A 
Alexandria Real Estate Equities ARE · USD
Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
45.88
+2.41%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.97bn
FY2016FY2025
Net income
−$1.43bn
FY2016FY2025
Free cash flow
−$456.9m
FY2016FY2025
Shareholders' equity
$15.47bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.97bn | $3.05bn | $2.84bn | $2.58bn | $2.11bn | $1.89bn | $1.53bn | $1.33bn | $1.12bn | $897.9m |
| Gross profit | $2.05bn | $2.14bn | $1.98bn | $1.79bn | $1.49bn | $1.36bn | $1.09bn | $946.3m | $798.9m | $619.5m |
| Research and development | — | — | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Operating income | −$990.0m | $769.7m | $690.4m | $707.7m | $530.3m | $532.1m | $442.5m | $422.3m | −$276.9m | $41.1m |
| Net income | −$1.43bn | $322.9m | $103.6m | $521.7m | $571.2m | $771.0m | $363.2m | $379.3m | $169.1m | −$65.9m |
| Diluted earnings per share | -8.40 | 1.88 | 0.61 | 3.15 | 3.70 | 5.76 | 3.16 | 3.58 | 1.69 | -0.75 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $34.08bn | $37.53bn | $36.77bn | $35.52bn | $30.22bn | $22.83bn | $18.39bn | $14.46bn | $12.10bn | $10.35bn |
| Cash and short-term investments | $549.1m | $552.1m | $618.2m | $825.2m | $361.3m | $568.5m | $189.7m | $234.2m | $254.4m | $125.0m |
| Total liabilities | $14.93bn | $15.13bn | $14.15bn | $12.84bn | $11.19bn | $9.38bn | $8.22bn | $6.57bn | $5.62bn | $4.97bn |
| Debt | $12.40bn | $12.24bn | $11.32bn | $10.16bn | $8.79bn | $7.56bn | $6.78bn | $5.48bn | $4.76bn | $4.16bn |
| Shareholders' equity | $15.47bn | $17.89bn | $18.47bn | $22.68bn | $19.03bn | $11.73bn | $8.87bn | $7.34bn | $5.95bn | $4.90bn |
| Shares outstanding | 170m | 172m | 171m | 165m | 154m | 134m | 115m | 106m | 100m | 88m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.41bn | $1.50bn | $1.63bn | $1.29bn | $1.01bn | $882.5m | $683.9m | $570.3m | $450.3m | $392.5m |
| Capital spending | −$1.87bn | −$2.67bn | −$2.49bn | −$6.19bn | −$7.33bn | −$3.27bn | −$3.48bn | −$1.94bn | −$1.55bn | −$1.44bn |
| Free cash flow | −$456.9m | −$1.17bn | −$857.8m | −$4.89bn | −$6.32bn | −$2.39bn | −$2.79bn | −$1.37bn | −$1.10bn | −$1.04bn |
| Dividends paid | −$911.5m | −$898.6m | −$847.5m | −$757.7m | −$656.0m | −$533.0m | −$451.2m | −$385.8m | −$321.8m | −$262.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $796.0m | $671.0m | $754.4m | $735.8m | $737.3m | $743.2m | $763.2m | $775.7m |
| Gross profit | $588.7m | $446.9m | $521.9m | $496.6m | $512.8m | $516.8m | $522.8m | $542.5m |
| Operating income | $89.3m | $171.3m | −$929.7m | $127.2m | $137.6m | $89.5m | $160.0m | $248.1m |
| Net income | $12.2m | $398.4m | −$1.08bn | −$232.8m | −$107.0m | −$8.9m | −$62.2m | $167.9m |
| Diluted earnings per share | 0.06 | 2.11 | -6.35 | -1.37 | -0.63 | -0.05 | -0.36 | 0.98 |
| Cash from operations | $336.0m | $196.0m | $312.0m | $433.0m | $460.0m | $207.0m | $274.0m | $477.0m |
| Capital spending | −$403.0m | — | −$1.87bn | −$1.54bn | −$1.08bn | −$645.0m | −$2.67bn | −$2.13bn |
| Free cash flow | −$67.0m | — | −$1.56bn | −$1.10bn | −$621.0m | −$438.0m | −$2.40bn | −$1.66bn |
| Total assets | $34.63bn | $34.17bn | $34.08bn | $37.38bn | $37.62bn | $37.60bn | $37.53bn | $38.49bn |
| Cash and short-term investments | $470.4m | $418.7m | $549.1m | $579.5m | $520.5m | $476.4m | $552.1m | $562.6m |
| Debt | $12.81bn | $12.52bn | $12.10bn | $15.14bn | $14.39bn | $12.79bn | $11.64bn | $13.15bn |
| Shareholders' equity | $15.55bn | $15.73bn | $15.47bn | $16.64bn | $17.18bn | $17.46bn | $17.89bn | $18.22bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 68.9% | 70.2% | 69.8% | 69.6% | 70.5% | 71.9% | — | — |
| Operating margin | -33.3% | 22.8% | 12.5% | 29.7% | 25.1% | 28.2% | — | — |
| Net margin | -48.2% | 10.6% | 3.6% | 20.3% | 27.0% | 40.9% | — | — |
| Return on equity | -9.2% | 1.8% | 0.6% | 2.3% | 3.0% | 6.6% | — | — |
| Return on assets | -4.2% | 0.9% | 0.3% | 1.5% | 1.9% | 3.4% | — | — |
| Free cash flow yield | 42.0% | 52.9% | 52.4% | 98.5% | 117.8% | 67.6% | — | — |
| Revenue growth | -2.6% | 7.3% | 10.3% | 21.8% | 12.1% | 23.1% | — | — |
| Earnings growth | -543.0% | 211.6% | -80.1% | -8.7% | -25.9% | 112.3% | — | — |
| Current ratio | 0.43x | 0.40x | 0.39x | 0.32x | 0.16x | 0.64x | — | — |
| Debt to equity | 0.80x | 0.68x | 0.61x | 0.46x | 0.46x | 0.65x | — | — |
| Equity ratio | 45.4% | 47.7% | 50.2% | 63.9% | 63.0% | 51.4% | — | — |
| Interest coverage | -4.37x | 3.75x | 4.79x | 8.12x | 3.73x | 3.10x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 1.0% | -0.6% | -3.4% | -7.2% | -15.3% | -16.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | 9.5% | 13.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.6% | 69.6% | 70.0% | 70.1% |
| Operating margin | -3.7% | 10.3% | 14.5% | 14.2% |
| Net margin | -18.4% | -4.2% | 5.6% | 8.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.8 | 52.0 | 209.3 | 46.2 | 60.2 | 30.9 | 51.1 | 32.2 | 77.3 | -148.7 |
| Price to sales | 2.8 | 5.5 | 7.6 | 9.3 | 16.3 | 12.7 | 12.1 | 9.2 | 11.6 | 10.9 |
Market value over time
30 Nov 2016 to 6 Oct 2026, in USD
$8.44bn$8.65bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -50% | -24% | -10% | -33% | 23% | 10% | 36% | -9% | 16% | 25% |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.16 | 4.68 | 5.19 | 4.96 | 4.23 | 4.48 | 4.24 | 4.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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