The company's financial leverage has trended upward, with the debt-to-equity ratio climbing from 0.52 in 2023Q4 to 0.65 in 2026Q1, alongside a reduction in total assets to $34.2 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 34.17B | 34.08B | 37.53B | 36.77B | 35.52B | 30.22B | 22.83B | 18.39B | 14.46B | 12.1B | 10.35B | 8.91B | 8.14B | 7.53B | 7.15B | 6.57B | 5.91B | 5.46B | 5.13B | 4.64B | 3.62B | 2.36B | 1.87B | 1.27B | 1.16B | 962.15M | 780.98M | 643.1M | 530.3M | 248.5M | 160.4M |
| Asset Growth % | -21.8% | -9.18% | 2.06% | 3.51% | 17.55% | 32.38% | 24.13% | 27.14% | 19.51% | 16.89% | 16.2% | 9.53% | 8.05% | 5.31% | 8.76% | 11.32% | 8.22% | 6.36% | 10.53% | 28.32% | 53.12% | 26.18% | 47.13% | 9.78% | 20.49% | 23.2% | 21.44% | 21.27% | 113.4% | 54.93% | - |
| Real Estate & Other Assets | 3.4B | 30.51B | 33.67B | 32.89B | 30.93B | 25.73B | 19.17B | 15.82B | 12.76B | 11.01B | 9.66B | 8.16B | 7.57B | 7.29B | 6.85B | 360.56M | -5.44B | -5.04B | -4.72B | -4.29B | -3.32B | -2.12B | -1.68B | -1.14B | -1.04B | -861.88M | -705.75M | -598.8M | -493.7M | -230M | -147M |
| PP&E (Net) | 28.83B | 1.1B | 1.25B | 1.15B | 1.35B | 1.26B | 982.99M | 743.68M | 228.72M | 108.12M | 96.14M | 41.68M | 28.83M | 0 | 0 | 6.01B | 5.44B | 5.04B | 4.72B | 4.29B | 3.32B | 2.12B | 1.68B | 1.14B | 1.04B | 861.88M | 705.75M | 598.8M | 493.7M | 230M | 147M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 430.75M | 939.78M | 783.64M | 781.75M | 973.91M | 707.23M | 727.83M | 336.08M | 348.27M | 347.99M | 202.13M | 202.45M | 180.2M | 95.32M | 189.37M | 109.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 418.72M | 549.06M | 552.15M | 618.19M | 825.19M | 361.35M | 568.53M | 189.68M | 234.18M | 254.38M | 125.03M | 125.1M | 86.01M | 57.7M | 140.97M | 78.54M | 91.23M | 70.63M | 71.16M | 8.03M | 2.95M | 3.91M | 3.16M | 4.99M | 3.79M | 2.38M | 2.78M | 3.4M | 1.6M | 2.1M | 1.7M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 4.67M | 4.69M | 7.7M | 42.58M | 32.78M | 53.88M | 29.17M | 53.01M | 37.95M | 22.8M | 16.33M | 28.87M | 26.88M | 27.71M | 39.95M | 23.33M | -96.72M | -74.53M | -77.61M | -14.79M | -9.28M | -8.68M | -5.7M | -6.95M | -6.43M | -11.5M | -11.61M | -12.8M | -10.5M | -5.7M | -2.9M |
| Intangible Assets | 0 | 0 | 305.14M | 461.61M | 615.64M | 609.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.81B | 14.93B | 15.13B | 14.15B | 12.84B | 11.19B | 9.38B | 8.22B | 6.57B | 5.62B | 4.97B | 4.62B | 4.23B | 3.55B | 3.65B | 3.14B | 2.92B | 3.09B | 3.39B | 3.06B | 2.21B | 1.51B | 1.25B | 765.44M | 673.39M | 629.51M | 461.83M | 380.5M | 330.5M | 81.6M | 120.8M |
| Total Debt | 12.52B | 12.76B | 12.75B | 11.7B | 10.57B | 9.23B | 7.91B | 7.05B | 5.48B | 4.85B | 4.22B | 3.96B | 3.69B | 3.07B | 3.2B | 2.8B | 2.58B | 2.75B | 2.94B | 2.79B | 2.02B | 1.41B | 1.19B | 709.01M | 614.88M | 573.16M | 431.26M | 350.5M | 309.8M | 70.8M | 113.2M |
| Net Debt | 12.1B | 12.21B | 12.2B | 11.08B | 9.74B | 8.87B | 7.34B | 6.86B | 5.24B | 4.6B | 4.1B | 3.84B | 3.6B | 3.01B | 3.06B | 2.72B | 2.49B | 2.68B | 2.87B | 2.78B | 2.02B | 1.4B | 1.18B | 704.02M | 611.09M | 570.78M | 428.48M | 347.1M | 308.2M | 68.7M | 111.5M |
| Long-Term Debt | 11.17B | 12.05B | 12.24B | 11.22B | 10.16B | 8.52B | 7.46B | 6.39B | 5.27B | 4.71B | 4.14B | 3.78B | 3.37B | 2.86B | 2.62B | 2.41B | 2.58B | 2.75B | 2.94B | 2.79B | 2.02B | 1.41B | 1.19B | 709.01M | 614.88M | 573.16M | 427.37M | 350.5M | 309.8M | 70.8M | 113.2M |
| Short-Term Borrowings | 1.35B | 353.16M | 0 | 99.95M | 0 | 269.99M | 99.99M | 384M | 208M | 50M | 28M | 151M | 304M | 204M | 566M | 370M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.88M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.09B | 360.54M | 507.13M | 382.88M | 406.7M | 434.75M | 345.75M | 271.81M | 0 | 88.18M | 59.51M | 26.02M | 8.81M | 11.4M | 14.72M | 17.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.64B | 2.18B | 1.96B | 2B | 1.67B | 1.73B | 1.15B | 1.26B | 1.06B | 740.95M | 702.5M | 664.45M | 775.45M | 622.8M | 939.9M | 633.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 2.15B | 510.58M | 534.8M | 524.44M | 389.74M | 513.42M | 285.02M | 198.99M | 215.54M | 349.88M | 366.17M | 239.84M | 218.94M | 98.04M | 105.52M | 86.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 876.25M | 691.87M | 548.53M | 449.62M | 326.92M | 276.75M | 275.86M | 250.92M | 248.92M | 231.42M | 211.6M | 193.7M | 188.24M | 143.88M | 103.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 334.86M | 419.66M | 548.76M | 600.76M | 496.46M | 152.29M | 21.92M | -11.56M | -172.08M | -156.84M | -99.71M | -126.06M | -128.68M | -67.39M | -22.93M | -2.58B | -2.75B | -2.94B | -2.79B | -2.02B | -1.41B | -1.19B | -709.01M | -614.88M | -573.16M | -427.37M | -350.5M | -309.8M | -70.8M | -113.2M |
| Total Equity | 19.35B | 19.16B | 22.4B | 22.62B | 22.68B | 19.03B | 13.44B | 10.17B | 7.89B | 6.48B | 5.38B | 4.29B | 3.91B | 3.98B | 3.5B | 3.43B | 2.99B | 2.36B | 1.75B | 1.58B | 1.41B | 849.91M | 620.47M | 507.13M | 485.85M | 332.64M | 319.15M | 262.6M | 199.8M | 166.9M | 39.6M |
| Equity Growth % | -37.57% | -14.47% | -0.99% | -0.27% | 19.18% | 41.58% | 32.24% | 28.78% | 21.77% | 20.45% | 25.35% | 9.83% | -1.74% | 13.58% | 2.04% | 14.95% | 26.29% | 35.49% | 10.5% | 12.08% | 65.8% | 36.98% | 22.35% | 4.38% | 46.06% | 4.23% | 21.54% | 31.43% | 19.71% | 321.46% | - |
| Shareholders Equity | 15.73B | 15.47B | 17.89B | 18.47B | 18.97B | 16.19B | 11.73B | 8.87B | 7.34B | 5.95B | 4.9B | 3.98B | 3.83B | 3.92B | 3.44B | 3.37B | 2.93B | 2.32B | 1.7B | 1.5B | 1.35B | 829.8M | 620.47M | 507.13M | 485.85M | 332.64M | 319.15M | 262.6M | 199.8M | 166.9M | 39.6M |
