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Alexandria Real Estate Eq Inc Financials

ARE
Trailing 12 months to June 30, 2026
Revenue $2.8B -8.4% YoY
Net Income -$1.0B -9908.4% YoY
EPS (Diluted) -$6.06 -4561.5% YoY
Free Cash Flow Not reported for the trailing 12 months
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Alexandria Real Estate Eq Inc (ARE) reported $2.8B in revenue over the twelve months to Jun 30, 2026, down 8.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ARE FY2025

A property-heavy balance sheet turns recurring operating cash into distributions while rising leverage and noncash depreciation reshape reported earnings.

FY2025 earnings and cash flow diverged sharply: the company reported a net loss of -$1.4B while operating cash flow remained $1.4B. Depreciation and amortization of $1.4B helps explain why property-related noncash expenses weighed heavily on accounting profit without eliminating operating cash generation.

Leverage increased from 0.5x debt-to-equity in FY2022 to 0.8x in FY2025. Equity fell from $19.0B to $15.5B, so the higher ratio reflects balance-sheet contraction as well as additional debt.

Revenue slipped in FY2025 while operating cash flow was $1.4B, indicating that cash generation held up better than reported earnings and top-line activity. Financing cash flow was -$1.8B, larger than the $911M dividend payment, so the outflow also reflects other funding movements, including repurchases.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 44 / 100
Financial Health Score 44/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Alexandria Real Estate Eq Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
78
FFO Growth
43
Leverage
0

Not available for Alexandria Real Estate Eq Inc, and counted as zero in the overall score.

Interest Cov.
0

Not available for Alexandria Real Estate Eq Inc, and counted as zero in the overall score.

AFFO Margin
80
Dividend Cov.
61
Piotroski F-Score Partial
3/7

Alexandria Real Estate Eq Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed
N/A

Alexandria Real Estate Eq Inc reported a net loss of $1.4B while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.0B
YoY-2.9%
5Y CAGR+9.9%

Alexandria Real Estate Eq Inc generated $3.0B in revenue in fiscal year 2025. This represents a decrease of 2.9% from the prior year.

Net Income
-$1.4B
YoY-542.7%

Alexandria Real Estate Eq Inc reported -$1.4B in net income in fiscal year 2025. This represents a decrease of 542.7% from the prior year.

EPS (Diluted)
-$8.44
YoY-568.9%

Alexandria Real Estate Eq Inc earned -$8.44 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 568.9% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt
$549.1M
YoY-0.6%
5Y CAGR-0.7%
10Y CAGR+15.9%

Alexandria Real Estate Eq Inc held $549.1M in cash against $12.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$4.68
YoY-9.8%
5Y CAGR+2.0%

Alexandria Real Estate Eq Inc paid $4.68 per share in dividends in fiscal year 2025. This represents a decrease of 9.8% from the prior year.

Shares Outstanding
173M
YoY+0.1%
5Y CAGR+4.9%

Alexandria Real Estate Eq Inc had 173M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Net Margin
-47.2%
YoY-57.6pp
5Y CAGR-88.1pp

Alexandria Real Estate Eq Inc's net profit margin was -47.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 57.6 percentage points from the prior year.

Return on Equity
-9.2%
YoY-11.1pp
5Y CAGR-15.8pp
10Y CAGR-12.9pp

Alexandria Real Estate Eq Inc's ROE was -9.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.1 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$208.2M
YoY+315.5%

Alexandria Real Estate Eq Inc spent $208.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 315.5% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

ARE Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARE quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$662.8M-1.2%$671.0M-11.1%$754.4M+0.3%$751.9M-1.3%$762.0M+0.5%$758.2M-3.9%$788.9M-0.3%$791.6M
SG&A Expenses$36.9M+6.3%$34.7M+23.8%$28.0M-4.1%$29.2M+0.3%$29.1M-5.0%$30.7M-6.3%$32.7M-25.5%$43.9M
Interest Expense$64.3M-0.4%$64.6M-1.7%$65.7M+19.7%$54.9M-0.8%$55.3M+8.7%$50.9M-8.6%$55.7M+27.8%$43.5M
Net Income-$72.8M-120.1%$361.7M+133.5%-$1.1B-364.4%-$232.8M-117.5%-$107.0M-1097.0%-$8.9M+85.6%-$62.2M-137.1%$167.9M
EPS (Diluted)-$0.43-120.5%$2.10+133.1%-$6.35-360.1%-$1.38-115.6%-$0.64-814.3%-$0.07+81.6%-$0.38-139.6%$0.96

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, Income Tax.

