Cash flow Alexandria Real Estate Equities, Inc.

Equities

ARE

US0152711091

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:03 2026-04-17 pm EDT			5-day change	1st Jan Change
48.63 ^USD	+1.42%		+14.13%	-0.63%

Apr. 14	Jefferies & Co Adjusts Alexandria Real Estate Equities Price Target to $47 From $57, Maintains Hold Rating	MT
Apr. 06	Evercore ISI Adjusts Price Target on Alexandria Real Estate Equities to $65 From $67, Maintains Outperform Rating	MT

18e028f8.x-NRYusFs9Oh8ubKD5YKTQi3SBb7wgneEFHVtO8rOx8.o5YJCpNt4ZfzmKWrROJVDkDeJFCsi2qPVjyZ_5xHU1WN1RovvWHEn5G3iQ

Published financial data: ALEXANDRIA REAL ESTATE EQUITIES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	2.11B	2.58B	2.84B	3.05B	2.95B
Tenant Reimbursements	-	-	-	-	-
Interest and Investment Income, Total (Revenue Block)	-	-	-	-	-
Gain (Loss) on Sale of Investments, Total (Rev)	-	-	-	-	-
Other Revenues, Total	18.16M	13.57M	44.22M	73.75M	71.75M
Total Revenues	2.13B	2.59B	2.89B	3.12B	3.02B
Property Expenses	624M	783M	859M	909M	923M
Selling General & Admin Expenses, Total	151M	177M	199M	168M	117M
Depreciation & Amortization - (IS) - (Collected)	821M	1B	1.09B	1.2B	1.35B
Total Operating Expenses	1.6B	1.96B	2.15B	2.28B	2.39B
Operating Income (REIT / Utility Template)	530M	627M	735M	843M	627M
Interest Expense, Total	-142M	-94.2M	-74.2M	-186M	-227M
Interest and Investment Income	259M	-	-	-	-
Net Interest Expenses	117M	-94.2M	-74.2M	-186M	-227M
EBT, Excl. Unusual Items	648M	533M	660M	658M	400M
Gain (Loss) on Sale of Investments	-	-332M	-195M	-53.12M	-56.34M
Gain (Loss) on Sale of Assets	127M	538M	277M	129M	642M
Asset Writedown	-52.68M	-64.97M	-461M	-223M	-2.2B
Other Unusual Items	-67.25M	-3.32M	-	-	-107K
EBT, Incl. Unusual Items	654M	671M	281M	511M	-1.22B
Earnings From Continuing Operations	654M	671M	281M	511M	-1.22B
Net Income to Company	654M	671M	281M	511M	-1.22B
Minority Interest	-83.04M	-149M	-177M	-188M	-213M
Net Income - (IS)	571M	522M	104M	323M	-1.43B
Preferred Dividend and Other Adjustments	7.85M	8.39M	11.2M	13.39M	8.42M
Net Income to Common Incl Extra Items	563M	513M	92.44M	310M	-1.44B
Net Income to Common Excl. Extra Items	563M	513M	92.44M	310M	-1.44B
Per Share Items
Net EPS - Basic	3.83	3.18	0.54	1.8	-8.44
Basic EPS - Continuing Operations	3.83	3.18	0.54	1.8	-8.44
Basic Weighted Average Shares Outstanding	147M	162M	171M	172M	170M
Net EPS - Diluted	3.82	3.18	0.54	1.8	-8.44
Diluted EPS - Continuing Operations	3.82	3.18	0.54	1.8	-8.44
Diluted Weighted Average Shares Outstanding	147M	162M	171M	172M	170M
Normalized Basic EPS	2.19	1.14	1.38	1.3	0.22
Normalized Diluted EPS	2.18	1.14	1.38	1.3	0.22
Dividend Per Share	4.48	4.72	4.96	5.19	4.68
Payout Ratio	114.83	145.26	817.73	278.23	-63.76
Supplemental Items
EBITDA	1.3B	1.55B	1.73B	1.96B	1.94B
EBITA	622M	722M	802M	866M	672M
EBIT	530M	627M	735M	843M	627M
EBITDAR	1.32B	1.59B	1.77B	2B	1.98B
Total Revenues (As Reported)	2.11B	2.59B	2.89B	3.12B	3.03B
Normalized Net Income	322M	184M	235M	223M	37.22M
Interest Capitalized	171M	279M	364M	331M	330M
Supplemental Operating Expense Items
