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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

20 accounts · 3 years

Total assets $34.1B

Total liabilities $14.9B

Shareholders equity $15.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	19.0%	18.4%	22.0%
Accounts Receivable	0.2%	0.2%	0.3%
Prepaid Expenses	1.2%	1.1%	1.1%
Other Current Assets	57.4%	55.2%	50.7%
Property,Plant and Equipment	2.4%	1.3%	0.9%
Operating Lease Assets	24.1%	25.4%	18.4%
Long Term Investments	12.3%	6.2%	2.7%
Other Noncurrent Assets	57.4%	55.2%	50.7%
Total Assets	1177.6%	1247.7%	1310.8%
Liabilities
Operating Lease Liabilities	12.5%	16.9%	13.6%
Total Current Liabilities	515.7%	503.0%	504.4%
Long Term Debt	1.4%	1.6%	1.1%
Operating Lease Liabilities Noncurrent	12.5%	16.9%	13.6%
Total Liabilities	515.7%	503.0%	504.4%
Equity
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	535.5%	596.2%	659.0%
Accumulated Other Comprehensive Income	-1.0%	-1.5%	-0.6%
Noncontrolling Interest	125.3%	149.3%	147.4%
Total Stockholders Equity	534.5%	594.8%	658.5%
Total Liabilitiesand Equity	1177.6%	1247.7%	1310.8%

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $2.9B

Operating income $2.9B

Net income $-1.4B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	166.5%	89.4%	95.8%
Expenses Selling,General and Administrative	4.0%	5.6%	7.1%
Expenses Depreciation and Amortization	46.7%	40.0%	39.0%
Expenses Share Based Compensation	1.4%	2.0%	3.0%
Expenses Operating Expenses	166.5%	89.4%	95.8%
Other Income Expense Operating Income	99.8%	99.9%	99.9%
Other Income Expense Interest Expense	7.8%	6.2%	2.6%
Other Income Expense Other Income/expense	-1.9%	-1.8%	-7.0%
net Income net Income	-49.4%	10.7%	3.7%
net Income Comprehensive Income	-48.8%	9.7%	3.9%
Earnings Per Share Basic Eps	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	5.9%	5.7%	6.1%
Earnings Per Share Weighted Average Shares Diluted	5.9%	5.7%	6.1%

Cash Flow Statement

Operating, investing, and financing flows

19 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 Income	-49.4%	10.7%	3.7%
Operating Activities Depreciation and Amortization	46.7%	40.0%	39.0%
Operating Activities Stock Based Compensation	1.4%	2.0%	3.0%
Operating Activities Changes In Operating Assets and Liabilities	-4.1%	-1.9%	3.9%
Operating Activities net Cash From Operating Activities	48.9%	50.0%	58.1%
Investing Activities Purchases of Investments	8.2%	7.9%	6.8%
Investing Activities Other Investing Activities	0.3%	-0.1%	0.2%
Investing Activities net Cash From Investing Activities	12.5%	-50.2%	-89.1%
Financing Activities Proceeds From Debt	19.0%	33.2%	35.5%
Financing Activities Repayment of Debt	5.3%	0.0%	0.0%
Financing Activities Repurchase of Common Stock	7.2%	1.7%	0.0%
Financing Activities Dividends Paid	31.5%	29.9%	30.2%
Financing Activities Proceeds From Stock Issuance	0.0%	0.9%	3.7%
Financing Activities Tax Withholding On Stock Based Compensation	0.8%	2.1%	0.9%
Financing Activities net Cash From Financing Activities	-61.6%	-3.1%	24.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-0.2%	-3.4%	-7.0%
Cash Reconciliation Cash At Beginning of Period	19.1%	18.6%	23.6%
Cash Reconciliation Cash At End of Period	19.1%	18.6%	23.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	-66.5%	+10.6%	+4.2%
Operating margin	+99.8%	+99.9%	+99.9%
Net margin	-49.4%	+10.7%	+3.7%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+4.5%	+13.0%	+14.7%
Returns
ROE	-9.2%	+1.8%	+0.6%
ROA	-4.2%	+0.9%	+0.3%
ROIC	+19.3%	+17.3%	+15.7%
Liquidity
Current ratio	—	—	—
Quick ratio	0.04x	0.04x	0.04x
Leverage
D/E	0.96x	0.85x	0.77x
Interest coverage	12.75x	16.17x	37.77x
Efficiency
Asset turnover	0.08x	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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