ARE Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARE quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$34.6B+1.4%$34.2B+0.3%$34.1B-8.8%$37.4B-0.7%$37.6B+0.1%$37.6B+0.2%$37.5B-2.5%$38.5B
Cash & Equivalents$470.4M+12.4%$418.7M-23.7%$549.1M-5.2%$579.5M+11.3%$520.5M+9.3%$476.4M-13.7%$552.1M-1.9%$562.6M
Accounts Receivable$7.7M+4.1%$7.4M+10.3%$6.7M+4.1%$6.4M+2.3%$6.3M-8.8%$6.9M+7.3%$6.4M-8.2%$7.0M
Total Liabilities$15.5B+4.4%$14.8B-0.8%$14.9B-8.2%$16.3B+2.3%$15.9B+1.8%$15.6B+3.1%$15.1B-4.2%$15.8B
Long-Term Debt$12.8B+2.3%$12.5B+1.0%$12.4B-8.8%$13.6B+2.3%$13.3B+1.6%$13.1B+6.9%$12.2B-3.5%$12.7B
Total Equity$15.6B-1.1%$15.7B+1.7%$15.5B-7.0%$16.6B-3.1%$17.2B-1.7%$17.5B-2.4%$17.9B-1.8%$18.2B

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Retained Earnings.

ARE Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARE quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$337.0M+71.4%$196.6M-37.1%$312.4M-27.9%$433.5M-5.8%$460.2M+121.3%$207.9M-24.2%$274.2M-42.6%$477.4M
Investing Cash Flow-$409.7M+29.9%-$584.8M-132.5%$1.8B+541.2%-$407.9M-8.8%-$374.9M+42.7%-$654.8M-246.7%$446.3M+191.4%-$488.5M
Financing Cash Flow$125.0M-51.6%$258.0M+112.0%-$2.1B-7074.2%$30.8M+175.6%-$40.7M-111.0%$370.8M+150.2%-$738.7M-3061.4%$24.9M
Dividends Paid$123.8M+0.1%$123.8M-45.5%$227.0M-0.1%$227.2M0.0%$227.2M-1.2%$230.0M+1.2%$227.2M-0.1%$227.4M
Share Buybacks$0$0$0$0$0-100.0%$208.2M+315.5%$50.1M$0

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

ARE Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ARE quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Net Margin-11.0%-64.9pp53.9%-143.3%-30.9%-16.9pp-14.0%-12.9pp-1.2%+6.7pp-7.9%-29.1pp21.2%
Return on Equity-0.5%-2.8pp2.3%+9.3pp-7.0%-5.6pp-1.4%-0.8pp-0.6%-0.6pp-0.1%+0.3pp-0.3%-1.3pp0.9%
Return on Assets-0.2%-1.3pp1.1%+4.2pp-3.2%-2.5pp-0.6%-0.3pp-0.3%-0.3pp0.0%+0.1pp-0.2%-0.6pp0.4%
Debt-to-Equity0.820.0x0.800.0x0.800.0x0.820.0x0.770.0x0.75+0.1x0.680.0x0.70

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

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Frequently Asked Questions

What is Alexandria Real Estate Eq Inc's annual revenue?

Alexandria Real Estate Eq Inc (ARE) reported $3.0B in total revenue for fiscal year 2025. This represents a -2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Alexandria Real Estate Eq Inc's revenue growing?

Alexandria Real Estate Eq Inc (ARE) revenue declined by 2.9% year-over-year, from $3.1B to $3.0B in fiscal year 2025.

Is Alexandria Real Estate Eq Inc profitable?

No, Alexandria Real Estate Eq Inc (ARE) reported a net income of -$1.4B in fiscal year 2025, with a net profit margin of -47.2%.

Alexandria Real Estate Eq Inc (ARE) reported diluted earnings per share of -$8.44 for fiscal year 2025. This represents a -568.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Alexandria Real Estate Eq Inc (ARE) had $549.1M in cash and equivalents against $12.4B in long-term debt.

Alexandria Real Estate Eq Inc (ARE) had a net profit margin of -47.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Alexandria Real Estate Eq Inc (ARE) paid $4.68 per share in dividends during fiscal year 2025.

Alexandria Real Estate Eq Inc (ARE) has a return on equity of -9.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Alexandria Real Estate Eq Inc (ARE) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Alexandria Real Estate Eq Inc (ARE) had $34.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Alexandria Real Estate Eq Inc (ARE) spent $208.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Alexandria Real Estate Eq Inc (ARE) had 173M shares outstanding as of fiscal year 2025.

Alexandria Real Estate Eq Inc (ARE) had a debt-to-equity ratio of 0.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Alexandria Real Estate Eq Inc (ARE) had a return on assets of -4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Alexandria Real Estate Eq Inc (ARE) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Alexandria Real Estate Eq Inc (ARE) reported a net loss of $1.4B while generating $1.4B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Alexandria Real Estate Eq Inc (ARE) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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