Alexandria Real Estate Equities, Inc. (ARE) 10-Year Financial Performance & Capital Metrics

ARE • • REIT / Real Estate

Real EstateOffice REITsLife Science & Technology Office REITsLife Science Campus Developers

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 $3.05B +7.3%
FFO $1.53B +27.4%
FFO/Share 8.86 +26.6%
FFO Payout 58.91% -16.8%
FFO per Share 8.86 +26.6%
NOI Margin 70.19% +0.6%
FFO Margin 50.02% +18.8%
ROE 1.43% +213.6%
ROA 0.87% +203.2%
Debt/Assets 33.98% +6.8%
Net Debt/EBITDA 6.19 -0.4%
Book Value/Share 130.17 -1.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 58.9%
✓14 consecutive years of dividend growth
✓High NOI margin of 70.2%
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.5%
✗FFO declining 33.9% TTM
✗Weak momentum: RS Rating 17 (bottom 17%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.42%

5Y14.99%

3Y13.1%

TTM-1.1%

Profit (Net Income) CAGR

10Y12.26%

5Y-2.32%

3Y-17.31%

TTM-239.21%

EPS CAGR

10Y5.95%

5Y2.51%

3Y-14%

TTM-155.19%

ROCE

10Y Avg2.46%

5Y Avg2.91%

3Y Avg2.06%

Latest2.19%

Peer Comparison

Life Science Campus Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AREAlexandria Real Estate Equities, Inc.	9.77B	57.26	31.81	7.29%	-13.79%	-1.96%	15.4%	0.57
KRCKilroy Realty Corporation	4.52B	38.22	21.59	0.53%	28.66%	5.68%	0.89%	0.84

