ALEXANDRIA REAL ESTATE EQUITIES, INC. ARE
We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax
purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science
REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate
niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.03B | $3.12B | $2.89B | $2.59B | $2.11B | $1.89B | $1.53B | $1.33B | $1.13B | $921.7M |
| SG&A | $117.0M | $168.4M | $199.4M | $177.3M | $151.5M | $133.3M | $108.8M | $90.4M | $75.0M | $63.9M |
| Total operating expenses | $4.82B | $2.69B | $2.69B | $2.13B | $1.86B | $1.64B | $1.33B | $1.11B | $949.7M | $975.1M |
| Interest expense | $226.7M | $185.8M | $74.2M | $94.2M | $142.2M | $171.6M | $173.7M | $157.5M | $128.6M | $107.0M |
| Net income | -$1.43B | $322.9M | $103.6M | $521.7M | $571.2M | $771.0M | $363.2M | $379.3M | $169.1M | -$65.9M |
| EPS, basic | -8.44 | 1.80 | 0.54 | 3.18 | 3.83 | 6.03 | 3.13 | 3.53 | 1.59 | -1.99 |
| EPS, diluted | -8.44 | 1.80 | 0.54 | 3.18 | 3.82 | 6.01 | 3.12 | 3.52 | 1.58 | -1.99 |
| Shares, diluted (wtd. avg.) | $170.3M | $172.1M | $170.9M | $161.7M | $147.5M | $126.5M | $112.5M | $103.3M | $92.1M | $76.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $549.1M | $552.1M | $660.8M | $858.0M | $415.2M | $597.7M | $242.7M | $272.1M | $277.2M | $141.4M |
| Property, plant and equipment | $70.3M | $39.6M | $26.6M | $23.2M | $26.4M | $31.1M | $23.0M | $14.8M | $11.1M | $12.8M |
| Total assets | $34.08B | $37.53B | $36.77B | $35.52B | $30.22B | $22.83B | $18.39B | $14.46B | $12.10B | $10.35B |
| Long-term debt | $12.40B | $12.24B | $11.32B | $10.16B | $8.79B | $7.56B | $6.78B | $5.48B | $4.76B | $4.16B |
| Total liabilities | $14.93B | $15.13B | $14.15B | $12.84B | $11.19B | $9.38B | $8.22B | $6.57B | $5.62B | $4.97B |
| Total equity | $15.47B | $17.89B | $22.61B | $22.67B | $19.02B | $13.43B | $10.15B | $7.88B | $6.47B | $5.37B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.41B | $1.50B | $1.63B | $1.29B | $1.01B | $882.5M | $683.9M | $570.3M | $450.9M | $393.5M |
| Stock-based compensation | $41.1M | $59.6M | $82.9M | $57.7M | $48.7M | $43.5M | $43.6M | $35.0M | $25.6M | $25.4M |
| Investing cash flow | $362.1M | -$1.51B | -$2.50B | -$5.08B | -$7.11B | -$3.28B | -$3.64B | -$2.16B | -$1.74B | -$1.50B |
| Financing cash flow | -$1.78B | -$93.3M | $674.2M | $4.23B | $5.92B | $2.75B | $2.93B | $1.59B | $1.42B | $1.09B |
| Dividends paid | $911.5M | $898.6M | $847.5M | $757.7M | $656.0M | $533.0M | $447.0M | $380.6M | $312.1M | $240.3M |
| Buybacks | $208.2M | $50.1M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001035443-26-000013.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |