC)		 518 -254 -499 -738 -1,120 -1,094 -1,842 -1,848 -1,985 -2,096 -1,841
Net Nonoperating Expense (NNE)		 -14 12 -16 -189 -205 -584 -398 -207 -83 -83 -39
Net Nonoperating Obligations (NNO)		 2,357 3,646 3,877 4,114 5,100 5,051 6,515 7,890 9,210 10,175 10,320
Total Depreciation and Amortization (D&A)		 266 319 406 464 520 648 776 942 1,017 1,135 1,332
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% -78.98%
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% -60.84%
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% -60.84%
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 ($8.44)
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 173.30M
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 ($8.44)
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 173.30M
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 $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 173.30M
Normalized Net Operating Profit after Tax (NOPAT)		 109 109 125 155 181 204 216 370 462 455 287
Normalized NOPAT Margin		 12.91% 11.84% 11.08% 11.64% 11.83% 10.83% 10.22% 14.30% 16.00% 14.61% 9.47%
Pre Tax Income Margin		 17.33% -5.40% 17.21% 30.34% 26.39% 43.87% 30.95% 25.91% 9.74% 16.39% -40.20%
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		 210.22% -667.56% 177.19% 103.80% 123.60% 75.17% 118.43% 141.63% 388.82% 236.36% -153.13%
Augmented Payout Ratio		 210.22% -667.56% 177.19% 103.80% 123.60% 75.17% 118.43% 141.63% 388.82% 246.18% -170.25%