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	819.55M	897.89M	1.12B	1.33B	1.52B	1.89B	2.11B	2.58B	2.84B	3.05B
Revenue Growth %	0.13%	0.1%	0.25%	0.18%	0.14%	0.25%	0.11%	0.22%	0.1%	0.07%
Property Operating Expenses	261.23M	278.41M	325.61M	381.12M	445.49M	530.22M	623.55M	783.15M	859.18M	909.26M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	320.91M	377.27M	491.79M	568.07M	653.43M	133.34M	972.52M	1.18B	1.29B	1.37B
G&A Expenses	59.62M	63.88M	75.01M	90.41M	108.82M	133.34M	151.46M	177.28M	199.35M	168.36M
EBITDA+	397.87M	696.73M	1.07B	1.36B	962.55M	1.87B	1.33B	1.62B	1.78B	1.97B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	261.29M	655.68M	887.82M	940.83M	544.61M	640.86M	821.06M	1B	1.09B	1.2B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	136.58M	41.05M	180.72M	422.25M	417.94M	1.23B	512.17M	613.46M	690.45M	769.7M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	105.81M	106.95M	128.65M	157.5M	173.68M	171.61M	142.16M	94.2M	74.2M	185.84M
Interest Coverage	1.29x	0.38x	1.40x	2.68x	2.41x	7.17x	3.60x	6.51x	9.30x	4.14x
Non-Operating Income	9.36M	208.87M	405.95M	303.19M	-159.78M	698.1M	-284.27M	-151.44M	335.25M	73.13M
Pretax Income+	146.16M	-49.8M	194.2M	402.79M	404.05M	827.17M	654.28M	670.7M	280.99M	510.73M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.94M	16.1M	25.11M	-114.55M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	144.22M	-65.9M	169.09M	517.35M	363.17M	770.96M	571.25M	521.66M	103.64M	322.95M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.42%	-1.46%	3.57%	2.06%	-0.3%	1.12%	-0.26%	-0.09%	-0.8%	2.12%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.25%	0.45%	0.79%	0.38%	-0.38%	0.56%	-0.01%	0.09%	-0.21%	0.27%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.63	-0.87	1.58	5.01	1.59	4.67	2.83	3.18	0.54	1.80
EPS Growth %	0.61%	-1.53%	2.82%	2.17%	-0.68%	1.94%	-0.39%	0.12%	-0.83%	2.33%
EPS (Basic)	1.63	-0.87	1.59	5.02	1.60	4.69	2.84	3.18	0.54	1.80
Diluted Shares Outstanding	71.53M	76.1M	92.06M	103.32M	112.52M	126.49M	147.46M	161.66M	170.91M	172.07M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	8.91B	10.35B	12.1B	14.46B	18.39B	22.83B	30.22B	35.52B	36.77B	37.53B
Asset Growth %	0.1%	0.16%	0.17%	0.2%	0.27%	0.24%	0.32%	0.18%	0.04%	0.02%
Real Estate & Other Assets+	8.16B	9.66B	11.01B	12.76B	15.82B	19.17B	26.34B	31.55B	33.35B	33.67B
PP&E (Net)	41.68M	96.14M	108.12M	228.72M	743.68M	982.99M	1.26B	1.35B	1.15B	1.25B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	202.45M	202.13M	347.99M	348.27M	336.08M	727.83M	707.23M	973.91M	781.75M	783.64M
Cash & Equivalents	125.1M	125.03M	254.38M	234.18M	189.68M	568.53M	361.35M	825.19M	618.19M	552.15M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	28.87M	16.33M	22.8M	37.95M	53.01M	29.17M	53.88M	32.78M	42.58M	7.7M
Intangible Assets	0	0	0	0	0	0	0	0	0	305.14M
Total Liabilities	4.62B	4.97B	5.62B	6.57B	8.22B	9.38B	11.19B	12.84B	14.15B	15.13B
Total Debt+	3.96B	4.22B	4.85B	5.48B	7.05B	7.91B	9.23B	10.57B	11.7B	12.75B
Net Debt	3.84B	4.1B	4.6B	5.24B	6.86B	7.34B	8.87B	9.74B	11.08B	12.2B
Long-Term Debt	3.78B	4.14B	4.71B	5.27B	6.39B	7.46B	8.52B	10.16B	11.22B	12.24B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	0
Capital Lease Obligations	26.02M	59.51M	88.18M	134.81M	271.81M	345.75M	434.75M	406.7M	382.88M	507.13M
Total Current Liabilities+	664.45M	702.5M	740.95M	1.06B	1.26B	1.15B	1.73B	1.67B	2B	1.96B
Accounts Payable	239.84M	366.17M	349.88M	215.54M	198.99M	285.02M	513.42M	389.74M	524.44M	534.8M
Deferred Revenue	211.6M	231.42M	248.92M	250.92M	275.86M	276.75M	326.92M	449.62M	548.53M	691.87M
Other Liabilities	-99.71M	-156.84M	-172.08M	-11.56M	21.92M	152.29M	496.46M	600.76M	548.76M	419.66M
Total Equity+	4.29B	5.38B	6.48B	7.89B	10.17B	13.44B	19.03B	22.68B	22.62B	22.4B
Equity Growth %	0.1%	0.25%	0.2%	0.22%	0.29%	0.32%	0.42%	0.19%	-0%	-0.01%
Shareholders Equity	3.98B	4.9B	5.95B	7.34B	8.87B	11.73B	16.19B	18.97B	18.47B	17.89B
Minority Interest	318.88M	486.48M	533.5M	552.75M	1.3B	1.72B	2.84B	3.71B	4.15B	4.51B
Common Stock	725K	877K	998K	1.11M	1.21M	1.37M	1.58M	1.71M	1.72M	1.72M
Additional Paid-in Capital	3.56B	4.67B	5.82B	7.29B	8.87B	11.73B	16.2B	18.99B	18.49B	17.93B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Preferred Stock	367.16M	216.91M	74.39M	64.34M	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	-0.01%	0.02%	0.04%	0.02%	0.04%	0.02%	0.02%	0%	0.01%
Return on Equity (ROE)	0.04%	-0.01%	0.03%	0.07%	0.04%	0.07%	0.04%	0.03%	0%	0.01%
Debt / Assets	0.44%	0.41%	0.4%	0.38%	0.38%	0.35%	0.31%	0.3%	0.32%	0.34%
Debt / Equity	0.92x	0.78x	0.75x	0.69x	0.69x	0.59x	0.48x	0.47x	0.52x	0.57x
Net Debt / EBITDA	9.64x	5.88x	4.30x	3.85x	7.13x	3.92x	6.65x	6.03x	6.21x	6.19x
Book Value per Share	60.03	70.72	70.42	76.41	90.35	106.28	129.07	140.32	132.37	130.17

