Detailed financial statements for Alexandria Real Estate Equities, Inc. (ARE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems.
Analysis Summary
Alexandria Real Estate Equities, Inc. reported revenue of $2.97B in the most recent fiscal year, growing at a 5-year CAGR of 9.4%.
Trailing-twelve-month margins: gross margin 69.5%, operating margin -45.7%, net margin -30.6%. Free cash flow grew at 9.9% CAGR over 5 years.
At the current price of $45.88, ARE has negative trailing earnings (P/E not meaningful) and an ROE of -5.70%. Market capitalisation stands at $8.0B.
Balance sheet quality for ARE: current ratio of 0.4, net debt of $12.21B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $897.9M | $1.12B | $1.33B | $1.52B | $1.89B | $2.11B | $2.58B | $2.84B | $3.05B | $2.97B |
| Cost of Revenue | $278.4M | $325.6M | $381.1M | $445.5M | $530.2M | $623.6M | $783.2M | $859.2M | $909.3M | $922.6M |
| Gross Profit | $619.5M | $798.9M | $946.3M | $1.07B | $1.36B | $1.48B | $1.79B | $1.98B | $2.14B | $2.05B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $63.9M | $75.0M | $90.4M | $108.8M | $133.3M | $151.5M | $177.3M | $199.4M | $168.4M | $117.0M |
| Operating Expenses | $377.3M | $491.8M | $568.1M | $653.4M | $133.3M | $972.5M | $1.18B | $1.29B | $1.37B | $3.25B |
| Operating Income | $41.1M | $180.7M | $422.3M | $417.9M | $1.23B | $512.2M | $613.5M | $690.4M | $769.7M | -$1.20B |
| EBITDA | $263.5M | $610.9M | $899.9M | $1.12B | $1.17B | $1.62B | $1.77B | $1.45B | $1.90B | $360.4M |
| Interest Expense | $107.0M | $128.6M | $157.5M | $173.7M | $171.6M | $142.2M | $94.2M | $74.2M | $185.8M | $226.7M |
| Pre-tax Income | -$49.8M | $194.2M | $402.8M | $404.0M | $827.2M | $654.3M | $670.7M | $281.0M | $510.7M | -$1.22B |
| Income Tax | $16.1M | $25.1M | -$114.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$65.9M | $169.1M | $517.3M | $363.2M | $771.0M | $571.2M | $521.7M | $103.6M | $322.9M | -$1.43B |
| EPS | $-0.87 | $1.59 | $5.02 | $1.60 | $4.69 | $3.83 | $3.18 | $0.54 | $1.80 | $-8.44 |
| EPS (Diluted) | $-0.87 | $1.58 | $5.01 | $1.59 | $4.67 | $3.82 | $3.18 | $0.54 | $1.80 | $-8.44 |
| Shares Outstanding (Diluted) | $76.1M | $92.1M | $103.3M | $112.5M | $126.5M | $147.5M | $161.7M | $170.9M | $172.1M | $170.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $735.8M | $754.4M | $671.0M | $796.0M |
| Gross Profit | $496.6M | $521.9M | $446.9M | $588.7M |
| Operating Income | $127.2M | -$1.61B | $106.8M | $25.0M |
| EBITDA | $197.2M | -$607.6M | $476.8M | $359.2M |
| Net Income | -$232.8M | -$1.08B | $398.4M | $12.2M |
| EPS | $-1.38 | $-6.35 | $2.10 | $0.06 |
| EPS (Diluted) | $-1.38 | $-6.35 | $2.10 | $0.07 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $125.0M | $254.4M | $234.2M | $189.7M | $568.5M | $361.3M | $825.2M | $618.2M | $552.1M | $549.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $47.7M | $49.3M | $49.5M | $51.0M | $48.6M | $91.1M | $66.8M | $64.1M | $168.5M | $323.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $202.1M | $348.0M | $348.3M | $336.1M | $727.8M | $707.2M | $973.9M | $781.8M | $783.6M | $939.8M |