| Minority Interest | 3.62B | 3.69B | 4.51B | 4.15B | 3.71B | 2.84B | 1.72B | 1.3B | 552.75M | 533.5M | 486.48M | 318.88M | 81.12M | 62.15M | 61.21M | 58.59M | 57.5M | 82.67M | 41.09M | 75.51M | 57.48M | 20.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 1.71M | 1.71M | 1.72M | 1.72M | 1.71M | 1.58M | 1.37M | 1.21M | 1.11M | 998K | 877K | 725K | 715K | 712K | 632K | 616K | 550K | 438K | 319K | 316K | 290K | 224K | 196K | 193K | 190K | 163K | 155K | 100K | 100K | 0 | 0 |
| Additional Paid-in Capital | 15.76B | 15.5B | 17.93B | 18.49B | 18.99B | 16.2B | 11.73B | 8.87B | 7.29B | 5.82B | 4.67B | 3.56B | 3.46B | 3.57B | 3.09B | 3.03B | 2.57B | 1.98B | 1.41B | 1.37B | 1.14B | 607.4M | 421.83M | 409.93M | 399.83M | 301.82M | 278.87M | 225.2M | 199.6M | 173.7M | 16.2M |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 734K | 0 | 0 | 0 | 0 | 0 | 5.27M | 8.63M | 0 | 0 | 0 | 0 | 0 | -6.9M | -1.8M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.34M | 74.39M | 216.91M | 367.16M | 367.16M | 380M | 380M | 379.64M | 379.64M | 379.64M | 379.64M | 129.64M | 187.14M | 187.14M | 187.14M | 96.09M | 96.09M | 38.59M | 38.59M | 38.6M | 0 | 0 | 25.2M |
| Return on Assets (ROA) | -2.86% | -4% | 0.87% | 0.29% | 1.59% | 2.15% | 3.74% | 2.21% | 3.89% | 1.51% | -0.68% | 1.69% | 1.3% | 1.86% | 1.49% | 2.11% | 2.38% | 2.54% | 2.38% | 2.27% | 2.46% | 3% | 3.83% | 4.91% | 3.77% | 3.47% | 3.65% | 3.77% | 4.98% | -1.37% | 1.37% |
| Return on Equity (ROE) | -5.03% | -6.88% | 1.43% | 0.46% | 2.5% | 3.52% | 6.53% | 4.02% | 7.2% | 2.85% | -1.36% | 3.52% | 2.58% | 3.64% | 2.94% | 4.09% | 5.06% | 6.55% | 7% | 6.27% | 6.5% | 8.63% | 10.68% | 12.01% | 9.78% | 9.29% | 8.94% | 9.56% | 10.58% | -2.71% | 5.56% |
| Debt / Assets | 36.64% | 37.44% | 33.98% | 31.81% | 29.75% | 30.53% | 34.65% | 38.33% | 37.87% | 40.09% | 40.79% | 44.46% | 45.32% | 40.8% | 44.71% | 42.55% | 43.76% | 50.34% | 57.26% | 60.06% | 55.97% | 59.54% | 63.4% | 55.71% | 53.04% | 59.57% | 55.22% | 54.5% | 58.42% | 28.49% | 70.57% |
| Debt / Equity | 0.65x | 0.67x | 0.57x | 0.52x | 0.47x | 0.48x | 0.59x | 0.69x | 0.69x | 0.75x | 0.78x | 0.92x | 0.94x | 0.77x | 0.91x | 0.81x | 0.87x | 1.16x | 1.68x | 1.77x | 1.44x | 1.66x | 1.91x | 1.40x | 1.27x | 1.72x | 1.35x | 1.33x | 1.55x | 0.42x | 2.86x |
| Net Debt / EBITDA | 162.89x | 82.40x | 6.19x | 6.21x | 6.03x | 6.65x | 3.92x | 7.13x | 3.85x | 4.30x | 5.88x | 9.64x | 8.89x | 9.42x | 10.45x | 7.72x | 7.52x | 8.04x | 9.25x | 10.02x | 9.09x | 8.08x | 8.86x | 5.55x | 6.04x | 6.28x | 5.58x | 5.72x | 7.05x | 7.55x | 10.23x |
| Book Value per Share | 102.74 | 112.42 | 130.17 | 132.37 | 140.32 | 129.07 | 106.28 | 90.35 | 76.41 | 70.42 | 70.72 | 60.03 | 54.93 | 58.48 | 56.36 | 58.11 | 61.69 | 61.27 | 54.70 | 52.64 | 55.31 | 39.89 | 30.38 | 26.35 | 27.20 | 20.52 | 21.71 | 19.21 | 16.24 | 20.67 | 10.87 |
Capital structure leverage sensitivity
As reported in recent financial statements, total assets declined from $38.5 billion in 2024Q3 to $34.2 billion in 2026Q1, reflecting a strategic pivot toward asset base reduction that suggests management is actively shrinking the portfolio to navigate current market volatility and capital constraints.
