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

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	$549.1M -0.6%	$552.1M -10.7%	$618.2M
Real Estate	$28.7B -10.7%	$32.1B 1.5%	$31.6B
Other Noncurrent Assets	$4.8B -0.5%	$4.9B 8.9%	$4.5B
Total Assets	$34.1B -9.2%	$37.5B 2.1%	$36.8B
Liabilities
Long Term Debt	$12.0B -1.6%	$12.2B 8.2%	$11.3B
Other Noncurrent Liabilities	$2.9B -0.2%	$2.9B 1.8%	$2.8B
Total Liabilities	$14.9B -1.3%	$15.1B 6.9%	$14.1B
Equity
Total Stockholders Equity	$15.5B -13.5%	$17.9B -3.2%	$18.5B
Common Stock	$1.7M -1.0%	$1.7M 0.2%	$1.7M
Additional Paid In Capital	$15.5B -13.6%	$17.9B -3.0%	$18.5B
Accumulated Other Comprehensive Income	$-29.4M 36.4%	$-46.3M -191.0%	$-15.9M
Noncontrolling Interest	$3.6B -19.2%	$4.5B 8.6%	$4.1B
Temporary Equity and Other	$58.8M 194.4%	$20.0M 21.2%	$16.5M
Total Liabilitiesand Equity	$34.1B -9.2%	$37.5B 2.1%	$36.8B

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	$3.0B -2.9%	$3.1B 8.0%	$2.9B
Expenses Property Operating Expenses	$922.6M 1.5%	$909.3M 5.8%	$859.2M
Expenses Depreciation and Amortization	$1.4B 12.3%	$1.2B 10.0%	$1.1B
Expenses Selling,General and Administrative	$117.0M -30.5%	$168.4M -15.5%	$199.4M
Other Income Expense Interest Expense	$226.7M 22.0%	$185.8M 150.4%	$74.2M
net Income Other Items Below Tax	$-1.8B -441.9%	$-341.0M 39.9%	$-567.0M
net Income net Income	$-1.4B -542.7%	$322.9M 211.6%	$103.6M
Earnings Per Share Basic Eps	$-8 -568.9%	$2 233.3%	$1
Earnings Per Share Diluted Eps	$-8 -568.9%	$2 233.3%	$1

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	$1.4B -6.0%	$1.5B -7.7%	$1.6B
Operating Activities net Income	$-1.2B -338.2%	$510.7M 81.8%	$281.0M
Operating Activities Depreciation and Amortization	$1.3B 17.6%	$1.1B 11.7%	$1.0B
Operating Activities Stock Based Compensation	$41.1M -31.0%	$59.6M -28.0%	$82.9M
Operating Activities Other Non Cash Items	$1.3B 799.5%	$-182.5M -168.5%	$266.6M
Investing Activities Capital Expenditures	$-1.9B 29.3%	$-2.7B 27.6%	$-3.7B
Investing Activities Other Investing Activities	$2.3B 94.0%	$1.2B -2.4%	$1.2B
Investing Activities net Cash From Investing Activities	$362.1M 124.0%	$-1.5B 39.6%	$-2.5B
Financing Activities Proceeds From Debt	$26.7B 90.0%	$14.0B 21.7%	$11.5B
Financing Activities Repayment of Debt	$-26.5B -102.3%	$-13.1B -26.3%	$-10.4B
Financing Activities Dividends Paid	$-911.5M -1.4%	$-898.6M -6.0%	$-847.5M
Financing Activities Repurchase of Common Stock	$-208.2M -315.5%	$-50.1M	$0
Financing Activities Other Financing Activities	$-816.0M -1012.6%	$-73.3M -120.1%	$365.5M
Financing Activities net Cash From Financing Activities	$-1.8B -1811.6%	$-93.3M -113.8%	$674.2M
Cash Reconciliation Effect of Exchange Rate On Cash	$1.6M 208.4%	$-1.4M -11.4%	$-1.3M
Cash Reconciliation net Change In Cash	$-6.1M 94.0%	$-100.9M 48.8%	$-197.2M

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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