| Property, Plant & Equipment | $96.1M | $108.1M | $228.7M | $743.7M | $983.0M | $1.26B | $1.35B | $1.15B | $1.25B | $1.10B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $609.9M | $615.6M | $461.6M | $305.1M | 0 |
| Total Assets | $10.35B | $12.10B | $14.46B | $18.39B | $22.83B | $30.22B | $35.52B | $36.77B | $37.53B | $34.08B |
| Accounts Payable | $366.2M | $349.9M | $215.5M | $199.0M | $285.0M | $513.4M | $389.7M | $524.4M | $534.8M | $510.6M |
| Short-term Debt | $28.0M | $50.0M | $208.0M | $384.0M | $100.0M | $270.0M | 0 | $100.0M | 0 | $353.2M |
| Total Current Liabilities | $702.5M | $741.0M | $1.06B | $1.26B | $1.15B | $1.73B | $1.67B | $2.00B | $1.96B | $2.18B |
| Long-term Debt | $4.14B | $4.71B | $5.27B | $6.39B | $7.46B | $8.52B | $10.16B | $11.22B | $12.24B | $12.05B |
| Total Liabilities | $4.97B | $5.62B | $6.57B | $8.22B | $9.38B | $11.19B | $12.84B | $14.15B | $15.13B | $14.93B |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | $4.90B | $5.95B | $7.34B | $8.87B | $11.73B | $16.19B | $18.97B | $18.47B | $17.89B | $15.47B |
| Total Debt | $4.22B | $4.85B | $5.48B | $7.05B | $7.91B | $9.23B | $10.57B | $11.70B | $12.75B | $12.76B |
| Net Debt | $4.10B | $4.60B | $5.24B | $6.86B | $7.34B | $8.87B | $9.74B | $11.08B | $12.20B | $12.21B |
| Working Capital | -$500.4M | -$393.0M | -$712.4M | -$924.9M | -$418.2M | -$1.03B | -$699.0M | -$1.22B | -$1.17B | -$1.24B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $579.5M | $549.1M | $418.7M | $470.4M |
| Total Assets | $37.38B | $34.08B | $34.17B | $34.63B |
| Total Liabilities | $16.26B | $14.93B | $14.80B | $15.47B |
| Total Equity | $16.64B | $15.47B | $15.73B | $15.55B |
| Total Debt | $13.96B | $12.76B | $12.88B | $12.81B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$49.8M | $194.2M | $402.8M | $404.0M | $827.2M | $654.3M | $670.7M | $281.0M | $510.7M | -$1.44B |
| Depreciation & Amortization | $313.4M | $416.8M | $477.7M | $544.6M | $640.9M | $766.3M | $927.8M | $1.00B | $1.12B | $1.35B |
| Stock-based Compensation | $25.4M | $25.6M | $35.0M | $43.6M | $43.5M | $48.7M | $57.7M | $82.9M | $59.6M | $41.1M |
| Change in Working Capital | -$42.6M | -$56.3M | -$55.6M | -$37.2M | -$70.4M | -$95.3M | -$122.7M | $2.0M | -$200.5M | -$297.8M |
| Operating Cash Flow | $392.5M | $450.3M | $570.3M | $683.9M | $882.5M | $1.01B | $1.29B | $1.63B | $1.50B | $1.41B |
| Capital Expenditure | -$1.44B | -$1.55B | -$1.94B | 0 | 0 | -$7.33B | 0 | 0 | 0 | 0 |
| Acquisitions | -$11.5M | -$39.6M | -$83.3M | -$102.1M | $16.8M | $372.2M | -$971,000 | -$658,000 | -$1.0M | -$10.7M |
| Stock Repurchased | -$206.8M | -$148.3M | -$14.0M | 0 | 0 | 0 | 0 | 0 | -$50.1M | -$208.2M |
