A Business at a Glance
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ALEXANDRIA REAL ESTATE EQUITIES, INC.
ARE
$8.7B
Mkt Cap
$50.94
+1.64%
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a 5-year average return on invested capital (ROIC) of -0.1%. This is below average and may indicate limited pricing power.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a market capitalization of $8.7B. It is classified as a mid-cap stock.
Yes, ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) pays a dividend with a trailing twelve-month yield of 9.26%.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a net profit margin of -49.8%. The company is currently unprofitable.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Alexandria Real Estate Equities, Inc. is a Maryland-incorporated REIT and S&P 500 company that pioneered the life science real estate niche in 1994 and operates as the preeminent owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation clusters across North America, including Greater Boston, San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, New York City, and Texas. The company's business model centers on developing and operating Class A/A+ laboratory and collaborative properties that enable tenants—including multinational pharmaceutical companies, biotechnology firms, medical device companies, academic institutions, government research agencies, and venture capital firms—to attract and retain world-class talent and drive innovation. As of December 31, 2025, Alexandria owned 340 properties comprising approximately 39.4 million rentable square feet of operating properties and properties under construction, with an occupancy rate of 90.9% and a 10-year average occupancy of 95%, generating higher rental income and longer lease terms through its differentiated Megacampus platform. The company's capital strategy emphasizes disciplined development and redevelopment of generic, reusable laboratory space in high-demand clusters, supplemented by selective acquisitions, strategic non-real estate venture capital investments in life science companies, and a robust asset recycling program focused on dispositions and partial interest sales to maintain a strong balance sheet and fund future growth. Investment-grade or publicly traded large-cap tenants represented 53% of annual rental revenue as of December 31, 2025, providing revenue stability and demonstrating the quality of Alexandria's tenant base.
【Market stabilization emerging】 Management expects occupancy to decline in the first quarter of 2026 due to anticipated lease expirations but anticipates recovery in the second half of 2026 as nearly 900,000 square feet of signed leases commence and vacant space is re-leased. The company is navigating a challenging near-term environment characterized by reduced demand from public biotech companies and rental rate pressure, but management remains focused on executing its strategic path forward, including maintaining a strong and flexible balance sheet, substantially completing its large-scale non-core disposition program, and reducing funding needs through approximately $2.9 billion in planned dispositions and partial interest sales weighted to close in the second, third, and fourth quarters of 2026. Management expects capitalized interest to decline in the second half of 2026 due to completion of certain development projects and potential pauses or dispositions of land parcels, while continuing to benefit from a high-quality tenant base with long remaining lease terms and contractual rent escalations approaching 3% on 97% of leases.
| Metric | Target | Period |
|---|---|---|
| FFO per share diluted as adjusted | $6.40 | FY2026 |
| FFO per share diluted as adjusted | $1.40–$1.50 | Q4 2026 |
| Year-end 2026 occupancy | 87% | FY2026 |
| Same property Net Operating Income | down 9.5% | FY2026 |
| G&A expense | $134 million–$154 million | FY2026 |
| Realized investment gains | $60 million–$90 million | FY2026 |
| Dispositions and sales of partial interest | $2.9 billion | FY2026 |
| Q4 2026 net debt to annualized adjusted EBITDA | 5.6x–6.2x | Q4 2026 |
FFO per share diluted as adjusted (FY2026): “We reaffirm the midpoint of our guidance for FFO per share diluted as adjusted for 2026 at $6.40 while tightening the range.”
