NYSE: ARE · Office REITs
Alexandria Real Estate Equities, Inc.
Alexandria is a REIT that owns, develops, and leases laboratory and office campuses for life science companies in clusters such as Greater Boston, the San Francisco Bay Area, and San Diego. Its tenants include pharmaceutical and biotech companies, universities, and government research agencies. 2025 revenue was $3.03 billion, and the company reported a $1.43 billion net loss after $2.20 billion of real estate impairments. It cut its quarterly dividend by 45% to $0.72. Occupancy fell from 90.9% at year-end 2025 to 86.9% in mid-2026 as the life science industry faced weak venture funding.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: January 26, 2026
Built on10-K FY2025 · filed 2026-01-2610-Q (quarter ended 2026-09-30) · filed 2026-10-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- —
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- —
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.85
Higher than 63% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$43.42close on 2026-11-04
Market cap$7.4B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- —
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 0.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -6.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 10.8%
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 0.5x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: -5.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$752M → $671M (vs. a year earlier)↓ −10.7%$752M → $671M (vs. a year earlier)
- Net income−$233M → −$638M (vs. a year earlier)↓ −$638M−$233M → −$638M (vs. a year earlier)
- Diluted EPS$-1.38 → $-3.74 (vs. a year earlier)↓ $-3.74$-1.38 → $-3.74 (vs. a year earlier)
- Cash$470M → $509M (vs. previous quarter-end)↑ +8.2%$470M → $509M (vs. previous quarter-end)
- Long-term debt$12.81B → $12.9B (vs. previous quarter-end)↑ +0.7%$12.81B → $12.9B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- ALEXANDRIA REAL ESTATE EQUITIES, INC.
- Headquarters
- PASADENA, CA
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ARE
- Industry
- Office REITs
- CIK
- 1035443
- Website
- https://www.are.com/ ↗
- IR page
- https://investor.are.com/ ↗
Workforce (as of FY2025 year-end)
Employees
514
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 26–29 days after quarter end (Jan 26, 2026; Jan 27, 2025; Jan 29, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–34 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 26, 2026 (+26 days) | Oct 26, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 3, 2026 (+34 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 27, 2026 (+27 days) | Apr 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 26, 2026 (+26 days) | Jan 26, 2026 10-K (+26 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Oct 27, 2025 10-Q (+27 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 21, 2025 (+21 days) | Jul 21, 2025 10-Q (+21 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 28, 2025 (+28 days) | Apr 28, 2025 10-Q (+28 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 27, 2025 (+27 days) | Jan 27, 2025 10-K (+27 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 21, 2024 (+21 days) | Oct 21, 2024 10-Q (+21 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 22, 2024 (+22 days) | Jul 22, 2024 10-Q (+22 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 22, 2024 (+22 days) | Apr 22, 2024 10-Q (+22 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 29, 2024 (+29 days) | Jan 29, 2024 10-K (+29 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Real estate
Megacampus ecosystems
Examples: Alexandria Center at Kendall Square (Cambridge), Mission Bay (San Francisco)
Clusters of lab and office buildings with shared amenities.
Real estate
Development pipeline
Examples: 3.5 million RSF of Class A/A+ properties under construction at year-end 2025
Investments
Venture capital platform
Examples: Strategic investments in life science companies
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from 8-Ks.
Q3 2026 results
FFO per share, as adjusted, $1.54; operating occupancy 87.1% (90.8% including executed leases not yet occupied); 1.3 million RSF of leased space not yet occupied is expected to add about $52M of annual rental revenue. The dividend stayed at $0.72. ARE expects 2027 same-property NOI to improve on 2026 but remain negative.
Source: Q3 2026 supplemental (earnings release)
Dividend cut
Quarterly dividend reduced to $0.72 from $1.32 for Q4 2025.
Source: Form 10-K (FY2025)
Lower 2026 outlook
Guided 2026 FFO per share of $6.25–6.55, down from $9.01 (as adjusted) in 2025, with same-property NOI expected to fall 7.5–9.5%. In Q3 2026 the range was narrowed to $6.38–6.42 (midpoint unchanged at $6.40).
Source: Form 10-K (FY2025); Q3 2026 supplemental (earnings release)
Hybrid debt
Issued $1.0B of 7.250% fixed-to-fixed reset rate junior subordinated notes due 2057 in August 2026.
Source: 8-K filed 2026-08-21
Shifting projects to technology tenants
A Q2 2026 lease at 3000 Minuteman Road pivots part of a lab redevelopment to lower-cost advanced technology use, cutting the budget by about $80M.
Source: Q2 2026 supplemental (earnings release)
Capex ÷ D&A (FY2025)
1.39x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,871M ÷ $1,350M = 1.39x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$9M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.45B in FY2020 to $1.87B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$3.03B
As reported in the 10-K
Revenue CAGR (5 years)
+9.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,027M ÷ $1,886M) ^ (1÷5) − 1 = 9.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
-8.6%▼caution
6-year average: 1.2%
As reported in the 10-K
P/B (FY2025 end)
0.54x
Below 1x (price below book value per share)
formulafiscal year-end closing price ÷ book value per share
e.g.$48.94 ÷ $90.71 = 0.54x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.9% a year over 5 years (strong growth)
From $1.89B in FY2020 to $3.03B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 45.4% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 1.2% over 6 years (latest: -8.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Developing and redeveloping lab buildings
- Leasing and operating campuses
- Venture investments in tenants' industry
06 · what it draws on
Key resources
- 340 properties with 39.4 million rentable sq. ft.