| Dividends Paid | -$262.8M | -$321.8M | -$385.8M | -$451.2M | -$533.0M | -$656.0M | -$757.7M | -$847.5M | -$898.6M | -$911.5M |
| Free Cash Flow | -$1.04B | -$1.10B | -$1.37B | $683.9M | $882.5M | -$6.32B | $1.29B | $1.63B | $1.50B | $1.41B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $433.5M | $312.4M | $196.6M | $337.0M |
| Capital Expenditure | 0 | 0 | 0 | -$403.3M |
| Free Cash Flow | $433.5M | $312.4M | $196.6M | -$66.4M |
| Dividends Paid | -$227.2M | -$227.0M | -$123.8M | -$123.8M |
| Stock-based Compensation | $10.3M | $8.2M | $11.0M | $10.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +25.2% | +18.0% | +14.3% | +24.8% | +11.3% | +22.2% | +10.3% | +7.3% | -2.6% |
| Net Income Growth (YoY) | | +356.6% | +206.0% | -29.8% | +112.3% | -25.9% | -8.7% | -80.1% | +211.6% | -543.0% |
| EPS Growth (YoY) | | +282.8% | +215.7% | -68.1% | +193.1% | -18.3% | -17.0% | -83.0% | +233.3% | -568.9% |
| Shares Change (YoY) | | +21.0% | +12.2% | +8.9% | +12.4% | +16.6% | +9.6% | +5.7% | +0.7% | -1.0% |
| FCF Growth (YoY) | | -5.7% | -24.5% | +149.8% | +29.0% | -816.6% | +120.5% | +26.0% | -7.7% | -6.0% |
| Gross Margin | 69.0% | 71.0% | 71.3% | 70.6% | 72.0% | 70.4% | 69.6% | 69.8% | 70.2% | 68.9% |
| Operating Margin | 4.6% | 16.1% | 31.8% | 27.6% | 65.0% | 24.3% | 23.8% | 24.3% | 25.2% | -40.5% |
| EBITDA Margin | 29.3% | 54.3% | 67.8% | 74.0% | 61.9% | 76.7% | 68.6% | 51.0% | 62.3% | 12.1% |
| Net Margin | -7.3% | 15.0% | 39.0% | 23.9% | 40.7% | 27.1% | 20.3% | 3.6% | 10.6% | -48.2% |
| FCF Margin | -116.3% | -98.1% | -103.5% | 45.1% | 46.6% | -300.0% | 50.2% | 57.4% | 49.3% | 47.6% |
| Effective Tax Rate | -32.3% | 12.9% | -28.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-13.72 | $-11.99 | $-13.30 | $6.08 | $6.98 | $-42.88 | $8.01 | $9.54 | $8.74 | $8.30 |
| Dividends Per Share | $3.45 | $3.49 | $3.73 | $4.01 | $4.21 | $4.45 | $4.69 | $4.96 | $5.22 | $5.35 |
| Shares Outstanding (Basic) | $76.0M | $91.5M | $103.0M | $112.2M | $126.1M | $146.9M | $161.7M | $170.9M | $172.1M | $170.4M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | -5.70% |
| Return on Invested Capital | -4.23% |
| Return on Assets | -2.61% |
| Gross Margin | 69.46% |
| Operating Margin | -45.72% |
| Net Margin | -30.57% |
Financial Health
| Debt / Equity | 0.82 |
| Current Ratio | 0.11 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.26 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -127.74 | 82.13 | 22.96 | 100.99 | 38.00 | 58.21 | 45.81 | 234.76 | 54.19 | -5.80 |
| P/B | 1.72 | 2.01 | 1.62 | 2.04 | 1.92 | 2.02 | 1.24 | 1.17 | 0.94 | 0.54 |
| P/S | 9.40 | 10.63 | 8.94 | 11.95 | 11.87 | 15.54 | 9.14 | 7.62 | 5.50 | 2.81 |
| Gross Margin | 69.0% | 71.0% | 71.3% | 70.6% | 72.0% | 70.4% | 69.6% | 69.8% | 70.2% | 68.9% |
| Operating Margin | 4.6% | 16.1% | 31.8% | 27.6% | 65.0% | 24.3% | 23.8% | 24.3% | 25.2% | -40.5% |
| Net Margin | -7.3% | 15.0% | 39.0% | 23.9% | 40.7% | 27.1% | 20.3% | 3.6% | 10.6% | -48.2% |