The reduction in total assets, coupled with a simultaneous decrease in total debt from $14.0 billion to $12.5 billion over the same period, indicates a deliberate effort to deleverage the balance sheet. This contraction appears to be a defensive response to the challenging interest rate environment and the need to preserve capital amid a cooling biotech funding cycle.
Based on the company's reported figures, the debt-to-equity ratio has climbed from 0.52 in 2023Q4 to 0.65 in 2026Q1, signaling that the firm's reliance on debt financing has increased relative to its equity base despite recent efforts to manage total debt levels.
The upward trend in the debt-to-equity ratio suggests that the firm's equity base has eroded faster than its debt obligations, likely due to the non-cash impairment charges noted in previous periods. Investors should monitor whether this leverage profile limits the company's capacity to fund its remaining development pipeline without further dilutive equity issuance.
According to quarterly filings, cash balances have fluctuated significantly, dropping from a peak of $722.2 million in 2024Q1 to $418.7 million in 2026Q1, which highlights the ongoing liquidity strain caused by high capital expenditure requirements for specialized lab infrastructure maintenance.
The decline in cash reserves suggests that the company is consuming liquidity to support its operations and development commitments during a period of revenue contraction. This tightening liquidity position may reduce the firm's flexibility to pursue opportunistic acquisitions or respond to unforeseen capital needs within its cluster portfolio.
As evidenced by the volatility in net property, plant, and equipment figures, which plummeted from $1.3 billion in 2024Q4 to $1.1 billion in 2025Q4, there is a clear indication that the firm is aggressively writing down the carrying value of its aging lab assets.
This rapid adjustment in net PPE suggests that the book value of the portfolio may be subject to further downward revisions if market capitalization rates continue to expand. The discrepancy between historical cost and current market value warrants investigation into whether the firm's remaining assets are adequately positioned for long-term competitive viability.
Quick answers to the most common questions about buying ARE stock.
As of 2025, Alexandria Real Estate Equities, Inc. (ARE) had total assets of $34.08B including $939.8M in current assets.
Alexandria Real Estate Equities, Inc. (ARE) carries total debt of $12.76B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alexandria Real Estate Equities, Inc. (ARE) has total shareholders' equity (book value) of $15.47B ($112.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alexandria Real Estate Equities, Inc. (ARE) reported a current ratio of 0.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.