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ARE logoAlexandria Real Estate Equities, Inc.(ARE)Earnings, Financials & Key Ratios

ARE•NYSE•REIT / Real Estate
$45.83
$7.93B mkt cap·Price updated May 6, 2026
SectorReal EstateIndustryOffice REITsSub-IndustrySpecialized Office and Lab REITs
AboutAlexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9 million RSF of operating properties and 3.3 million RSF of Class A properties undergoing construction, 7.1 million RSF of near-term and intermediate-term development and redevelopment projects, and 7.4 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science, technology, and agtech campuses that provide our innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science, technology, and agtech companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.Show more
  • Revenue$2.97B-2.6%
  • FFO-$80M-105.2%
  • FFO/Share-0.47-105.3%
  • FFO Payout-1138.5%-2032.6%
  • FFO per Share-0.47-105.3%
  • NOI Margin68.94%-1.8%
  • FFO Margin-2.69%-105.4%
  • ROE-6.88%-579.9%
  • ROA-4%-559.6%
  • Debt/Assets37.44%+10.2%
  • Net Debt/EBITDA82.40+1232.0%
  • Book Value/Share112.42-13.6%
Technical→

ARE Key Insights

Alexandria Real Estate Equities, Inc. (ARE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓15 consecutive years of dividend growth
  • ✓High NOI margin of 68.9%
  • ✓Trading at only 0.4x book value

✗Weaknesses

  • ✗FFO declining 79.2% TTM
  • ✗Weak momentum: RS Rating 11 (bottom 11%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ARE Price & Volume

Alexandria Real Estate Equities, Inc. (ARE) stock price & volume — 10-year historical chart

Loading chart...

ARE Growth Metrics

Alexandria Real Estate Equities, Inc. (ARE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years13.74%
5 Years9.42%
3 Years4.87%
TTM-4.57%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-813.22%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-922.83%

Return on Capital

10 Years1.93%
5 Years0.93%
3 Years0.21%
Last Year-3.56%

ARE Recent Earnings

Alexandria Real Estate Equities, Inc. (ARE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
Apr 27, 2026
EPS
$1.73
Est $0.14
+1094.8%
Revenue
$653M
Est $685M
-4.6%
Q1 2026
Jan 26, 2026
EPS
$2.16
Est $2.15
+0.5%
Revenue
$729M
Est $739M
-1.4%
Q4 2025
Oct 27, 2025
EPS
$2.22
Est $2.31
-3.9%
Revenue
$736M
Est $745M
-1.2%
Q3 2025
Jul 21, 2025
EPS
$2.33
Est $2.29
+1.7%
Revenue
$762M
Est $753M
+1.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 27, 2026
$1.73vs $0.14+1094.8%
$653Mvs $685M-4.6%
Q1 2026Jan 26, 2026
$2.16vs $2.15+0.5%
$729Mvs $739M-1.4%
Q4 2025Oct 27, 2025
$2.22vs $2.31-3.9%
$736Mvs $745M-1.2%
Q3 2025Jul 21, 2025
$2.33vs $2.29+1.7%
$762Mvs $753M+1.2%
Based on last 12 quarters of dataView full earnings history →

ARE Peer Comparison

Alexandria Real Estate Equities, Inc. (ARE) competitors in Specialized Office and Lab REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
CTRE logoCTRECareTrust REIT, Inc.Direct Competitor8.79B39.4825.15108.71%80.64%6.51%
IIPR logoIIPRInnovative Industrial Properties, Inc.Direct Competitor1.65B57.6914.68-13.8%45.58%6.41%0.21
ONCO logoONCOOnconetix, Inc.Direct Competitor1.54M0.45-0.10-67.7%-17.21%-189.85%0.00
BXP logoBXPBXP, Inc.Product Competitor9.5B59.8434.392.19%7.95%3.58%2.26
VNO logoVNOVornado Realty TrustProduct Competitor5.94B31.567.511.27%43.99%11.77%1.16
SLG logoSLGSL Green Realty Corp.Product Competitor3.18B44.71-28.1241.96%-8.99%-2.03%1.82
HIW logoHIWHighwoods Properties, Inc.Product Competitor2.85B25.8217.81-2.39%11.4%3.76%1.49
CUZ logoCUZCousins Properties IncorporatedProduct Competitor4.41B26.79111.6316%-0.52%-0.11%0.78

Compare ARE vs Peers

Alexandria Real Estate Equities, Inc. (ARE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CTRE

Most directly comparable listed peer for ARE.

