Alexandria Real Estate Equities

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

                    Revenue
                    FY2025
                
$2.9B
                    3y CAGR +4.5%
                    
                    P27
                    
                    -3.8%
                    
                    Net income
                    FY2025
                
$-1.4B
                    Net margin -49.4%
                    
                    P3
                    
                    -542.7%
                    
                    Total assets
                    FY2025
                
$34.1B
                    ROA -4.2%
                    
                    P3
                    
                    -9.2%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    
                    -6.0%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 5 years

Total assets $34.1B

Total liabilities $14.9B

Shareholders equity $15.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+11.0%	+15.2%	+30.8%	+128.4%	—
Accounts Receivable	-2.5%	-4.6%	+5.5%	+3.2%	—
Prepaid Expenses	+8.0%	+10.6%	+11.7%	+14.1%	—
Other Current Assets	+0.0%	+0.0%	-7.4%	-3.5%	—
Property,Plant and Equipment	+27.7%	+14.4%	+0.2%	-12.3%	—
Operating Lease Assets	+10.1%	+17.2%	+4.3%	+17.7%	—
Long Term Investments	+49.5%	+37.5%	+2.7%	-8.6%	—
Other Noncurrent Assets	+0.0%	+0.0%	-7.4%	-3.5%	—
Total Assets	+3.1%	+7.5%	+10.3%	+17.6%	—
Liabilities
Operating Lease Liabilities	—	—	—	—	—
Total Current Liabilities	+7.5%	+10.6%	+12.5%	+14.8%	—
Long Term Debt	+19.5%	+36.5%	+26.5%	+64.5%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—
Total Liabilities	+7.5%	+10.6%	+12.5%	+14.8%	—
Equity
Common Stock	+1.9%	+2.9%	+4.3%	+8.0%	—
Additional Paid In Capital	-1.1%	+3.5%	+6.8%	+17.3%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Noncontrolling Interest	+6.4%	+16.6%	+20.8%	+30.6%	—
Total Stockholders Equity	-1.1%	+3.4%	+6.8%	+17.2%	—
Total Liabilitiesand Equity	+3.1%	+7.5%	+10.3%	+17.6%	—

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $2.9B

Operating income $2.9B

Net income $-1.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+8.5%	+13.0%	+16.0%	+21.7%	—
Expenses Cost of Revenue	+26.9%	+13.1%	+20.3%	+14.4%	—
Expenses Selling,General and Administrative	-6.2%	+3.6%	+14.7%	+17.0%	—
Expenses Depreciation and Amortization	+13.2%	+13.6%	+15.4%	+22.1%	—
Expenses Share Based Compensation	-4.1%	+7.0%	+30.5%	+18.6%	—
Expenses Operating Expenses	+26.9%	+13.1%	+20.3%	+14.4%	—
Other Income Expense Operating Income	+8.5%	+13.0%	+16.0%	+21.8%	—
Other Income Expense Interest Expense	+12.4%	+9.3%	-27.8%	-33.7%	—
Other Income Expense Other Income/expense	—	—	—	—	—
net Income net Income	—	-17.3%	-57.4%	-8.7%	—
net Income Comprehensive Income	—	-20.0%	-56.4%	-10.9%	—
Earnings Per Share Basic Eps	—	-22.3%	-62.5%	-17.0%	—
Earnings Per Share Diluted Eps	—	-22.2%	-62.4%	-16.8%	—
Earnings Per Share Weighted Average Shares Basic	+3.8%	+5.4%	+7.9%	+10.0%	—
Earnings Per Share Weighted Average Shares Diluted	+3.7%	+5.3%	+7.7%	+9.6%	—

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.4B

Investing cash flow $362.1M

Financing cash flow $-1.8B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	—	-17.3%	-57.4%	-8.7%	—
Operating Activities Depreciation and Amortization	+13.2%	+13.6%	+15.4%	+22.1%	—
Operating Activities Stock Based Compensation	-4.1%	+7.0%	+30.5%	+18.6%	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	+34.8%	+27.8%	—
Operating Activities net Cash From Operating Activities	+8.8%	+14.2%	+27.0%	+28.1%	—
Investing Activities Purchases of Investments	-12.6%	-16.7%	-31.9%	-40.5%	—
Investing Activities Other Investing Activities	-53.8%	—	-81.4%	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	-25.1%	-17.0%	-24.4%	+2.8%	—
Financing Activities Repayment of Debt	+71.1%	-87.9%	-95.9%	-94.8%	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—
Financing Activities Dividends Paid	+8.6%	+11.1%	+13.7%	+15.5%	—
Financing Activities Proceeds From Stock Issuance	—	-80.3%	-82.8%	-33.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	-8.2%	+22.0%	-15.4%	+37.7%	—
Financing Activities net Cash From Financing Activities	—	—	-66.2%	-28.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	+7.5%	+10.5%	+26.1%	+106.6%	—
Cash Reconciliation Cash At End of Period	+7.5%	+10.5%	+26.1%	+106.6%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	-66.5%	+10.6%	+4.2%	+16.3%	+10.9%
Operating margin	+99.8%	+99.9%	+99.9%	+99.9%	+99.8%
Net margin	-49.4%	+10.7%	+3.7%	+20.6%	+27.4%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+4.5%	+13.0%	+14.7%	+20.0%	—
Returns
ROE	-9.2%	+1.8%	+0.6%	+2.7%	+3.5%
ROA	-4.2%	+0.9%	+0.3%	+1.5%	+1.9%
ROIC	+19.3%	+17.3%	+15.7%	+13.9%	+13.1%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	0.04x	0.04x	0.04x	0.06x	0.03x
Leverage
D/E	0.96x	0.85x	0.77x	0.68x	0.69x
Interest coverage	12.75x	16.17x	37.77x	26.91x	14.64x
Efficiency
Asset turnover	0.08x	0.08x	0.08x	0.07x	0.07x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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Alexandria Real Estate Equities

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