Alexandria Real Estate Equities

ARE · NYSE · Real Estate · Financials, fiscal 2016 to 2025

ARE · Last close · October 26, 2026

$43.40

Value Alexandria Real Estate Equities yourself

Alexandria Real Estate Equities' revenue fell 2.9% to $3.0 billion in fiscal 2025. Its net margin was −47.2%, down from 10.4% a year earlier. Free cash flow was −$457 million. It paid out $1.1 billion in dividends and buybacks. The diluted share count fell 1.0%.

ALEXANDRIA REAL ESTATE EQUITIES, INC. Latest fiscal year ended December 31, 2025 10-K filed January 26, 2026 · 0001035443-26-000013 Updated October 26, 2026

Revenue

$3.0B

2.9%

Net margin

−47.2%

57.6 pts

Net income

−$1.4B

$323M a year earlier

Free cash flow

−$457M

Return on equity

−8.6%

10.3 pts

Market cap

$7.4B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Capital spending is Alexandria's additions to real estate (development and redevelopment of its properties); purchases of existing properties aren't included.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2024, earnings per share grew 1.9% a year and net income 9.7% a year, as new shares raised the share count by 87% and diluted each share's earnings. Alexandria Real Estate Equities then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Alexandria Real Estate Equities yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Alexandria Real Estate Equities says to expect

Fourth quarter 2026: annualized leverageOn track for annualized 4Q26 leverage guidance of 5.6 x to 6.2 x while maintaining $4.6B in liquidity

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 26, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Alexandria Real Estate Equities' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Alexandria Real Estate Equities' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was negative) of $64M, net cash of −$11.9B at December 31, 2025 and 170 million diluted shares, from its filings. The scenarios are fitted to Alexandria Real Estate Equities: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Office REITs), plus 1 point as a smaller company, worth $7.4B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Alexandria Real Estate Equities' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Alexandria Real Estate Equities's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 12% discount rate. Base: growth of 5.5% then 4% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 8% then 5.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $43.40
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Alexandria Real Estate Equities' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	361	825	618	552	549
Debt incl. finance leases	8,792	10,160	11,316	12,244	12,401
Net debt (negative means net cash)	8,431	9,335	10,697	11,692	11,852
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.5x	0.5x	0.6x	0.7x	0.8x
Interest coverage	—	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $3.2 million of Alexandria Real Estate Equities shares on the open market, and 6 insiders sold $1.9 million, $133,835 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Kristina Fukuzaki-CarlsonEVP - Business Operations	Sold	16,810	$50.51	$849,073	Form 4
Sep 11, 2026	Joel S MarcusExecutive Chairman, Director	Bought	5,000	$49.68	$248,400	Form 4
Aug 31, 2026	Andres GavinetChief Accounting Officer	Sold	10,000	$50.93	$509,300	Form 4
Aug 17, 2026	Joel S MarcusExecutive Chairman, Director	Bought	5,000	$46.28	$231,400	Form 4
Jun 9, 2026	Marc E BindaCFO & Treasurer	Sold plan	2,000	$54.00	$108,000	Form 4
May 6, 2026	Joel S MarcusExecutive Chairman, Director	Bought	7,500	$46.34	$347,558	Form 4
May 5, 2026	Joel S MarcusExecutive Chairman, Director	Bought	7,500	$42.72	$320,416	Form 4
May 4, 2026	Joel S MarcusExecutive Chairman, Director	Bought	10,000	$41.02	$410,200	Form 4
Apr 30, 2026	Gregory Calvin ThomasEVP - CTO	Bought	3,500	$41.00	$143,500	Form 4
Apr 17, 2026	Hallie E. KuhnEVP - Cap Market & Co-Lead -LS	Sold plan	536	$48.20	$25,835	Form 4
Feb 27, 2026	Bret E. GossettEVP - Co-RMD	Sold	4,702	$53.55	$251,792	Form 4
Feb 12, 2026	Joel S MarcusExecutive Chairman, Director	Bought	25,000	$53.92	$1.3 million	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—
Accruals ratio	−4.2%	−3.2%	−7.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Alexandria Real Estate Equities side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alexandria Real Estate Equities	FY25	−2.9%	—	−15.1%	—	—	—
BXP	FY25	2.2%	—	—	—	—	—	Compare
Vornado Realty Trust	FY25	1.3%	—	53.1%	17.4%	0.8x	—	Compare
Kilroy Realty	FY25	−2.0%	—	40.5%	—	—	—	Compare
Cousins Properties	FY25	16.0%	67.8%	13.6%	6.7%	3.1x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	922	1,128	1,328	1,531	1,886	2,114	2,589	2,886	3,116	3,027
Revenue growth	—	22.4%	17.7%	15.4%	23.1%	12.1%	22.5%	11.5%	8.0%	−2.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	−66	169	379	363	771	571	522	104	323	−1,430
Diluted EPS (US$)	−1.99	1.58	3.52	3.12	6.01	3.82	3.18	0.54	1.80	−8.44
Diluted shares (millions)	76	92	103	112	126	148	162	171	172	170
Cash flow
Cash from operations	394	451	570	684	882	1,010	1,294	1,630	1,504	1,414
Capital expenditure	822	894	927	1,224	1,445	2,090	3,307	3,418	2,423	1,871
Free cash flow	−428	−443	−357	−541	−563	−1,080	−2,013	−1,788	−918	−457
Dividends paid	240	312	381	447	533	656	758	848	899	911
Share buybacks	0	0	0	0	0	0	0	0	50	208
Acquisitions	0	660	0	0	0	9	0	0	0	0
Stock-based compensation	25	26	35	44	44	49	58	83	60	41
Balance sheet at fiscal year end
Cash and short-term investments	125	254	234	190	568	361	825	618	552	549
Debt incl. finance leases	4,164	4,765	5,478	6,778	7,563	8,792	10,160	11,316	12,244	12,401
Total assets	10,355	12,104	14,465	18,390	22,828	30,219	35,523	36,771	37,527	34,082
Total liabilities	4,973	5,621	6,570	8,224	9,384	11,186	12,840	14,148	15,129	14,925
Shareholders' equity	4,896	5,950	7,342	8,866	11,726	16,190	18,972	18,471	17,889	15,470
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	−7.2%	15.0%	28.6%	23.7%	40.9%	27.0%	20.1%	3.6%	10.4%	−47.2%
Free cash flow margin	−46.5%	−39.2%	−26.9%	−35.3%	−29.8%	−51.1%	−77.8%	−62.0%	−29.5%	−15.1%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−1.5%	3.1%	5.7%	4.5%	7.5%	4.1%	3.0%	0.6%	1.8%	−8.6%
Return on assets	−0.7%	1.5%	2.9%	2.2%	3.7%	2.1%	1.6%	0.3%	0.9%	−4.0%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alexandria Real Estate Equities' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alexandria Real Estate Equities.