General and Administrative Expenses	151M	177M	199M	168M	117M
Net Rental Expense, Total	25.43M	32.87M	34.34M	38.96M	43.02M
Imputed Operating Lease Interest Expense	7.43M	9.91M	10.81M	13.18M	15.03M
Imputed Operating Lease Depreciation	18M	22.96M	23.52M	25.78M	27.99M
Stock-Based Comp., G&A Exp. (Total)	-	-	20.2M	-	-
Stock-Based Comp., Other (Total)	48.67M	57.74M	62.66M	59.63M	41.12M
Total Stock-Based Compensation	48.67M	57.74M	82.86M	59.63M	41.12M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	27.93B	35.03B	37.3B	38.53B	35B
Accumulated Depreciation	-3.77B	-4.35B	-4.98B	-5.48B	-5.97B
Net Property Plant And Equipment	24.16B	30.68B	32.32B	33.06B	29.03B
Land Held For Development Or Sale	1.47B	-	-	-	-
Total Real Estate Assets	25.63B	30.68B	32.32B	33.06B	29.03B
Cash And Equivalents	361M	825M	618M	552M	549M
Accounts Receivable, Total	917M	990M	1.1B	1.23B	1.25B
Investment In Debt and Equity Securities	1.88B	1.62B	1.45B	1.48B	1.14B
Other Intangibles, Total	610M	616M	462M	305M	204M
Notes Receivable (Collected)	13.09M	19.88M	15.84M	121M	258M
Restricted Cash	53.88M	32.78M	42.58M	7.7M	4.69M
Other Current Assets, Total	201M	49.1M	56.83M	55.34M	62.34M
Trading Asset Securities, Total	-	-	-	-	-
Deferred Charges Long-Term	422M	548M	540M	535M	498M
Other Long-Term Assets, Total	131M	153M	167M	184M	1.09B
Total Assets	30.22B	35.52B	36.77B	37.53B	34.08B
Liabilities
Current Portion of Long-Term Debt	3.59M	30K	32K	34K	650M
Current Portion of Leases	48.5M	24.07M	22.61M	-	22.77M
Long-Term Debt	8.79B	10.16B	11.32B	12.24B	11.75B
Long-Term Leases	386M	383M	360M	507M	338M
Accounts Payable, Total	513M	390M	524M	535M	511M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	184M	209M	222M	230M	128M
Unearned Revenue Non Current	339M	468M	564M	703M	891M
Other Non Current Liabilities	923M	1.21B	1.14B	909M	635M
Total Liabilities	11.19B	12.84B	14.15B	15.13B	14.93B
Preferred Stock Redeemable	-	-	-	-	-
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	1.58M	1.71M	1.72M	1.72M	1.7M
Additional Paid In Capital	16.2B	18.99B	18.49B	17.93B	15.5B
Comprehensive Income and Other	-7.29M	-20.81M	-15.9M	-46.25M	-29.4M
Total Common Equity	16.19B	18.97B	18.47B	17.89B	15.47B
Minority Interest	2.84B	3.71B	4.15B	4.51B	3.69B
Total Equity	19.03B	22.68B	22.62B	22.4B	19.16B
Total Liabilities And Equity	30.22B	35.52B	36.77B	37.53B	34.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	160M	173M	175M	173M	173M
ECS Total Common Shares Outstanding	158M	171M	172M	172M	171M
Book Value / Share	102.44	111.11	107.45	103.88	90.71
Tangible Book Value	15.58B	18.36B	18.01B	17.58B	15.27B
Tangible Book Value Per Share	98.58	107.51	104.76	102.11	89.52
Total Debt	9.23B	10.57B	11.7B	12.75B	12.76B
Net Debt	8.87B	9.74B	11.08B	12.2B	12.21B
Debt Equivalent Oper. Leases	203M	263M	275M	312M	344M
Minority Interest, Total (Incl. Fin. Div)	2.84B	3.71B	4.15B	4.51B	3.69B
Equity Method Investments, Total	38.48M	38.44M	37.78M	39.87M	388M
Account Code - Inventory Valuation	-	3	3	3	3
Land - (BS)	3.78B	4.28B	4.39B	3.86B	3.2B
Buildings, Total	16.31B	18.61B	20.32B	20.38B	19.74B
