Alexandria Real Estate Equities

Real Estate Office REITs Pasadena, California Last filing Jan 26, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.0B
                    3y CAGR +5.3%
                    
                    P31
                    
                    -2.9%
                    
                    Net income
                    FY2025
                
$-1.4B
                    Net margin -47.2%
                    
                    P3
                    
                    -542.7%
                    
                    Total assets
                    FY2025
                
$34.1B
                    ROA -4.2%
                    
                    P3
                    
                    -9.2%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    FCF margin -15.7%
                    
                    P17
                    
                    -6.0%

18 yrs · FY2008–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

14 accounts · 3 years

Total assets $34.1B

Total liabilities $14.9B

Shareholders equity $15.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.6%	1.5%	1.7%
Real Estate	84.2%	85.6%	86.0%
Other Noncurrent Assets	14.2%	13.0%	12.2%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	35.3%	32.6%	30.8%
Other Noncurrent Liabilities	8.4%	7.7%	7.7%
Total Liabilities	43.8%	40.3%	38.5%
Equity
Total Stockholders Equity	45.4%	47.7%	50.2%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	45.5%	47.8%	50.3%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.0%
Noncontrolling Interest	10.6%	12.0%	11.2%
Temporary Equity and Other	0.2%	0.1%	0.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

9 accounts · 3 years

Revenue $3.0B

Operating income Not reported

Net income $-1.4B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	8.9%	8.3%	7.8%
Expenses Property Operating Expenses	2.7%	2.4%	2.3%
Expenses Depreciation and Amortization	4.0%	3.2%	3.0%
Expenses Selling,General and Administrative	0.3%	0.4%	0.5%
Other Income Expense Interest Expense	0.7%	0.5%	0.2%
net Income Other Items Below Tax	-5.4%	-0.9%	-1.5%
net Income net Income	-4.2%	0.9%	0.3%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 3 years

Operating cash flow $1.4B

Investing cash flow $362.1M

Financing cash flow $-1.8B

Account	2025	2024	2023
CashFlow
Operating Activities net Cash From Operating Activities	4.1%	4.0%	4.4%
Operating Activities net Income	-3.6%	1.4%	0.8%
Operating Activities Depreciation and Amortization	3.9%	3.0%	2.7%
Operating Activities Stock Based Compensation	0.1%	0.2%	0.2%
Operating Activities Other Non Cash Items	3.7%	-0.5%	0.7%
Investing Activities Capital Expenditures	-5.5%	-7.1%	-10.0%
Investing Activities Other Investing Activities	6.6%	3.1%	3.2%
Investing Activities net Cash From Investing Activities	1.1%	-4.0%	-6.8%
Financing Activities Proceeds From Debt	78.3%	37.4%	31.4%
Financing Activities Repayment of Debt	-77.8%	-34.9%	-28.2%
Financing Activities Dividends Paid	-2.7%	-2.4%	-2.3%
Financing Activities Repurchase of Common Stock	-0.6%	-0.1%	0.0%
Financing Activities Other Financing Activities	-2.4%	-0.2%	1.0%
Financing Activities net Cash From Financing Activities	-5.2%	-0.2%	1.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-0.0%	-0.3%	-0.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	—	—	—
Net margin	-47.2%	+10.4%	+3.6%
FCF margin	-15.7%	-37.4%	-71.4%
Growth
Revenue CAGR (3y)	+5.3%	+13.8%	+15.2%
Returns
ROE	-9.2%	+1.8%	+0.6%
ROA	-4.2%	+0.9%	+0.3%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	0.96x	0.85x	0.77x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.09x	0.08x	0.08x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Alexandria Real Estate Equities

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