Quarterly Metrics And Ratios for Alexandria Real Estate Equities

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 173,300,361.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 173,300,361.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.07
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.17% 12.97% 9.75% 7.40% 10.90% 4.19% -1.42% -0.61% -5.01% -4.38% -11.49%
EBITDA Growth		 -48.48% -35.14% 30.24% -5.11% 55.31% 33.16% -22.81% -21.52% -71.59% -327.10% 89.49%
EBIT Growth		 -82.26% -145.24% 80.27% -29.66% 213.86% 47.17% -82.12% -156.61% -192.78% -4,277.69% 917.45%
NOPAT Growth		 61.60% -169.48% 5.24% 4,658.62% 15.08% 50.35% -56.66% -111.47% -196.37% -2,749.04% 430.43%
Net Income Growth		 -82.20% -144.78% 80.11% -29.66% 212.95% 62.27% -82.36% -166.12% -192.62% -6,084.24% 930.41%
EPS Growth		 -93.84% -250.00% 120.45% -50.98% 638.46% 29.63% -107.22% -356.00% -243.75% -1,571.05% 3,100.00%
Operating Cash Flow Growth		 15.11% 6.84% 11.65% -13.94% 14.24% -36.03% -39.05% 11.76% -9.20% 13.93% -5.45%
Free Cash Flow Firm Growth		 63.35% 72.72% 56.00% 52.56% 45.53% 41.75% 93.74% 98.80% 146.54% 352.49% 4,207.74%
Invested Capital Growth		 7.87% 4.12% 5.01% 4.77% 4.26% 2.33% 0.50% 0.00% -2.16% -9.51% -9.63%
Revenue Q/Q Growth		 -0.02% 6.08% 1.57% -0.31% 3.24% -0.34% -3.90% 0.51% -1.32% 0.33% -11.05%
EBITDA Q/Q Growth		 -17.55% -30.02% 115.65% -23.74% 34.94% -40.00% 25.01% -22.46% -51.15% -579.57% 204.31%
EBIT Q/Q Growth		 -49.06% -163.26% 609.10% -57.12% 127.29% -110.65% 272.32% -235.74% -272.49% -402.43% 140.05%
NOPAT Q/Q Growth		 5,026.57% -153.62% 319.92% -21.54% 24.37% -123.13% 291.99% -120.77% -944.86% -583.90% 135.74%
Net Income Q/Q Growth		 -48.95% -162.50% 613.80% -57.09% 127.12% -107.54% 340.21% -260.85% -218.14% -403.10% 140.02%
EPS Q/Q Growth		 -74.51% -515.38% 279.63% -74.23% 284.00% -139.58% 81.58% -814.29% -115.63% -360.14% 133.07%
Operating Cash Flow Q/Q Growth		 -12.66% 2.57% -20.41% 20.71% 15.93% -42.57% -24.16% 121.32% -5.82% -27.94% -37.06%
Free Cash Flow Firm Q/Q Growth		 24.20% 38.59% 10.57% 2.24% 12.97% 34.32% 88.80% 81.24% 3,473.20% 256.29% 82.19%
Invested Capital Q/Q Growth		 1.34% -0.25% 2.70% 0.23% 0.84% -2.10% 1.57% -0.27% -1.34% -9.46% 1.43%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 69.50% 70.59% 71.61% 71.67% 70.53% 69.52% 70.14% 70.55% 68.18% 69.18% 66.60%
EBITDA Margin		 44.62% 29.44% 62.50% 47.81% 62.49% 37.62% 48.94% 37.76% 18.69% -89.35% 104.78%
Operating Margin		 20.83% -15.04% 22.80% 17.94% 21.62% -7.17% 10.02% -2.96% -31.33% -213.55% 60.07%
EBIT Margin		 9.53% -5.68% 28.48% 12.25% 26.97% -2.88% 5.17% -6.98% -26.34% -131.90% 59.39%
Profit (Net Income) Margin		 9.56% -5.63% 28.50% 12.27% 26.98% -2.04% 5.10% -8.16% -26.31% -131.94% 59.37%
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		 100.36% 99.16% 100.07% 100.14% 100.07% 70.81% 98.71% 116.97% 99.90% 100.03% 99.96%
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)		 1.90% -0.97% 2.10% 1.67% 2.05% -0.49% 0.94% -0.19% -2.04% -14.58% 5.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.98% -0.54% 2.56% 1.22% 2.48% -0.24% 0.59% -0.62% -2.34% -13.29% 5.56%
Return on Net Nonoperating Assets (RNNOA)		 0.39% -0.20% 1.06% 0.51% 1.08% -0.10% 0.28% -0.30% -1.17% -6.56% 2.91%
Return on Equity (ROE)		 2.29% -1.18% 3.16% 2.18% 3.12% -0.59% 1.22% -0.50% -3.21% -21.14% 8.52%
Cash Return on Invested Capital (CROIC)		 -6.19% -3.40% -4.25% -3.58% -3.03% -0.97% 0.50% 0.51% 1.67% 5.94% 6.86%
Operating Return on Assets (OROA)		 0.75% -0.45% 2.25% 0.99% 2.21% -0.24% 0.43% -0.57% -2.13% -11.15% 4.87%
Return on Assets (ROA)		 0.75% -0.45% 2.26% 0.99% 2.21% -0.17% 0.42% -0.67% -2.12% -11.15% 4.86%
Return on Common Equity (ROCE)		 1.88% -0.97% 2.59% 1.78% 2.53% -0.48% 0.98% -0.40% -2.56% -16.97% 6.83%
Return on Equity Simple (ROE_SIMPLE)		 2.25% 0.00% 2.06% 1.86% 2.66% 0.00% 1.89% 1.01% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 149 -80 175 138 171 -40 76 -16 -165 -1,128 403
NOPAT Margin		 20.83% -10.53% 22.80% 17.94% 21.62% -5.02% 10.02% -2.07% -21.93% -149.49% 60.07%