Scale Benchmark

vs AMGN

Larger-name benchmark to compare ARE against a more recognizable public peer.

Peer Set

Compare Top 5

vs CTRE, IIPR, ONCO, BXP

ARE Income Statement

Alexandria Real Estate Equities, Inc. (ARE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue1.12B1.33B1.52B1.89B2.11B2.58B2.84B3.05B2.97B2.9B
Revenue Growth %25.24%18.05%14.27%24.85%11.32%22.19%10.34%7.29%-2.59%-4.57%
Property Operating Expenses325.61M381.12M445.49M530.22M623.55M783.15M859.18M909.26M922.61M920.35M
Net Operating Income (NOI)
798.9M▲ 0%
946.34M▲ 18.5%
1.07B▲ 13.2%
1.36B▲ 27.3%
1.48B▲ 8.9%
1.79B▲ 20.8%
1.98B▲ 10.6%
2.14B▲ 7.9%
2.05B▼ 4.3%
1.98B▲ 0%
NOI Margin %71.04%71.29%70.63%72%70.42%69.6%69.77%70.19%68.94%68.25%
Operating Expenses491.79M568.07M653.43M133.34M972.52M1.18B1.29B1.37B3.25B3.22B
G&A Expenses75.01M90.41M108.82M133.34M151.46M177.28M199.35M168.36M117.05M121.06M
EBITDA1.07B1.36B962.55M1.87B1.33B1.62B1.78B1.97B148.2M74.29M
EBITDA Margin %95.02%102.68%63.46%98.8%63.24%62.72%62.76%64.66%4.99%2.56%
Depreciation & Amortization887.82M940.83M544.61M640.86M821.06M1B1.09B1.2B1.35B1.31B
D&A / Revenue %78.95%70.87%35.9%33.84%38.95%38.9%38.47%39.43%45.46%45.33%
Operating Income
180.72M▲ 0%
422.25M▲ 133.6%
417.94M▼ 1.0%
1.23B▲ 194.4%
512.17M▼ 58.4%
613.46M▲ 19.8%
690.45M▲ 12.5%
769.7M▲ 11.5%
-1.2B▼ 256.2%
-1.24B▲ 0%
Operating Margin %16.07%31.81%27.55%64.96%24.29%23.81%24.29%25.24%-40.47%-42.76%
Interest Expense128.65M157.5M173.68M171.61M142.16M94.2M74.2M185.84M226.7M4M
Interest Coverage2.51x3.56x3.33x3.10x5.60x8.12x4.79x3.75x-4.37x-
Non-Operating Income405.95M303.19M-159.78M698.1M-284.27M-151.44M335.25M73.13M-212.25M-331.35M
Pretax Income
194.2M▲ 0%
402.79M▲ 107.4%
404.05M▲ 0.3%
827.17M▲ 104.7%
654.28M▼ 20.9%
670.7M▲ 2.5%
280.99M▼ 58.1%
510.73M▲ 81.8%
-1.22B▼ 338.2%
-1.08B▲ 0%
Pretax Margin %17.27%30.34%26.64%43.68%31.03%26.04%9.89%16.75%-40.96%-37.4%
Income Tax25.11M-114.55M00000000
Effective Tax Rate %12.93%-28.44%0%0%0%0%0%0%0%0%
Net Income
169.09M▲ 0%
517.35M▲ 206.0%
363.17M▼ 29.8%
770.96M▲ 112.3%
571.25M▼ 25.9%
521.66M▼ 8.7%
103.64M▼ 80.1%
322.95M▲ 211.6%
-1.43B▼ 543.0%
-1.02B▲ 0%
Net Margin %15.04%38.97%23.94%40.71%27.1%20.25%3.65%10.59%-48.15%-35.3%
Net Income Growth %356.59%205.95%-29.8%112.29%-25.9%-8.68%-80.13%211.61%-542.96%-813.22%
Funds From Operations (FFO)
1.06B▲ 0%
1.46B▲ 38.0%
907.78M▼ 37.7%
1.41B▲ 55.5%
1.39B▼ 1.4%
1.52B▲ 9.4%
1.2B▼ 21.4%
1.53B▲ 27.4%
-80.06M▼ 105.2%
290.64M▲ 0%
FFO Margin %93.99%109.85%59.85%74.55%66.04%59.15%42.12%50.02%-2.69%10.03%
FFO Growth %79.2%37.96%-37.75%55.52%-1.38%9.44%-21.44%27.42%-105.25%-378.23%
FFO per Share11.4814.118.0711.169.449.437.008.86-0.471.54
FFO Payout Ratio %29.53%26.1%49.24%37.75%47.11%49.73%70.79%58.91%-1138.5%234.47%
EPS (Diluted)
1.58▲ 0%
5.01▲ 217.1%
1.59▼ 68.3%
4.67▲ 193.7%
3.82▼ 18.2%
3.18▼ 16.8%
0.54▼ 83.0%
1.80▲ 233.3%
-8.44▼ 568.9%
-5.43▲ 0%
EPS Growth %281.61%217.09%-68.26%193.71%-18.2%-16.75%-83.02%233.33%-568.89%-922.83%
EPS (Basic)1.595.021.604.693.833.180.541.80-8.44-
Diluted Shares Outstanding92.06M103.32M112.52M126.49M147.46M161.66M170.91M172.07M170.39M188.38M