- 514 employees
- Debt and equity capital
02 · why customers buy
Value propositions
- Class A/A+ laboratory and office space in 'Megacampus' clusters near research universities; Alexandria says its model brings a high-quality, diverse tenant base and longer lease terms.
04 · how it keeps them
Customer relationships
- Long-term leases, many with built-in annual rent increases.
03 · how it reaches them
Channels
- Leases signed directly with life science, technology, university and medical tenants.
01 · who it serves
Customer segments
- Pharmaceutical and biotech companies
- Universities, medical and government research institutions
- Technology and agtech companies
09 · where money goes
Cost structure
FY2025, share of revenue ($3.03B)
- Selling, general & administrative3.9%
Depreciation & amortization (inside the costs above): $1.35B. Capital spending: $1.87B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Rent under long-term leases (92% triple net)
- Tenant recoveries of operating costs
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns and develops Class A/A+ laboratory and office properties, mostly in 'Megacampus' clusters near research universities, and leases them mainly on triple-net terms. It also invests in life science companies through a venture capital platform.
01 what it draws on
Inputs & resources
- 340 properties with 39.4 million rentable sq. ft.
- 514 employees
- Debt and equity capital
02 what it does
Activities
- Developing and redeveloping lab buildings
- Leasing and operating campuses
- Venture investments in tenants' industry
03 who it serves
Customers
- Pharmaceutical and biotech companies
- Universities, medical and government research institutions
- Technology and agtech companies
04 how money comes in
How it earns
- Rent under long-term leases (92% triple net)
- Tenant recoveries of operating costs
How the business makes money
- Megacampus properties produced 78% of annual rental revenue at year-end 2025.
- 53% of annual rental revenue came from investment-grade or publicly traded large-cap tenants.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Alexandria is a REIT whose life-science tenants face drug-pricing pressure.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Tenant drug-pricing pressure
Pharmaceutical tenants face pricing pressure from Medicaid, insurers and others.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Government as customer
Government tenants
U.S. government tenants are about 1.5% of annual rental revenue.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Leases are long term: about 92% are triple net (tenants pay taxes, insurance, utilities, and operating costs), and 97% contain annual rent escalations. The top 20 tenants' weighted-average remaining lease term was 9.7 years at year-end 2025.
- long
Triple-net leases
About 92% of annual rental revenue
Typical term: Tenants pay substantially all property expenses in addition to base rent
- long
Top 20 tenants
38.4% of annual rental revenue
Typical term: Weighted-average 9.7 years remaining (7.9 years excluding ground leases)
Largest tenant Bristol-Myers Squibb at 6.1%.
Source: Form 10-K (FY2025) — Item 2, Top 20 tenants; Risk Factors
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Pharmaceutical and biotech companies, life science product and medical device companies, technology companies, universities, medical research institutions, and the U.S. government.
Named by the company
- Bristol-Myers Squibb — Largest tenant: 6.1% of annual rental revenue.Form 10-K (FY2025) — Item 2, Top 20 tenants
- Eli Lilly — 4.5% of annual rental revenue.Form 10-K (FY2025) — Item 2, Top 20 tenants
- Moderna — 3.8% of annual rental revenue.Form 10-K (FY2025) — Item 2, Top 20 tenants
- Takeda — 2.5% of annual rental revenue.Form 10-K (FY2025) — Item 2, Top 20 tenants
What the filings disclose
- The 20 largest tenants accounted for 38.4% of annual rental revenue at year-end 2025. (Form 10-K (FY2025), Item 2)
Suppliers
Construction contractors and capital providers.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Alexandria's 10-K says other laboratory and technology properties near its campuses compete for tenants, and it competes for investments with REITs, insurers, pension and investment funds, private equity, developers, and foreign investors. It doesn't name specific competitors.
Competitors named in the 10-K
Alexandria's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
REITs that own laboratory or life science space, plus other equity REITs of comparable size and S&P 500 or investment-grade REITs that compete for executive talent.