Machinery, Total	26.43M	23.19M	26.56M	39.56M	70.31M
Full Time Employees	559	593	568	552	514

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	571M	522M	104M	323M	-1.43B
Depreciation, Depletion & Amortization	674M	833M	933M	1.09B	1.27B
Amortization of Goodwill and Intangible Assets - (CF)	91.82M	95.15M	67.27M	23.02M	45.24M
Total Depreciation, Depletion & Amortization	766M	928M	1B	1.12B	1.31B
Amortization of Deferred Charges, Total	11.44M	13.93M	16.69M	18.44M	19.63M
(Gain) Loss On Sale of Asset - (CF)	-127M	-538M	-277M	-129M	-642M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	53.12M	56.34M
Total Asset Writedown	52.68M	64.97M	461M	223M	2.2B
(Income) Loss On Equity Investments - (CF)	8.1M	2.73M	2.28M	-4.08M	11.81M
Stock-Based Compensation (CF)	48.67M	57.74M	82.86M	59.63M	41.12M
Change in Accounts Receivable	-44K	-273K	-102K	1.77M	-252K
Change in Accounts Payable	60.93M	77.85M	111M	-56.82M	-118M
Change in Other Net Operating Assets (Collected)	-156M	-200M	-109M	-145M	-180M
Other Operating Activities	-226M	366M	239M	44.46M	139M
Cash from Operations	1.01B	1.29B	1.63B	1.5B	1.41B
Acquisition of Real Estate Assets, Total	-7.52B	-6.19B	-3.68B	-2.67B	-1.87B
Sale of Real Estate Assets, Total	191M	994M	1.2B	1.22B	2.32B
Net Sale / Acquisition of Real Estate Assets	-7.33B	-5.19B	-2.49B	-1.45B	450M
Investment in Marketable and Equity Securities, Total	388M	-45.58M	-6.73M	-63.44M	-80.49M
Other Investing Activities, Total	-162M	156M	-5.58M	3.86M	-7.36M
Cash from Investing	-7.11B	-5.08B	-2.5B	-1.51B	362M
Short Term Debt Issued, Total	30.95B	14.64B	10.48B	13.01B	26.13B
Long-Term Debt Issued, Total	5.27B	3.02B	1.06B	1.03B	553M
Total Debt Issued	36.23B	17.67B	11.54B	14.04B	26.68B
Short Term Debt Repaid, Total	-30.78B	-14.91B	-10.38B	-13.11B	-25.77B
Long-Term Debt Repaid, Total	-4.19B	-1.38B	-30K	-32K	-754M
Total Debt Repaid	-34.97B	-16.29B	-10.38B	-13.11B	-26.53B
Issuance of Common Stock	3.53B	2.35B	104M	27.1M	-
Repurchase of Common Stock	-34.34M	-47.29M	-24.59M	-113M	-233M
Repurchase of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-656M	-758M	-847M	-899M	-911M
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-656M	-758M	-847M	-899M	-911M
Other Financing Activities, Total	1.82B	1.31B	286M	-38.03M	-792M
Cash from Financing	5.92B	4.23B	674M	-93.32M	-1.78B
Foreign Exchange Rate Adjustments	-1.71M	-887K	-1.29M	-1.44M	1.56M
Net Change in Cash	-182M	443M	-197M	-101M	-6.09M
Supplemental Items
Cash Interest Paid	139M	63.19M	46.58M	160M	204M
Net Debt Issued / Repaid	1.26B	1.37B	1.16B	929M	152M
Levered Free Cash Flow	1.03B	1.33B	1.54B	1.42B	1.35B
Unlevered Free Cash Flow	1.1B	1.37B	1.57B	1.52B	1.47B
Change In Net Working Capital	41.91M	4.54M	-24.88M	186M	278M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.25	1.19	1.27	1.42	1.09
Return on Total Capital	1.34	1.27	1.36	1.52	1.17
Return On Equity %	4.03	3.22	1.24	2.27	-5.86
Return on Common Equity	4.04	2.92	0.49	1.7	-8.62
Margin Analysis
Gross Profit Margin %	70.68	69.76	70.24	70.89	69.42
SG&A Margin	7.12	6.85	6.91	5.39	3.88
EBITDA Margin %	60.98	60.04	60.1	62.76	64.29
