Financials Alexandria Real Estate Equities, Inc.

Equities

ARE

US0152711091

Commercial REITs

Market Closed - Nyse Other stock markets 04:00:02 2025-07-18 pm EDT			5-day change	1st Jan Change
78.17 ^USD	-0.91%		-1.73%	-19.87%

Jul. 18	Evercore ISI Adjusts Alexandria Real Estate Equities Price Target to $89 From $91, Maintains In Line Rating	MT
Jul. 14	Alexandria Real Estate Equities, Inc. Executes Largest Life Science Lease in Company History with Longtime Multinational Pharmaceutical Tenant At the Campus Point Megacampus in San Diego	CI

Projected Income Statement: Alexandria Real Estate Equities, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,886	2,114	2,589	2,886	3,116	3,043	3,112	3,066
Change	-	12.12%	22.46%	11.46%	7.99%	-2.35%	2.25%	-1.46%
EBITDA ¹	1,222	1,339	1,629	1,827	2,039	1,929	1,961	1,965
Change	-	9.58%	21.61%	12.2%	11.58%	-5.4%	1.68%	0.19%
EBIT ¹	524	518.1	626.4	733.7	836.4	668.2	715.9	588.5
Change	-	-1.13%	20.91%	17.13%	14%	-20.11%	7.15%	-17.81%
Interest Paid ¹	-171.6	-142.2	-94.2	-74.2	-185.8	-190.9	-224.9	-238.9
Earnings before Tax (EBT) ¹	827.2	654.3	670.7	281	510.7	535.1	524.5	350.9
Change	-	-20.9%	2.51%	-58.1%	81.76%	4.76%	-1.98%	-33.09%
Net income ¹	760.8	563.4	513.3	92.44	309.6	339	382.2	248.7
Change	-	-25.95%	-8.9%	-81.99%	234.86%	9.53%	12.73%	-34.95%
Announcement Date	2/1/21	1/31/22	1/30/23	1/29/24	1/27/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	437	545	463.7	479.8	509.6	547.8	576.9	615.1	643.8	659.9	670.3	700.8	713.9	713.8	757.2	769.1	766.7	791.6	788.9	758.2	753	756.9	761.6	766.2	771.6	792.2	807.8	-
Change	-	24.74%	-14.92%	3.48%	6.2%	7.48%	5.32%	6.61%	4.67%	2.5%	1.58%	4.55%	1.87%	-0.02%	6.08%	1.57%	-0.31%	3.24%	-0.34%	-3.9%	-0.68%	0.51%	0.63%	0.6%	0.7%	2.68%	1.96%	-
EBITDA ¹	281.3	367.7	294.3	308	327.8	343.8	359.6	392.8	404.1	408.7	422.9	445.7	456.2	450.1	475.2	503.7	493.3	514.4	515.8	501.1	477.6	478	480.4	458.7	485	490.3	494.6	458.5
Change	-	30.72%	-19.97%	4.66%	6.44%	4.9%	4.57%	9.25%	2.87%	1.14%	3.48%	5.37%	2.36%	-1.33%	5.57%	6.01%	-2.08%	4.28%	0.27%	-2.85%	-4.69%	0.08%	0.51%	-4.53%	5.73%	1.1%	0.88%	-7.3%
EBIT ¹	113.2	190.9	116.5	127.1	137.7	133	120.3	152.1	162	153.8	158.5	180.4	182.6	180.7	190	216.2	202.6	220.4	185.7	159	186.8	188	194.1	159.9	-	-	-	-
Change	-	68.54%	-38.95%	9.05%	8.41%	-3.44%	-9.54%	26.48%	6.48%	-5.08%	3.04%	13.83%	1.26%	-1.03%	5.1%	13.81%	-6.3%	8.81%	-15.76%	-14.35%	17.49%	0.63%	3.21%	-17.58%	-	-	-	-
Charge d'intérêts ¹	-45.01	-43.32	-37.54	-36.47	-35.16	-35.68	-34.86	-29.44	-24.26	-22.98	-17.52	-13.75	-17.07	-11.41	-31.97	-40.84	-45.79	-43.55	-55.66	-50.88	-48.83	-46.97	-48.27	-49.83	-52.49	-51.49	-51.73	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	390.4	-	-	-	-	-	-	219.2	94.05	213.6	-16.1	38.66	156.7	158.7	170.3	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-57.09%	127.12%	-107.54%	340.21%	305.29%	1.27%	7.32%	-	-	-	-	-
Net income ¹	226.6	79.33	435.9	6.107	380.6	101.3	72.8	-151.6	269.3	341.4	51.79	75.26	87.26	21.86	-91.93	166.9	42.92	164.7	-64.92	-11.6	102.6	109.9	111.9	99.02	86.69	85.55	94.2	47.4
Change	-	-64.99%	449.53%	-98.6%	6,131.59%	-73.39%	-28.11%	-308.32%	277.57%	26.8%	-84.83%	45.3%	15.95%	-74.95%	-520.62%	281.54%	-74.28%	283.7%	-139.42%	82.13%	984.86%	7.06%	1.8%	-11.48%	-12.45%	-1.32%	10.12%	-49.68%
Announcement Date	7/27/20	10/26/20	2/1/21	4/26/21	7/26/21	10/25/21	1/31/22	4/25/22	7/25/22	10/24/22	1/30/23	4/24/23	7/24/23	10/23/23	1/29/24	4/22/24	7/22/24	10/21/24	1/27/25	4/28/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Alexandria Real Estate Equities, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	6,995	8,431	9,335	10,697	11,692	12,226	11,758	10,681
Change	-	20.53%	10.72%	14.59%	9.3%	4.57%	-3.83%	-9.16%
Announcement Date	2/1/21	1/31/22	1/30/23	1/29/24	1/27/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Alexandria Real Estate Equities, Inc.