FFO per share diluted as adjusted (Q4 2026): “We refine this range to $1.40-$1.50, which implies a $0.05 decline at the midpoint of the range of $1.45”
Year-end 2026 occupancy (FY2026): “We updated the midpoint of our guidance range for year-end 2026 occupancy from 88.5% to 87%, or a reduction of 1.5%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.9B | 3.0B | 2.8B | 2.5B | 2.1B |
| Net Income | -1.1B | -1.4B | 310M | 92M | 513M | 563M |
| EPS | $-6.27 | $-8.44 | $1.80 | $0.54 | $3.18 | $3.82 |
| Free Cash Flow | 1.1B | 1.1B | 1.0B | 1.0B | -1.6B | -4.4B |
| ROIC | 0.0% | -5.0% | 1.2% | 0.4% | 1.2% | 1.4% |
| Gross Margin | - | 21.3% | 29.7% | 30.3% | 29.6% | 30.6% |
| Debt/Equity | 1.58 | 2.45 | 1.41 | 1.11 | 1.31 | 2.45 |
| Dividends/Share | $4.72 | $4.68 | $5.19 | $4.96 | $4.72 | $4.48 |
| Operating Income | 0 | -1.2B | 495M | 167M | 607M | 706M |
| Operating Margin | 0.0% | -41.9% | 16.5% | 5.9% | 24.0% | 33.9% |
| ROE | -6.8% | -8.6% | 1.7% | 0.5% | 2.9% | 4.0% |
| Shares Outstanding | 171M | 170M | 172M | 171M | 161M | 147M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 727M | 843M | 922M | 1.1B | 1.3B | 1.5B | 1.9B | 2.1B | 2.5B | 2.8B | 3.0B | 2.9B | 2.9B |
| Gross Margin | 39.0% | 38.1% | 35.8% | 34.2% | 35.3% | 32.4% | 33.8% | 30.6% | 29.6% | 30.3% | 29.7% | 21.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 54M | 60M | 64M | 75M | 90M | 109M | 133M | 151M | 177M | 199M | 168M | 117M | 121M |
| EBIT | 151M | 223M | -44M | 274M | 537M | 525M | 943M | 706M | 607M | 167M | 495M | -1.2B | 0 |
| Op. Margin | 20.8% | 26.4% | -4.8% | 24.3% | 40.4% | 35.8% | 50.8% | 33.9% | 24.0% | 5.9% | 16.5% | -41.9% | 0.0% |
| Net Income | 72M | 117M | -151M | 145M | 379M | 351M | 771M | 563M | 513M | 92M | 310M | -1.4B | -1.1B |
| Net Margin | 9.9% | 13.9% | -16.4% | 12.9% | 28.6% | 23.9% | 41.6% | 27.1% | 20.2% | 3.3% | 10.3% | -49.8% | -36.3% |
| Non-Recurring | 52M | 23M | 209M | 203K | 6.3M | 12M | 48M | 53M | 65M | 461M | 223M | 2.2B | 2.2B |
| Returns on Capital | |||||||||||||
| ROIC | 2.1% | 2.9% | -0.5% | 2.9% | 4.7% | 3.5% | 3.1% | 1.4% | 1.2% | 0.4% | 1.2% | -5.0% | 0.0% |
| ROE | 1.9% | 3.0% | -3.4% | 2.7% | 5.2% | 4.3% | 7.5% | 4.0% | 2.9% | 0.5% | 1.7% | -8.6% | -6.8% |
| ROA | 0.9% | 1.4% | -1.6% | 1.3% | 2.6% | 2.1% | 3.7% | 2.1% | 1.6% | 0.3% | 0.8% | -4.0% | -3.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 334M | 343M | 393M | 451M | 570M | 684M | 883M | 1.0B | 1.3B | 1.6B | 1.5B | 1.4B | 1.4B |
| Free Cash Flow | 206M | 94M | -346M | -225M | -467M | -1.6B | -1.7B | -4.4B | -1.6B | 1.0B | 1.0B | 1.1B | 1.1B |
| Owner Earnings | 96M | 64M | 55M | 8.5M | 58M | 96M | 141M | 140M | 234M | 454M | 243M | 22M | 47M |
| CapEx | 128M | 249M | 740M | 676M | 1.0B | 2.3B | 2.6B | 5.4B | 2.9B | 629M | 466M | 339M | 330M |
| Maint. CapEx | 224M | 261M | 313M | 417M | 478M | 545M | 698M | 821M | 1.0B | 1.1B | 1.2B | 1.4B | 1.3B |
| Growth CapEx | 0 | 0 | 426M | 259M | 560M | 1.7B | 1.9B | 4.6B | 1.9B | 0 | 0 | 0 | 0 |
| D&A | 224M | 261M | 313M | 417M | 478M | 545M | 698M | 821M | 1.0B | 1.1B | 1.2B | 1.4B | 1.3B |
| CapEx/OCF | 38.3% | 72.7% | 188.5% | 149.8% | 181.9% | 330.4% | 291.3% | 538.0% | 222.3% | 38.6% | 30.9% | 24.0% | 23.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 202M | 218M | 240M | 312M | 381M | 447M | 533M | 656M | 758M | 847M | 899M | 911M | 805M |