ARE Balance Sheet

Alexandria Real Estate Equities, Inc. (ARE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets12.1B14.46B18.39B22.83B30.22B35.52B36.77B37.53B34.08B34.17B
Asset Growth %16.89%19.51%27.14%24.13%32.38%17.55%3.51%2.06%-9.18%-21.8%
Real Estate & Other Assets11.01B12.76B15.82B19.17B25.73B30.93B32.89B33.67B30.51B3.4B
PP&E (Net)108.12M228.72M743.68M982.99M1.26B1.35B1.15B1.25B1.1B28.83B
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets347.99M348.27M336.08M727.83M707.23M973.91M781.75M783.64M939.78M430.75M
Cash & Equivalents254.38M234.18M189.68M568.53M361.35M825.19M618.19M552.15M549.06M418.72M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets22.8M37.95M53.01M29.17M53.88M32.78M42.58M7.7M4.69M4.67M
Intangible Assets0000609.87M615.64M461.61M305.14M00
Total Liabilities5.62B6.57B8.22B9.38B11.19B12.84B14.15B15.13B14.93B14.81B
Total Debt4.85B5.48B7.05B7.91B9.23B10.57B11.7B12.75B12.76B12.52B
Net Debt4.6B5.24B6.86B7.34B8.87B9.74B11.08B12.2B12.21B12.1B
Long-Term Debt4.71B5.27B6.39B7.46B8.52B10.16B11.22B12.24B12.05B11.17B
Short-Term Borrowings50M208M384M99.99M269.99M099.95M0353.16M1.35B
Capital Lease Obligations88.18M0271.81M345.75M434.75M406.7M382.88M507.13M360.54M1.09B
Total Current Liabilities740.95M1.06B1.26B1.15B1.73B1.67B2B1.96B2.18B3.64B
Accounts Payable349.88M215.54M198.99M285.02M513.42M389.74M524.44M534.8M510.58M2.15B
Deferred Revenue248.92M250.92M275.86M276.75M326.92M449.62M548.53M691.87M876.25M0
Other Liabilities-172.08M-11.56M21.92M152.29M496.46M600.76M548.76M419.66M334.86M0
Total Equity
6.48B▲ 0%
7.89B▲ 21.8%
10.17B▲ 28.8%
13.44B▲ 32.2%
19.03B▲ 41.6%
22.68B▲ 19.2%
22.62B▼ 0.3%
22.4B▼ 1.0%
19.16B▼ 14.5%
19.35B▲ 0%
Equity Growth %20.45%21.77%28.78%32.24%41.58%19.18%-0.27%-0.99%-14.47%-37.57%
Shareholders Equity5.95B7.34B8.87B11.73B16.19B18.97B18.47B17.89B15.47B15.73B
Minority Interest533.5M552.75M1.3B1.72B2.84B3.71B4.15B4.51B3.69B3.62B
Common Stock998K1.11M1.21M1.37M1.58M1.71M1.72M1.72M1.71M1.71M
Additional Paid-in Capital5.82B7.29B8.87B11.73B16.2B18.99B18.49B17.93B15.5B15.76B
Retained Earnings0000000000
Preferred Stock74.39M64.34M00000000
Return on Assets (ROA)1.51%3.89%2.21%3.74%2.15%1.59%0.29%0.87%-4%-2.86%
Return on Equity (ROE)2.85%7.2%4.02%6.53%3.52%2.5%0.46%1.43%-6.88%-5.03%
Debt / Assets40.09%37.87%38.33%34.65%30.53%29.75%31.81%33.98%37.44%36.64%
Debt / Equity0.75x0.69x0.69x0.59x0.48x0.47x0.52x0.57x0.67x0.67x
Net Debt / EBITDA4.30x3.85x7.13x3.92x6.65x6.03x6.21x6.19x82.40x82.40x
Book Value per Share70.4276.4190.35106.28129.07140.32132.37130.17112.42102.74

