Alexandria Real Estate Equities, Inc.

Real Estate Investment Trusts

AREStrained5 of 11 basics passed

$45.51

-0.20%

Market cap $7.83B

$45.51

-0.20%

Market cap $7.83B

Alexandria Real Estate Equities Inc is an urban office real estate investment trust (REIT). It is engaged in the business of providing space for lease to life science, agtech, and technology tenants.

It is a $7.83B real estate company. Revenue shrank 8.4% over the last year, and it currently loses money.

Website: are.com
Location: Pasadena, CA
Employees: 514
Sector: Real Estate

Share price · 3 years

$100.45 → $45.51-54.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.84B
Loss: spends more than it earns; -$1.02B
Free cash flow: cash left after running the business; $1.28B
P/E: years of profit in the price; 33.1
Dividend: pays out 34% of profit · 54% of FCF; 8.85%
Shares: shares outstanding; 169.4M
Volatility: beta vs the market — under 1 swings less; 1.18

Revenue, last 8 years

52-week range

Low $40.41$45.51High $77.87

Today's price is 14% of the way from the year's low to its high.

Valuation vs own history

P/E

65.3×

41%

P/S

2.8×

95%

P/B

0.4×

100%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$879Knet selling

Purchases$480K

Sales$1.36M

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$7.83Btop 91%
Revenue growth+4%top 67%
Net margin-37%top 98%
Return on equity-6%top 98%
P/E33.1×top 68%
Dividend yield8.85%top 5%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Profitability, Health, Quality and Moat lag behind.

Valuation77

P/E vs own history60th pct · 12/25
FCF yield16.3% · 25/25
P/S2.8x · 20/25
EV/EBITDA14.8x · 20/25

Growth24

Revenue CAGR9.6% · 12/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth9.9% · 12/25

Profitability0

ROIC-8.4% · 0/25
ROE-6.5% · 0/25
Net margin-36.1% · 0/25
Operating margin-51.9% · 0/25

Health3

Altman Z0.03 · 3/25
Current ratio0.42 · 0/25
Interest coverage-4.8x · 0/25
Net cash / debtn/a · 0/25

Quality47

Piotroski F4/9 · 10/25
Beneish M-3.40 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 14.5% · 12/25

Moat0

ROIC >12% years0/8 yrs · 0/25
Median gross margin13.0% · 0/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst -47.2% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
2 open-market insider purchases
~10K shares bought by insiders
FY2020Financial
Best year on record
$771M net income
FY2018Financial
Revenue crossed $1B
$1.33B for the year
FY2017Financial
Turned profitable
$169M net income after a loss year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$2 276 today — price return only

$3.0B revenue in FY2025

Positive free cash flow 10 years in a row

514 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (68.6%)
Strong cash conversion — FCF is 45.0% of revenue

Watch-outs

Revenue shrinking 8.4% year over year
Not profitable — 36.1% net margin
Altman Z-Score 0.03 — elevated financial-distress risk
Thin interest coverage (-4.8×)
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

5 of 11 checks passed

Revenue growing — the company sells more than a year ago-8.4% YoY
Profitable — makes more than it spends-$1.02B TTM
Profit growing — earnings are higher than last year-542.7% YoY
Generates cash — cash left after running and investing$1.28B TTM
Debt under control — could handle its obligationscurrent ratio 0.42
Established company — not a micro-cap — lower blow-up risk$7.83B market cap
Not printing shares — share count not ballooning — you keep your slice+32.0% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.0 — distress
Pays a dividend — returns cash to shareholdersyield 8.85%
Valuation not extreme — price not wildly above earningsP/E 33.1

Peer comparisonAlexandria Real Estate Equities, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
ARE this company	$7.8B	33.1	-8.4%	-36.1%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: ARE vs WELL · ARE vs PLD · ARE vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Buy 3Hold 14Sell 7Strong sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.84B · net income -$1.02B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.84B

YoY -8.4%

Net income (TTM)

-$1.02B

Margin -36.1%

Gross margin

68.6%

Operating margin

-51.9%

P/E ratio

33.1

Dividend yield

8.85%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.9	2.1	2.6	2.9	3.1	3.0
Gross profit	0.2	0.2	0.5	0.2	0.4	-1.8
Operating income (EBIT)	0.2	0.2	0.5	0.2	0.4	-1.8
Net income	0.8	0.6	0.5	0.1	0.3	-1.4
EPS (diluted)	6.01	3.82	3.18	0.54	1.80	-8.44

Cash flowFree cash flow $1.28B · operating cash flow $1.28B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.28B

Margin 45.0%

Operating cash flow (TTM)

$1.28B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.9	1.0	1.3	1.6	1.5	1.4
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.9	1.0	1.3	1.6	1.5	1.4
FCF margin	46.8%	48.1%	50.0%	56.5%	48.3%	46.7%

Balance sheetAssets $34.1B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $34.1B of assets is financed

49%

51%

Liabilities $14.9B — borrowed moneyEquity $15.5B — owners' stake

Altman Z-Score

0.03

Distress zone

Interest coverage

-4.8x

EBIT ÷ interest expense

ROE

-6.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.4	0.8	0.6	0.6	0.5
Total assets	22.8	30.2	35.5	36.8	37.5	34.1
Total liabilities	9.4	11.2	12.8	14.1	15.1	14.9
Total debt	—	—	—	—	—	—
Equity	11.7	16.2	19.0	18.5	17.9	15.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ARE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $45.51 · market cap $7.83B.