| Dividend Yield | 5.7% | 4.9% | 4.6% | 3.9% | 3.8% | 3.6% | 3.3% | 2.9% | 3.4% | 4.7% | 4.9% | 7.3% | 9.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 208M | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 2.6% | 0.0% |
| Stock-Based Comp | 14M | 18M | 25M | 26M | 35M | 44M | 44M | 49M | 58M | 83M | 60M | 41M | 42M |
| Debt Repayment | 0 | 0 | 4.2B | 3.8B | 942M | 4.9B | 3.1B | 3.5B | 1.2B | 1.2B | 0 | 700M | 700M |
| Balance Sheet | |||||||||||||
| Net Debt | 3.7B | 3.6B | 3.7B | 4.0B | 4.0B | 8.8B | 30.5B | 39.4B | 24.0B | 19.9B | 24.7B | 37.3B | 24.4B |
| Cash & Equiv. | 86M | 125M | 125M | 254M | 234M | 190M | 569M | 361M | 825M | 618M | 552M | 549M | 419M |
| Long-Term Debt | 3.7B | 4.0B | 4.2B | 4.8B | 4.3B | 6.8B | 7.6B | 8.8B | 10.2B | 11.3B | 12.2B | 12.4B | 12.5B |
| Debt/Equity | 1.04 | 1.04 | 0.86 | 0.81 | 0.61 | 1.02 | 2.65 | 2.45 | 1.31 | 1.11 | 1.41 | 2.45 | 1.58 |
| Interest Coverage | 1.9 | 2.1 | -0.4 | 2.1 | 3.4 | 3.0 | 5.5 | 5.0 | 6.4 | 2.2 | 2.7 | -5.3 | -5.3 |
| Equity | 3.8B | 4.0B | 4.9B | 5.9B | 7.3B | 8.9B | 11.7B | 16.2B | 19.0B | 18.5B | 17.9B | 15.5B | 15.7B |
| Total Assets | 8.1B | 8.9B | 10.4B | 12.1B | 14.5B | 18.4B | 22.8B | 30.2B | 35.5B | 36.8B | 37.5B | 34.1B | 34.2B |
| Total Liabilities | 4.2B | 4.6B | 5.0B | 5.6B | 6.6B | 8.2B | 9.4B | 11.2B | 12.8B | 14.1B | 15.1B | 14.9B | 14.8B |
| Intangibles | -8.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 489M | 589M | 732M | 764M | 982M | 1.3B | 1.7B | 2.2B | 2.5B | 2.6B | 2.7B | 2.4B | 2.2B |
| Per Share Data | |||||||||||||
| EPS | 1.01 | 1.63 | -1.99 | 1.58 | 3.52 | 3.12 | 6.01 | 3.82 | 3.18 | 0.54 | 1.80 | -8.44 | -6.27 |
| Owner EPS | 1.35 | 0.89 | 0.72 | 0.09 | 0.54 | 0.85 | 1.10 | 0.95 | 1.45 | 2.65 | 1.41 | 0.13 | 0.27 |
| Book Value | 53.62 | 55.44 | 64.46 | 64.65 | 68.13 | 78.81 | 91.41 | 109.77 | 117.55 | 107.90 | 104.02 | 90.80 | 92.17 |
| Cash Flow/Share | 4.68 | 4.78 | 5.18 | 4.90 | 5.29 | 6.08 | 6.88 | 6.85 | 8.02 | 9.52 | 8.75 | 8.30 | 1.44 |
| Dividends/Share | 2.83 | 3.04 | 3.16 | 3.45 | 3.73 | 4.00 | 4.24 | 4.48 | 4.72 | 4.96 | 5.19 | 4.68 | 4.72 |
| Shares Out. | 71.4M | 71.7M | 76.0M | 92.0M | 107.8M | 112.5M | 128.3M | 147.5M | 161.4M | 171.2M | 172.0M | 170.4M | 170.7M |
| Valuation | |||||||||||||
| P/E Ratio | 59.1 | 38.7 | N/A | 60.9 | 24.6 | 39.8 | 23.3 | 47.4 | 37.8 | 210.9 | 49.8 | N/A | -8.1 |
| P/FCF | 20.6 | 48.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 19.5 | 14.9 | 7.5 | 8.1 |
| EV/EBIT | 39.5 | 27.9 | N/A | 44.4 | 24.9 | 38.2 | 25.6 | 49.0 | 45.9 | 176.7 | 53.3 | N/A | N/A |
| Price/Book | 1.1 | 1.1 | 1.2 | 1.7 | 1.3 | 1.6 | 1.5 | 1.7 | 1.0 | 1.1 | 0.9 | 0.5 | 0.6 |
| Price/Sales | 4.9 | 5.3 | 5.7 | 8.1 | 7.5 | 8.5 | 8.6 | 10.7 | 8.6 | 6.2 | 5.8 | 4.1 | 3.0 |
| FCF Yield | 4.8% | 2.1% | -5.9% | -2.2% | -5.0% | -10.9% | -9.4% | -16.3% | -8.2% | 5.1% | 6.7% | 13.4% | 12.3% |
| Market Cap | 4.3B | 4.5B | 5.9B | 10.3B | 9.3B | 14.5B | 18.0B | 27.1B | 19.4B | 19.5B | 15.4B | 8.0B | 8.7B |
| Avg. Price | 50.15 | 62.60 | 69.01 | 85.89 | 92.65 | 111.45 | 126.36 | 151.78 | 137.95 | 105.26 | 105.83 | 73.67 | 50.94 |
| Year-End Price | 59.65 | 63.04 | 77.62 | 96.18 | 86.51 | 124.31 | 140.00 | 181.13 | 120.30 | 113.86 | 89.73 | 47.15 | 50.94 |