ARE Cash Flow Statement

Alexandria Real Estate Equities, Inc. (ARE) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations450.32M570.34M683.86M882.51M1.01B1.29B1.63B1.5B1.41B1.41B
Operating CF Growth %14.73%26.65%19.9%29.05%14.47%28.13%25.98%-7.73%-6.01%11.05%
Operating CF / Revenue %40.05%42.96%45.08%46.6%47.92%50.24%57.36%49.33%47.6%48.78%
Net Income194.2M402.79M404.05M827.17M654.28M670.7M280.99M510.73M-1.44B-1.02B
Depreciation & Amortization416.78M477.66M544.61M640.86M766.28M927.8M1B1.12B1.35B1.3B
Stock-Based Compensation25.61M35.02M43.64M43.5M48.67M57.74M82.86M59.63M41.12M42.09M
Other Non-Cash Items-118.06M-107.96M-128.72M-558.64M-363.77M-239.22M264.53M17.91M1.76B1.08B
Working Capital Changes-56.35M-55.59M-37.16M-70.38M-95.27M-122.7M2.03M-200.46M-297.85M-77.55M
Cash from Investing-1.74B-2.16B-3.64B-3.28B-7.11B-5.08B-2.5B-1.51B527.59M465.39M
Acquisitions (Net)-39.59M-83.34M-102.07M16.78M372.24M-971K-658K-1.01M165.49M33.54M
Purchase of Investments-171.88M-235.94M-190.78M-174.66M-408.56M-242.93M-189.47M-236.36M-2.13B-501.82M
Sale of Investments30.48M103.68M129.22M141.15M424.62M198.32M183.4M173.93M2.49B2.29B
Other Investing-3.3M-2M-3.48B-3.26B-7.5B-5.03B-2.49B-1.45B0-1.35B
Cash from Financing1.42B1.59B2.93B2.75B5.92B4.23B674.16M-93.31M-1.95B-2.19B
Dividends Paid-321.75M-385.84M-451.17M-532.98M-655.97M-757.74M-847.48M-898.56M-911.45M-681.46M
Common Dividends-312.13M-380.63M-447.03M-532.98M-655.97M-757.74M-847.48M-898.56M-911.45M-681.46M
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Share Repurchases-148.28M-13.98M00000-50.11M-208.19M0
Other Financing12.55M-23.27M880.48M170.79M1.79B1.27B261.66M-100.45M-976.19M-808.93M
Net Change in Cash
129.35M▲ 0%
-5.06M▼ 103.9%
-29.44M▼ 482.3%
355.02M▲ 1305.9%
-182.48M▼ 151.4%
442.75M▲ 342.6%
-197.2M▼ 144.5%
-100.92M▲ 48.8%
-6.09M▲ 94.0%
70M▲ 0%
Exchange Rate Effect1.72M-2.07M540K311K-1.71M-887K-1.29M-1.44M1.56M1.6M
Cash at Beginning125.03M277.19M272.13M242.69M597.71M415.23M857.98M660.77M559.85M0
Cash at End254.38M272.13M242.69M597.71M415.23M857.98M660.77M559.85M553.75M0
Free Cash Flow
-1.1B▲ 0%
-1.37B▼ 24.5%
683.86M▲ 149.8%
882.51M▲ 29.0%
-6.32B▼ 816.6%
1.29B▲ 120.5%
1.63B▲ 26.0%
1.5B▼ 7.7%
1.41B▼ 6.0%
1.4B▲ 0%
FCF Growth %-5.7%-24.5%149.78%29.05%-816.56%120.47%25.98%-7.73%-6.01%2.29%
FCF / Revenue %-98.13%-103.49%45.08%46.6%-299.95%50.24%57.36%49.33%47.6%48.39%