EBITA Margin %	29.26	27.89	27.78	27.74	22.28
EBIT Margin %	24.94	24.21	25.45	27	20.78
Income From Continuing Operations Margin %	30.77	25.9	9.73	16.35	-40.33
Net Income Margin %	26.86	20.14	3.59	10.34	-47.38
Net Avail. For Common Margin %	26.5	19.82	3.2	9.91	-47.66
Normalized Net Income Margin	15.13	7.1	8.16	7.15	1.23
Levered Free Cash Flow Margin	48.3	51.28	53.26	45.46	44.59
Unlevered Free Cash Flow Margin	51.94	53.02	54.29	48.59	48.63
Asset Turnover
Asset Turnover	0.08	0.08	0.08	0.08	0.08
Fixed Assets Turnover	0.1	0.09	0.09	0.1	0.1
Receivables Turnover (Average Receivables)	2.5	2.7	2.72	2.61	2.38
Short Term Liquidity
Current Ratio	2.06	3.08	2.38	2.58	1.62
Quick Ratio	1.71	2.91	2.23	2.34	1.37
Operating Cash Flow to Current Liabilities	1.35	2.08	2.12	1.97	1.08
Days Sales Outstanding (Average Receivables)	145.89	135.1	134.08	140.03	153.68
Average Days Payable Outstanding	233.68	210.46	194.18	213.18	206.79
Long Term Solvency
Total Debt/Equity	48.48	46.58	51.71	56.93	66.62
Total Debt / Total Capital	32.65	31.78	34.09	36.28	39.98
LT Debt/Equity	48.2	46.48	51.61	56.93	63.1
Long-Term Debt / Total Capital	32.46	31.71	34.02	36.28	37.87
Total Liabilities / Total Assets	37.02	36.15	38.48	40.31	43.79
EBIT / Interest Expense	3.73	6.66	9.9	4.54	2.76
EBITDA / Interest Expense	9.3	16.85	23.84	10.76	8.75
(EBITDA - Capex) / Interest Expense	9.3	16.85	23.84	10.76	8.75
Total Debt / EBITDA	6.98	6.66	6.61	6.38	6.44
Net Debt / EBITDA	6.71	6.14	6.26	6.1	6.16
Total Debt / (EBITDA - Capex)	6.98	6.66	6.61	6.38	6.44
Net Debt / (EBITDA - Capex)	6.71	6.14	6.26	6.1	6.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	12.28	21.78	11.47	8.2	-3.41
Gross Profit, 1 Yr. Growth %	10.22	20.2	12.24	9.21	-5.41
EBITDA, 1 Yr. Growth %	10.54	19.92	11.58	12.99	-1.05
EBITA, 1 Yr. Growth %	7.22	16.08	11.04	8.05	-22.44
EBIT, 1 Yr. Growth %	-0.34	18.23	17.17	14.81	-25.69
Earnings From Cont. Operations, 1 Yr. Growth %	-20.9	2.51	-58.1	81.76	-338.23
Net Income, 1 Yr. Growth %	-25.9	-8.68	-80.13	211.61	-542.66
Diluted EPS Before Extra, 1 Yr. Growth %	-36.44	-16.88	-82.99	233.15	-569.35
Normalized Net Income, 1 Yr. Growth %	-25.6	-42.82	27.97	-5.19	-83.33
Net Property, Plant and Equip., 1 Yr. Growth %	35.16	19.67	5.37	2.27	-11.17
Accounts Receivable, 1 Yr. Growth %	19.46	7.87	11.02	12.41	0.82
Total Assets, 1 Yr. Growth %	32.38	17.55	3.51	2.06	-9.18
Common Equity, 1 Yr. Growth %	38.07	17.19	-2.64	-3.15	-13.52
Tangible Book Value, 1 Yr. Growth %	38.32	17.82	-1.89	-2.36	-13.18
Cash From Operations, 1 Yr. Growth %	14.47	28.13	25.98	-7.73	-6.01
Levered Free Cash Flow, 1 Yr. Growth %	9.6	29.55	15.77	-7.64	-5.26
Unlevered Free Cash Flow, 1 Yr. Growth %	6.83	24.3	14.14	-3.15	-3.32
Dividend Per Share, 1 Yr. Growth %	5.66	5.36	5.08	4.64	-9.83
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.45	16.94	16.51	9.82	2.23
Gross Profit, 2 Yr. CAGR %	17.1	15.1	16.15	10.71	1.63
EBITDA, 2 Yr. CAGR %	16.38	15.13	15.67	12.28	5.74
EBITA, 2 Yr. CAGR %	16.07	11.56	13.53	9.54	-8.46
EBIT, 2 Yr. CAGR %	9.47	8.55	17.7	15.98	-7.63
Earnings From Cont. Operations, 2 Yr. CAGR %	27.25	-9.95	-34.47	-12.74	108.09