Net Nonoperating Expense Percent (NNEP)		 0.92% -0.43% -0.47% 0.46% -0.43% -0.24% 0.35% 0.43% 0.30% -1.29% 0.04%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.24% - - - -0.11% 0.22% -0.05% -0.48% -3.58% 1.26%
Cost of Revenue to Revenue		 30.50% 29.41% 28.39% 28.34% 29.47% 30.48% 29.86% 29.45% 31.82% 30.82% 33.40%
SG&A Expenses to Revenue		 6.44% 7.83% 6.12% 5.82% 5.55% 4.15% 4.05% 3.82% 3.89% 3.71% 5.17%
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		 48.67% 85.63% 48.82% 53.72% 48.92% 76.69% 60.12% 73.51% 99.51% 282.73% 6.52%
Earnings before Interest and Taxes (EBIT)		 68 -43 219 94 213 -23 39 -53 -198 -995 399
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 319 223 481 367 495 297 371 288 141 -674 703
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.89 1.14 1.22 1.12 1.14 0.95 0.92 0.73 0.87 0.55 0.51
Price to Tangible Book Value (P/TBV)		 0.89 1.14 1.22 1.12 1.14 0.95 0.92 0.73 0.87 0.55 0.51
Price to Revenue (P/Rev)		 5.93 7.29 7.58 6.80 6.73 5.47 5.16 4.05 4.71 2.79 2.74
Price to Earnings (P/E)		 69.60 227.61 121.70 146.40 73.52 55.07 122.17 0.00 0.00 0.00 0.00
Dividend Yield		 5.11% 4.10% 3.89% 4.34% 4.33% 5.32% 5.66% 7.24% 6.34% 9.56% 8.79%
Earnings Yield		 1.44% 0.44% 0.82% 0.68% 1.36% 1.82% 0.82% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.94 1.08 1.11 1.07 1.08 0.97 0.96 0.86 0.93 0.76 0.74
Enterprise Value to Revenue (EV/Rev)		 10.68 11.92 12.42 11.70 11.61 10.18 10.19 9.15 9.91 7.42 7.56
Enterprise Value to EBITDA (EV/EBITDA)		 21.08 26.53 26.05 25.34 22.89 19.36 20.69 19.57 27.67 179.36 48.56
Enterprise Value to EBIT (EV/EBIT)		 71.49 122.86 97.18 104.14 74.12 63.00 97.68 160.61 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 70.00 173.43 177.14 101.21 96.80 74.23 96.40 168.95 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.65 21.10 22.02 22.00 21.60 21.09 23.07 19.99 22.04 15.89 15.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 191.99 169.56 55.07 12.19 10.28
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.49 0.50 0.54 0.55 0.56 0.55 0.60 0.61 0.64 0.65 0.65
Long-Term Debt to Equity		 0.49 0.50 0.54 0.55 0.56 0.55 0.60 0.61 0.64 0.65 0.65
Financial Leverage		 0.40 0.38 0.41 0.42 0.44 0.43 0.47 0.49 0.50 0.49 0.52
Leverage Ratio		 1.62 1.60 1.64 1.64 1.66 1.65 1.68 1.70 1.73 1.72 1.74
Compound Leverage Factor		 1.62 1.58 1.64 1.64 1.66 1.17 1.66 1.99 1.73 1.72 1.73
Debt to Total Capital		 33.03% 33.34% 34.93% 35.41% 35.86% 35.34% 37.31% 37.95% 39.16% 39.30% 39.27%
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		 33.03% 33.34% 34.93% 35.41% 35.86% 35.34% 37.31% 37.95% 39.16% 39.30% 39.27%
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		 12.04% 12.23% 12.42% 12.56% 12.67% 13.02% 12.92% 13.03% 12.90% 11.68% 11.38%
Common Equity to Total Capital		 54.92% 54.43% 52.65% 52.03% 51.47% 51.64% 49.77% 49.03% 47.94% 49.02% 49.35%
Debt to EBITDA		 7.90 8.73 8.67 8.95 8.11 7.47 8.56 9.17 12.40 99.01 27.38
Net Debt to EBITDA		 6.49 7.10 7.06 7.44 6.75 6.21 7.25 7.76 10.43 82.39 23.04
Long-Term Debt to EBITDA		 7.90 8.73 8.67 8.95 8.11 7.47 8.56 9.17 12.40 99.01 27.38
Debt to NOPAT		 26.23 57.04 58.99 35.73 34.29 28.64 39.89 79.13 -81.36 -9.88 -12.20
Net Debt to NOPAT		 21.55 46.43 48.01 29.70 28.56 23.80 33.78 67.00 -68.46 -8.22 -10.26
Long-Term Debt to NOPAT		 26.23 57.04 58.99 35.73 34.29 28.64 39.89 79.13 -81.36 -9.88 -12.20
Altman Z-Score		 0.72 0.90 0.93 0.83 0.82 0.69 0.64 0.49 0.54 0.27 0.39
Noncontrolling Interest Sharing Ratio		 17.57% 17.35% 17.93% 18.44% 18.87% 19.24% 19.84% 20.20% 20.46% 19.72% 19.74%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.20 0.24 0.27 0.22 0.20 0.21 0.21 0.22 0.24 0.23 0.20
Quick Ratio		 0.20 0.24 0.27 0.22 0.20 0.21 0.21 0.22 0.24 0.23 0.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,181 -1,339 -1,396 -1,365 -1,188 -780 -87 -16 553 1,970 3,589
Operating Cash Flow to CapEx		 0.00% 0.00% 192.38% 5,843.58% 0.00% 0.00% 0.00% 0.00% 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		 381.93 364.70 377.12 436.63 444.57 426.32 433.00 473.79 457.25 462.74 412.93
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 0.09 0.00 0.00 0.00 0.10 0.10 0.00 0.09 0.10 0.10
Accounts Payable Turnover		 0.33 0.34 0.35 0.35 0.32 0.35 0.38 0.38 0.35 0.37 0.41
Days Sales Outstanding (DSO)		 0.96 1.00 0.97 0.84 0.82 0.86 0.84 0.77 0.80 0.79 0.88
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)		 1,095.45 1,079.52 1,044.59 1,046.61 1,129.73 1,056.81 951.99 965.35 1,039.23 999.22 879.67
Cash Conversion Cycle (CCC)		 -1,094.49 -1,078.52 -1,043.62 -1,045.77 -1,128.91 -1,055.95 -951.15 -964.58 -1,038.43 -998.43 -878.79
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 31,914 31,833 32,921 32,995 33,273 32,574 33,084 32,996 32,555 29,476 29,898
Invested Capital Turnover		 0.09 0.09 0.09 0.09 0.09 0.10 0.09 0.09 0.09 0.10 0.09
Increase / (Decrease) in Invested Capital		 2,330 1,260 1,572 1,503 1,359 741 163 0.61 -718 -3,098 -3,186
Enterprise Value (EV)		 29,891 34,403 36,687 35,192 35,828 31,733 31,632 28,385 30,330 22,464 22,209
Market Capitalization		 16,605 21,041 22,401 20,456 20,772 17,048 16,013 12,564 14,414 8,458 8,045
Book Value per Share		 $107.66 $106.29 $105.29 $104.40 $104.14 $102.36 $100.90 $99.29 $96.20 $89.51 $90.79
Tangible Book Value per Share		 $107.66 $106.29 $105.29 $104.40 $104.14 $102.36 $100.90 $99.29 $96.20 $89.51 $90.79
Total Capital		 33,916 33,939 34,973 35,091 35,395 34,643 35,090 35,033 34,712 31,557 31,884
Total Debt		 11,203 11,316 12,217 12,424 12,692 12,244 13,091 13,294 13,594 12,401 12,520
Total Long-Term Debt		 11,203 11,316 12,217 12,424 12,692 12,244 13,091 13,294 13,594 12,401 12,520
Net Debt		 9,201 9,210 9,943 10,328 10,569 10,175 11,085 11,257 11,437 10,320 10,534
Capital Expenditures (CapEx)		 -145 -426 177 7.05 -213 -943 -68 -81 -78 -2,094 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,646 -2,603 -2,718 -2,523 -2,859 -2,648 -2,275 -2,355 -2,426 -2,390 -2,147
Debt-free Net Working Capital (DFNWC)		 -2,114 -1,985 -1,996 -1,962 -2,296 -2,096 -1,798 -1,834 -1,847 -1,841 -1,729
Net Working Capital (NWC)		 -2,114 -1,985 -1,996 -1,962 -2,296 -2,096 -1,798 -1,834 -1,847 -1,841 -1,729
Net Nonoperating Expense (NNE)		 80 -37 -44 44 -42 -23 37 46 33 -132 4.73
Net Nonoperating Obligations (NNO)		 9,201 9,210 10,165 10,328 10,569 10,175 11,085 11,257 11,437 10,320 10,534
Total Depreciation and Amortization (D&A)		 251 266 262 273 281 320 332 341 339 321 305
Debt-free, Cash-free Net Working Capital to Revenue		 -94.55% -90.19% -92.03% -83.90% -92.68% -84.97% -73.24% -75.94% -79.26% -78.98% -73.06%
Debt-free Net Working Capital to Revenue		 -75.53% -68.77% -67.58% -65.24% -74.44% -67.25% -57.90% -59.15% -60.33% -60.84% -58.81%
Net Working Capital to Revenue		 -75.53% -68.77% -67.58% -65.24% -74.44% -67.25% -57.90% -59.15% -60.33% -60.84% -58.81%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.13 ($0.54) $0.97 $0.25 $0.96 ($0.38) ($0.07) ($0.64) ($1.38) ($6.35) $2.10
Adjusted Weighted Average Basic Shares Outstanding		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
Adjusted Diluted Earnings per Share		 $0.13 ($0.54) $0.97 $0.25 $0.96 ($0.38) ($0.07) ($0.64) ($1.38) ($6.35) $2.10
Adjusted Weighted Average Diluted Shares Outstanding		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
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		 173.78M 174.97M 174.88M 174.93M 174.76M 173.09M 172.99M 172.96M 172.83M 173.30M 174.27M
Normalized Net Operating Profit after Tax (NOPAT)		 119 -80 123 118 124 -40 76 75 62 74 30
Normalized NOPAT Margin		 16.61% -10.53% 15.96% 15.37% 15.64% -5.02% 9.99% 9.83% 8.23% 9.85% 4.40%
Pre Tax Income Margin		 9.56% -5.63% 28.50% 12.27% 26.98% -2.04% 5.10% -8.16% -26.31% -131.94% 59.37%
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		 256.10% 388.82% 304.81% 340.98% 241.29% 236.36% 359.66% 683.99% -502.69% -153.13% -204.32%
Augmented Payout Ratio		 256.10% 388.82% 304.81% 340.98% 241.29% 246.18% 437.88% 832.45% -611.46% -170.25% -204.32%