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	342.61M	392.5M	450.32M	570.34M	683.86M	882.51M	1.01B	1.29B	1.63B	1.5B
Operating CF Growth %	0.02%	0.15%	0.15%	0.27%	0.2%	0.29%	0.14%	0.28%	0.26%	-0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	146.11M	-49.8M	194.2M	402.79M	404.05M	827.17M	654.28M	670.7M	280.99M	510.73M
Depreciation & Amortization	261.29M	313.39M	416.78M	477.66M	544.61M	640.86M	821.06M	927.8M	1B	1.12B
Stock-Based Compensation	17.51M	25.43M	25.61M	35.02M	43.64M	43.5M	48.67M	57.74M	82.86M	59.63M
Other Non-Cash Items	-42.97M	-46.02M	-118.06M	-107.96M	-128.72M	-558.64M	-160.53M	-239.22M	264.53M	17.91M
Working Capital Changes	-30.63M	-42.64M	-56.35M	-55.59M	-37.16M	-70.38M	-95.27M	-122.7M	2.03M	-200.46M
Cash from Investing+	-722.39M	-1.5B	-1.74B	-2.16B	-3.64B	-3.28B	-7.11B	-5.08B	-2.5B	-1.51B
Acquisitions (Net)	-9.03M	-11.53M	-39.59M	-83.34M	-102.07M	16.78M	372.24M	-971K	0	0
Purchase of Investments	-95.94M	-102.28M	-171.88M	-235.94M	-190.78M	-174.66M	-408.56M	-242.93M	-189.47M	-236.36M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.22M	14.75M	-3.3M	-2M	-3.48B	-3.26B	-161.7M	-5.03B	-2.49B	-1.45B
Cash from Financing+	419.13M	1.11B	1.42B	1.59B	2.93B	2.75B	5.92B	4.23B	674.16M	-93.31M
Dividends Paid	-243.09M	-262.76M	-321.75M	-385.84M	-451.17M	-532.98M	-655.97M	-757.74M	-847.48M	-898.56M
Common Dividends	-218.1M	-240.35M	-312.13M	-380.63M	-447.03M	-532.98M	-655.97M	-757.74M	-847.48M	-898.56M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	-206.83M	-148.28M	-13.98M	0	0	0	0	0	-50.11M
Other Financing	382.94M	125.08M	12.55M	-23.27M	880.48M	170.79M	1.79B	1.27B	261.66M	-100.45M
Net Change in Cash+	39.09M	-66K	129.35M	-5.06M	-29.44M	355.02M	-182.48M	442.75M	-197.2M	-100.92M
Exchange Rate Effect	-255K	-1000K	1000K	-1000K	540K	311K	-1000K	-887K	-1000K	-1000K
Cash at Beginning	86.01M	125.1M	125.03M	277.19M	272.13M	242.69M	597.71M	415.23M	857.98M	660.77M
Cash at End	125.1M	125.03M	254.38M	272.13M	242.69M	597.71M	415.23M	857.98M	660.77M	559.85M
Free Cash Flow+	-340.73M	-1.04B	-1.1B	-1.37B	683.86M	882.51M	-6.32B	1.29B	1.63B	1.5B
FCF Growth %	-0.62%	-2.06%	-0.06%	-0.24%	1.5%	0.29%	-8.17%	1.2%	0.26%	-0.08%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	5.67	7.75	11.48	14.11	8.07	11.16	9.44	9.43	7	8.86
FFO Payout Ratio	53.79%	40.75%	29.53%	26.1%	49.24%	37.75%	47.11%	49.73%	70.79%	58.91%
NOI Margin	68.13%	68.99%	71.04%	71.29%	70.63%	72%	70.42%	69.6%	69.77%	70.19%
Net Debt / EBITDA	9.64x	5.88x	4.30x	3.85x	7.13x	3.92x	6.65x	6.03x	6.21x	6.19x
Debt / Assets	44.46%	40.79%	40.09%	37.87%	38.33%	34.65%	30.53%	29.75%	31.81%	33.98%
Interest Coverage	1.29x	0.38x	1.40x	2.68x	2.41x	7.17x	3.60x	6.51x	9.30x	4.14x
Book Value / Share	60.03	70.72	70.42	76.41	90.35	106.28	129.07	140.32	132.37	130.17
Revenue Growth	12.75%	9.56%	25.24%	18.05%	14.27%	24.85%	11.32%	22.19%	10.34%	7.29%

Revenue by Segment

	2014	2016	2018	2019	2020	2021	2022	2023	2024
Rental revenues	-	-	1.01B	1.52B	1.88B	2.11B	2.58B	2.84B	3.05B
Rental revenues Growth	-	-	-	50.08%	23.82%	12.25%	22.19%	10.34%	7.29%
Product and Service, Other	-	-	19.27M	14.43M	7.43M	5.9M	12.92M	43.24M	66.69M
Product and Service, Other Growth	-	-	-	-25.13%	-48.52%	-20.57%	118.98%	234.65%	54.22%

Revenue by Geography

	2014	2016	2018	2019	2020	2021	2022	2023	2024
Asia	-	10.99M	-	-	-	-	-	-	-
Asia Growth	-	-	-	-	-	-	-	-	-
North America	-	8.38M	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-	-
San Francisco, California	5.5M	-	-	-	-	-	-	-	-
San Francisco, California Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Alexandria Real Estate Equities, Inc. (ARE) has a price-to-earnings (P/E) ratio of 31.8x. This suggests investors expect higher future growth.

Growth & Financials

Alexandria Real Estate Equities, Inc. (ARE) reported $3.00B in revenue for fiscal year 2024. This represents a 487% increase from $510.0M in 2011.

Alexandria Real Estate Equities, Inc. (ARE) grew revenue by 7.3% over the past year. This is steady growth.

Alexandria Real Estate Equities, Inc. (ARE) reported a net loss of $413.1M for fiscal year 2024.

Dividend & Returns

Yes, Alexandria Real Estate Equities, Inc. (ARE) pays a dividend with a yield of 9.12%. This makes it attractive for income-focused investors.

Alexandria Real Estate Equities, Inc. (ARE) has a return on equity (ROE) of 1.4%. This is below average, suggesting room for improvement.

Industry Metrics

Alexandria Real Estate Equities, Inc. (ARE) generated Funds From Operations (FFO) of $945.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Alexandria Real Estate Equities, Inc. (ARE) offers a 9.12% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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