ARE Key Ratios

Alexandria Real Estate Equities, Inc. (ARE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share11.4814.118.0711.169.449.4378.86-0.471.54
FFO Payout Ratio29.53%26.1%49.24%37.75%47.11%49.73%70.79%58.91%-1138.5%234.47%
NOI Margin71.04%71.29%70.63%72%70.42%69.6%69.77%70.19%68.94%68.25%
Net Debt / EBITDA4.30x3.85x7.13x3.92x6.65x6.03x6.21x6.19x82.40x82.40x
Debt / Assets40.09%37.87%38.33%34.65%30.53%29.75%31.81%33.98%37.44%36.64%
Interest Coverage2.51x3.56x3.33x3.10x5.60x8.12x4.79x3.75x-4.37x-
Book Value / Share70.4276.4190.35106.28129.07140.32132.37130.17112.42102.74
Revenue Growth25.24%18.05%14.27%24.85%11.32%22.19%10.34%7.29%-2.59%-4.57%

ARE SEC Filings & Documents

Alexandria Real Estate Equities, Inc. (ARE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 27, 2026·SEC

Material company update

Mar 31, 2026·SEC

Material company update

Feb 25, 2026·SEC

10-K Annual Reports

2
FY 2026

Jan 26, 2026·SEC

FY 2025

Jan 27, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

Apr 27, 2026·SEC

FY 2025

Oct 27, 2025·SEC

FY 2025

Jul 21, 2025·SEC

ARE Frequently Asked Questions

Alexandria Real Estate Equities, Inc. (ARE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Alexandria Real Estate Equities, Inc. (ARE) reported $2.90B in revenue for fiscal year 2025. This represents a 25326% increase from $11.4M in 1996.

Alexandria Real Estate Equities, Inc. (ARE) saw revenue decline by 2.6% over the past year.

Alexandria Real Estate Equities, Inc. (ARE) reported a net loss of $1.02B for fiscal year 2025.

Dividend & Returns

Yes, Alexandria Real Estate Equities, Inc. (ARE) pays a dividend with a yield of 11.67%. This makes it attractive for income-focused investors.

Alexandria Real Estate Equities, Inc. (ARE) has a return on equity (ROE) of -6.9%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Alexandria Real Estate Equities, Inc. (ARE) generated Funds From Operations (FFO) of $290.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Alexandria Real Estate Equities, Inc. (ARE) offers a 11.67% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More ARE

Alexandria Real Estate Equities, Inc. (ARE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

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