Fiscal Period: December	2020	2024	2025	2026
CAPEX ¹	4,016	2,671	488.5	585.8
Change	-	-	-81.71%	19.92%
Free Cash Flow (FCF) ¹	-	-	-	-
Change	-	-	-	-
Announcement Date	2/1/21	1/27/25	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Alexandria Real Estate Equities, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	64.81%	63.34%	62.9%	63.32%	65.42%	63.37%	63.02%	64.08%
EBIT Margin (%)	27.79%	24.51%	24.19%	25.43%	26.84%	21.96%	23.01%	19.19%
EBT Margin (%)	43.87%	30.95%	25.91%	9.74%	16.39%	17.58%	16.86%	11.44%
Net margin (%)	40.35%	26.65%	19.83%	3.2%	9.93%	11.14%	12.28%	8.11%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	3.69%	2.12%	1.56%	1.58%	1.54%	0.93%	0.99%	0.56%
ROE	7.39%	4.04%	2.75%	3.06%	3.15%	2.13%	1.84%	1.34%
Financial Health
Leverage (Debt/EBITDA)	5.72x	6.3x	5.73x	5.85x	5.73x	6.34x	6x	5.44x
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	212.97%	-	-	-	85.72%	16.05%	18.83%	-
CAPEX / EBITDA (%)	328.61%	-	-	-	131.03%	25.33%	29.87%	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	6.977	6.851	8.006	9.54	8.744	8.903	9.228	-
Change	-	-1.81%	16.87%	19.16%	-8.35%	1.83%	3.65%	-
Dividend per Share ¹	4.24	4.48	4.72	4.96	5.19	5.318	5.452	5.725
Change	-	5.66%	5.36%	5.08%	4.64%	2.47%	2.5%	5.02%
Book Value Per Share ¹	92.98	110.2	111.1	108.1	103.9	113.5	109.5	118.5
Change	-	18.51%	0.84%	-2.71%	-3.9%	9.29%	-3.59%	8.27%
EPS ¹	6.01	3.82	3.18	0.54	1.8	2.016	2.802	1.164
Change	-	-36.44%	-16.75%	-83.02%	233.33%	12.03%	38.97%	-58.45%
Nbr of stocks (in thousands)	134,944	154,964	164,087	173,775	174,762	172,989	172,989	172,989
Announcement Date	2/1/21	1/31/22	1/30/23	1/29/24	1/27/25	-	-	-