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MARKETS / NYSE / ARE
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Alexandria Real Estate Equities, Inc. ARE

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$3.0B
▼ 2.9% YoY
$-1.4B
▼ 542.7% YoY
$1.4B
▲ 12.6% YoY
In brief

What this company does

Alexandria Real Estate Equities owns, operates, manages, acquires, develops and redevelops Class A/A+ properties primarily located in collaborative life science innovation clusters. As of December 31, 2025, it had 340 properties in North America consisting of approximately 39.4 million RSF of operating properties and new Class A/A+ development and redevelopment properties under construction. As of December 31, 2025, Alexandria had a total market capitalization of $20.75 billion. As of December 31, 2025, its operating segments consisted of the following geographic markets: Greater Boston, San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, New York City, and Texas. Its tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. As of December 31, 2025, it had 514 employees. Alexandria Real Estate Equities is a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax purposes.

Written from the business description in ALEXANDRIA REAL ESTATE EQUITIES, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 26 January 2026. Every sentence was checked against that document before publication.

Growth
USD 3.0B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 3.0 · Net income -1.4
2.0B-0.5B-1.0B2008201120142017202020232025
Compound annual growth
+5.3%
+9.9%
+13.6%
+13.4%
−0.3%
+2.0%
+13.9%
+16.0%
+17.8%
+20.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−40 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Net -40.2%
20%40%-20%-40%2008201120142017202020232025
ROE
FY2025 · ROE -8.6%
2%4%6%-5%2008201120142017202020232025

Each USD of equity lost 9 cents this year.

Cash & shareholders
USD 1.1B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.4
0.5B1.0B-2.0B-4.0B2008201120142017202020232025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.9 · Net buybacks 0.2
0.4B0.8B-0.8B-1.6BDividendsNet buybacks2008201120142017202020232025

USD 911.5M in dividends and USD 208.2M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 34.1B
EquityUSD 15.5B
CashUSD 549.1M
Gross debtUSD 12.4B
Net debtUSD 11.9B

Net debt stands at 77% of equity.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B3.03.12.92.62.11.91.51.31.10.90.80.70.60.60.50.50.50.5
Operating income $B··················
EBITDA $B··················
Income tax $B··················
Net income $B−1.40.30.10.50.60.80.40.40.2−0.10.10.10.10.10.10.10.10.1
Free cash flow $B1.41.31.4−1.6−4.4−1.7−1.6−0.5−0.2−0.30.10.20.20.3−0.1−0.1−0.20.2
EPS, diluted $−8.441.800.543.183.826.013.123.521.58−1.991.631.011.601.091.732.192.722.86
Dividend / sh $4.685.194.964.724.484.244.003.733.45·········
Payout %−6427881814511569123100185−365151199124136945568·
ROE %−8.61.80.63.04.17.54.55.73.1−1.53.72.63.72.73.64.75.5·
Shares out B0.170.170.170.170.160.140.120.110.100.090.070.070.070.060.060.050.04·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 1 failures · 4 divergences in 52 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 4 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente1 failures4 divergent
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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