Alexandria Real Estate Equities (ARE)
Real Estate · $9.5B market cap · SEC CIK 0001035443
fundamentals score out of 100
Next reports on Oct 26, 2026, with analysts expecting $-0.03 in earnings per share.
The case for ARE
- Trades at 0.59× book value, below what the balance sheet says it owns.
- Pays a 4.7% dividend while you wait.
- Gross margin of 69% absorbs cost shocks.
The case against
- Losing money over the last year: net margin -36.6%, return on equity -6%.
- Revenue fell 13.0% year over year.
- Down 38.1% over the past year.
- Long-term debt of $12.4B would take 9 years of operating cash flow to repay.
- Pays a dividend while losing money over the last twelve months.
- Value is weak (37/100): no earnings to pay for, 3.4× sales.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 37 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 37 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 12 |
| Momentumhow the price has behaved lately | 33 |
| Stabilityhow violently it moves, what it owes and what it pays you | 25 |
- It is losing money, so it has no P/E; that counts against value rather than being skipped.
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | n/a |
|---|---|
| Price / book | 0.59× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | -13.0% |
| EPS growth (YoY) | — |
| Gross margin | 69% |
| Operating margin | -52% |
| Net margin | -37% |
| Return on equity | -6% |
| Debt / equity | 0.82× |
| Current ratio | 0.42 |
| Dividend yield | 4.72% |
| Beta | 1.18 |
| 52-week range | $39.41 – $88.24 |
| Position in that range | 30% of the way up |
| 3-month return | +4.5% |
| 1-year return | -38.1% |
Five years of financials, as filed
Pulled from Alexandria Real Estate Equities's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.0B | $3.1B | $2.9B | $2.6B | $2.1B |
| Net income | -$1.4B | $323M | $104M | $522M | $571M |
| Operating cash flow | $1.4B | $1.5B | $1.6B | $1.3B | $1.0B |
| Total assets | $34.1B | $37.5B | $36.8B | $35.5B | $30.2B |
| Total liabilities | $14.9B | $15.1B | $14.1B | $12.8B | $11.2B |
| Shareholder equity | $15.5B | $17.9B | $18.5B | $19.0B | $16.2B |
| Cash | $549M | $552M | $618M | $825M | $361M |
| Long-term debt | $12.4B | $12.2B | $11.3B | $10.2B | $8.8B |
| Net margin | -47.2% | 10.4% | 3.6% | 20.1% | 27.0% |
| Diluted shares | 170M | 172M | 171M | 162M | 147M |
Share count is up 15.5% over 4 years. Your slice has been diluted.
What Alexandria Real Estate Equities says it does
Overview We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 ® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025 , Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction .…
Risk factors ARE lists in its 10-K
- Issuer and guarantor subsidiary summarized financial information
- Impairment of real estate assets classified as held for sale
- Impairment of other long-lived assets
- Foreign currency exchange rate risk
- Evaluation of disclosure controls and procedures
- Changes in internal control over financial reporting
- Management’s annual report on internal control over financial reporting
- Internal Control – Integrated Framework
- Report of Independent Registered Public Accounting Firm
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- Insider trading policies and procedures
- Equity Compensation Plan Information