ALEXANDRIA REAL ESTATE EQUITIES, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.2x vs a median of 14.9x. The company's 5-year average gross margin is 28.3%. Total shareholder yield (dividends) is 9.3%. At current prices, the estimated annualized return to fair value is +26.8%.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a debt-to-equity ratio of 2.45. This indicates higher leverage, which may increase financial risk.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) reported earnings per share (EPS) of $-8.44 in its most recent fiscal year.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a return on equity (ROE) of -8.6%. A negative ROE may indicate losses or negative equity.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a 5-year average gross margin of 28.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has a book value per share of $90.80, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects occupancy to decline in the first quarter of 2026 due to anticipated lease expirations but anticipates recovery in the second half of 2026 as nearly 900,000 square feet of signed leases commence and vacant space is re-leased. The company is navigating a challenging near-term environment characterized by reduced demand from public biotech companies and rental rate pressure, but management remains focused on executing its strategic path forward, including maintaining a strong and flexible balance sheet, substantially completing its large-scale non-core disposition program, and reducing funding needs through approximately $2.9 billion in planned dispositions and partial interest sales weighted to close in the second, third, and fourth quarters of 2026. Management expects capitalized interest to decline in the second half of 2026 due to completion of certain development projects and potential pauses or dispositions of land parcels, while continuing to benefit from a high-quality tenant base with long remaining lease terms and contractual rent escalations approaching 3% on 97% of leases.
Based on recent SEC filings and earnings calls, ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) has provided the following forward guidance: FFO per share diluted as adjusted: $6.40 (FY2026); FFO per share diluted as adjusted: $1.40–$1.50 (Q4 2026); Year-end 2026 occupancy: 87% (FY2026); Same property Net Operating Income: down 9.5% (FY2026); G&A expense: $134 million–$154 million (FY2026), plus 3 additional metrics.
Same property Net Operating Income (FY2026): “We updated the midpoint of our guidance range for same property Net Operating Income from down 8.5% to down 9.5%, or 1% reduction”
G&A expense (FY2026): “We remain on track with our guidance range of $134 million-$154 million for 2026, which represents around 14% savings at the midpoint compared to our 2024 benchmark”
Realized investment gains (FY2026): “we reiterated our guidance range for realized investment gains of $60 million-$90 million for 2026”
Dispositions and sales of partial interest (FY2026): “We expect land to comprise 10%-25% of the $2.9 billion midpoint of our guidance for 2026 dispositions and sales of partial interest”
Q4 2026 net debt to annualized adjusted EBITDA (Q4 2026): “We reiterated our guidance range for 4Q 2026 net debt to annualize adjusted EBITDA of 5.6x - 6.2 x”