Net Income, 2 Yr. CAGR %	25.42	-17.74	-57.41	-21.32	271.4
Diluted EPS Before Extra, 2 Yr. CAGR %	10.65	-27.32	-62.4	-24.73	295.43
Normalized Net Income, 2 Yr. CAGR %	13.72	-34.77	-14.46	10.15	-60.24
Net Property, Plant and Equip., 2 Yr. CAGR %	26.39	31	12.29	3.81	-5.23
Accounts Receivable, 2 Yr. CAGR %	15.1	13.52	9.43	11.71	6.46
Total Assets, 2 Yr. CAGR %	28.19	24.75	10.31	2.78	-3.73
Common Equity, 2 Yr. CAGR %	35.13	27.2	6.81	-2.9	-8.48
Tangible Book Value, 2 Yr. CAGR %	34.72	27.66	7.52	-2.13	-7.93
Cash From Operations, 2 Yr. CAGR %	21.54	21.1	27.05	7.81	-6.88
Levered Free Cash Flow, 2 Yr. CAGR %	31.82	19.27	22.47	3.41	-6.46
Unlevered Free Cash Flow, 2 Yr. CAGR %	26.47	15.24	19.11	5.14	-3.24
Dividend Per Share, 2 Yr. CAGR %	5.83	5.51	5.22	4.86	-2.86
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	16.79	18.88	15.09	13.67	5.22
Gross Profit, 3 Yr. CAGR %	16.36	18.13	14.14	13.79	5.05
EBITDA, 3 Yr. CAGR %	15.5	17.55	13.93	14.77	7.65
EBITA, 3 Yr. CAGR %	16.04	16.07	11.39	11.67	-2.37
EBIT, 3 Yr. CAGR %	11.19	12.32	11.35	16.73	-0.01
Earnings From Cont. Operations, 3 Yr. CAGR %	17.55	18.4	-30.22	-7.92	21.96
Net Income, 3 Yr. CAGR %	14.62	12.83	-48.77	-17.31	39.94
Diluted EPS Before Extra, 3 Yr. CAGR %	2.76	0.58	-55.21	-22.2	38.55
Normalized Net Income, 3 Yr. CAGR %	16.27	-9.57	-18.34	-11.47	-41.3
Net Property, Plant and Equip., 3 Yr. CAGR %	26.58	26.58	21.83	8.85	-1.82
Accounts Receivable, 3 Yr. CAGR %	16.57	12.64	12.68	10.42	7.95
Total Assets, 3 Yr. CAGR %	27.84	24.54	17.22	7.49	-1.37
Common Equity, 3 Yr. CAGR %	30.54	28.86	16.36	3.38	-6.58
Tangible Book Value, 3 Yr. CAGR %	29.78	28.83	16.94	4.12	-5.96
Cash From Operations, 3 Yr. CAGR %	20.99	23.7	22.71	14.2	2.99
Levered Free Cash Flow, 3 Yr. CAGR %	35.65	30.97	18.09	11.47	0.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	30.26	25.74	14.87	11.17	2.24
Dividend Per Share, 3 Yr. CAGR %	6.3	5.67	5.37	5.03	-0.28
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	18.2	18.05	16.68	15.17	9.76
Gross Profit, 5 Yr. CAGR %	18.5	17.58	16.28	15.1	8.96
EBITDA, 5 Yr. CAGR %	17.72	16.98	15.57	15.41	10.58
EBITA, 5 Yr. CAGR %	18.44	18.23	15.03	13.41	2.98
EBIT, 5 Yr. CAGR %	14.81	14.98	13.75	13.77	3.33
Earnings From Cont. Operations, 5 Yr. CAGR %	67.38	28.13	-6.95	4.8	8.02
Net Income, 5 Yr. CAGR %	54.02	25.27	-22.86	-2.32	13.14
Diluted EPS Before Extra, 5 Yr. CAGR %	13.93	14.98	-31.27	-10.43	7.04
Normalized Net Income, 5 Yr. CAGR %	31.06	15.5	2.84	-2.15	-38.77
Net Property, Plant and Equip., 5 Yr. CAGR %	22.22	24.52	22.1	16.93	10.19
Accounts Receivable, 5 Yr. CAGR %	19.09	15.41	13.66	12.27	10.15
Total Assets, 5 Yr. CAGR %	23.89	24.03	20.51	15.33	8.35
Common Equity, 5 Yr. CAGR %	28.18	26.42	20.48	15.07	5.7
Tangible Book Value, 5 Yr. CAGR %	27.62	25.92	20.37	15.42	6.27
Cash From Operations, 5 Yr. CAGR %	20.75	23.48	23.38	17.08	9.89
Levered Free Cash Flow, 5 Yr. CAGR %	14.13	25.14	30.16	19.16	7.58
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.54	22.29	25.68	17.06	7.25
Dividend Per Share, 5 Yr. CAGR %	6.76	6.47	5.87	5.35	1.99