Financials Breakdown Chart

Key Financial Trends

Alexandria Real Estate Equities (ARE) continues to show earnings volatility in 2025, with a large one-time impairment weighing on quarterly profits. However, liquidity signals remain positive due to sizable cash inflows from asset sales and debt actions, plus a steady dividend commitment.

  • Strong CFO and liquidity support: Net cash from continuing operating activities in Q4 2025 was about $312.4 million, up from about $274.2 million in the prior-year quarter.
  • Asset monetization boosts investing cash flow: Sale of Property, Plant & Equipment contributed about $2.094 billion to cash inflows in Q4 2025.
  • Large debt issuance provides liquidity headroom: Issuance of debt in Q4 2025 was about $10.75 billion, enhancing liquidity.
  • Investing activities show net positive cash flow driven by asset sales: Net cash from investing activities in Q4 2025 stood at about $1.80 billion.
  • Stable dividend policy: The quarterly dividend per share was around $1.32 in 2025 (Q1–Q3), signaling a steady income stream for shareholders.
  • Revenue declined modestly year-over-year in Q4 2025: Operating revenue fell to $754.4 million from $788.9 million in Q4 2024 (about a 4.3% drop).
  • Impairment charge weighs on earnings: A non-cash impairment expense of about $1.717 billion was recognized in Q4 2025, a one-time drag on reported results.
  • Debt level remains high but manageable within the REIT structure: Long-term debt was around $13.6 billion on the latest balance sheet (Q3 2025).
  • Operating income shows a sizable negative print in Q4 2025: Total operating income was about negative $1.611 billion for the quarter.
  • Bottom-line loss per share driven by impairment: Net income attributable to common shareholders in Q4 2025 was about a $1.082 billion loss, or roughly $(1.08) per share (basic and diluted).
05/06/26 08:58 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Alexandria Real Estate Equities' Financials

When does Alexandria Real Estate Equities' financial year end?

According to the most recent income statement we have on file, Alexandria Real Estate Equities' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Alexandria Real Estate Equities' net income changed over the last 10 years?

Alexandria Real Estate Equities' net income appears to be on a downward trend, with a most recent value of -$1.22 billion in 2025, falling from $146.11 million in 2015. The previous period was $510.73 million in 2024. Find out what analysts predict for Alexandria Real Estate Equities in the coming months.

What is Alexandria Real Estate Equities' operating income?
Alexandria Real Estate Equities' total operating income in 2025 was -$1.79 billion, based on the following breakdown:
  • Total Gross Profit: $2.10 billion
  • Total Operating Expenses: $3.90 billion
How has Alexandria Real Estate Equities' revenue changed over the last 10 years?

Over the last 10 years, Alexandria Real Estate Equities' total revenue changed from $843.47 million in 2015 to $3.03 billion in 2025, a change of 258.8%.

How much debt does Alexandria Real Estate Equities have?

Alexandria Real Estate Equities' total liabilities were at $14.93 billion at the end of 2025, a 1.3% decrease from 2024, and a 225.4% increase since 2015.

How much cash does Alexandria Real Estate Equities have?

In the past 10 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 $549.06 million as of their latest financial filing in 2025.

How has Alexandria Real Estate Equities' book value per share changed over the last 10 years?

Over the last 10 years, Alexandria Real Estate Equities' book value per share changed from 49.77 in 2015 to 89.51 in 2025, a change of 79.9%.


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Financial statements for NYSE:ARE last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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