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
Profit over time (operating → net)
Unit: $M
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,886 | 2,114 | 2,589 | 2,886 | 3,116 | 3,027 |
| Net income (attributable) | 771 | 571 | 522 | 104 | 323 | -1,430 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.1% | 22.5% | 11.5% | 8.0% | -2.9% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 40.9% | 27.0% | 20.1% | 3.6% | 10.4% | -47.2% |
| Balance sheet ($M) | ||||||
| Total assets | 22,828 | 30,219 | 35,523 | 36,771 | 37,527 | 34,082 |
| Total equity | 13,432 | 19,024 | 22,674 | 22,607 | 22,378 | 19,098 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,563 | 8,792 | 10,160 | 11,316 | 12,244 | 12,401 |
| Equity ratio | 51.4% | 53.6% | 53.4% | 50.2% | 47.7% | 45.4% |
| ROE | 6.6% | 4.1% | 3.0% | 0.6% | 1.8% | -8.6% |
| Cash flow ($M) | ||||||
| Operating CF | 883 | 1,010 | 1,294 | 1,631 | 1,505 | 1,414 |
| Investing CF | -3,278 | -7,107 | -5,080 | -2,501 | -1,511 | 362 |
| Financing CF | 2,750 | 5,916 | 4,230 | 674 | -93 | -1,784 |
| Free cash flowcalccash flow from operations − capital expenditures | -563 | -1,080 | -2,013 | -1,788 | -918 | -457 |
| Cash and equivalents | 569 | 361 | 825 | 618 | 552 | 549 |
| Per share & other | ||||||
| EPS ($) | 6.01 | 3.82 | 3.18 | 0.54 | 1.80 | -8.44 |
| BVPS ($) | 85.78 | 102.44 | 111.11 | 107.45 | 103.88 | 90.71 |
| Dividend per share ($) | 4.24 | 4.48 | 4.72 | 4.96 | 5.19 | 4.68 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 70.5% | 117.3% | 148.4% | 918.5% | 288.3% | — |
| P/E (x) | 29.7 | 58.4 | 45.8 | 234.8 | 54.2 | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.08 | 2.18 | 1.31 | 1.18 | 0.94 | 0.54 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $671M-10.7% | −$638M | $-3.74 |
| 2026-06-30 | $663M-13.0% | −$73M | $-0.43 |
| 2026-03-31 | $671M-11.5% | $362M | $2.10 |
| 2025-12-31 † | $754M-4.4% | −$1.08B | — |
| 2025-09-30 | $752M | −$233M | $-1.38 |
| 2025-06-30 | $762M | −$107M | $-0.64 |
| 2025-03-31 | $758M | −$9M | $-0.07 |
| 2024-12-31 † | $789M | −$62M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 5.16x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.9%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-26
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 97.4%
- Directors & officers (shares)
- 1.4%
- Everyone else (est.)
- 1.2%
- Directors & officers (voting power)
- 1.4%
- Institutional-ownership rank
- 91 of 416
- Beta (adjusted)
- 0.85
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 22% of covered companies have more
above 1 = swings more than the market
- 169.6M shares reported by 596 13F filers ÷ 174.2M shares outstanding on 2026-07-15. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-15)
18
Strengths & weaknessesSite analysis
Strengths
1. High-quality tenants
84% of the top 20 tenants' annual rental revenue comes from investment-grade or publicly traded large-cap tenants; no tenant exceeds 6.1%.
Evidence: Form 10-K (FY2025), Item 2
2. Long, triple-net leases
About 92% of leases are triple net, and the top 20 tenants have 9.7 years of remaining term on average.
Evidence: Form 10-K (FY2025)
3. Leading position
Alexandria pioneered the life science real estate niche in 1994 and owns campuses in the main U.S. innovation clusters.
Evidence: Form 10-K (FY2025), Overview
Weaknesses
1. Falling occupancy
Operating occupancy was 90.9% at year-end 2025, 86.9% at June 30, 2026 and 87.1% at September 30, 2026; same-property net operating income fell 6.7% in Q3 2026 and 9.2% in the first nine months.
Evidence: Form 10-K (FY2025); Q3 2026 supplemental (earnings release)
2. Large impairments
$2.20B of real estate impairments in 2025 led to a $1.43B net loss.
Evidence: Form 10-K (FY2025)
3. Dividend cut
The quarterly dividend was cut 45% to $0.72 for Q4 2025 to strengthen the balance sheet and preserve liquidity.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
9.56%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-5.5%
(Operating CF − capex) ÷ market cap
1. Exposure to life science real estate
High-quality campuses and tenants, with leases averaging nearly a decade among the top 20 tenants.
- What has to hold
- Life science demand recovers.
- The other side
- Occupancy and FFO are falling, and impairments may continue.
Evidence: Form 10-K (FY2025)
2. Dividend after the cut
A quarterly dividend of $0.72 that the company says retains cash for reinvestment.
- What has to hold
- Cash flow stabilizes.
- The other side
- The board says dividends may be reduced or suspended in the future.
Evidence: Form 10-K (FY2025)
REITs report funds from operations (FFO) rather than operating income, so operating income and some ratios are blank. Capital spending is additions to real estate (development).
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$549M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
-0.5x
−$457M vs. $911M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.9% in FY2025 ($3.12B → $3.03B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Long leases
Long remaining lease terms and triple-net structures protect rental income.
Source: Form 10-K (FY2025)
Debt
About $12.4B of debt at year-end 2025; $1.0B of hybrid notes added in 2026.
Source: SEC EDGAR XBRL; 8-K filed 2026-08-21
Weak demand
Occupancy and same-property income are declining in 2026 (same-property NOI −9.2% in the first nine months).
Source: Q3 2026 supplemental (earnings release)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Alexandria faces a securities class action and derivative suits filed after its December 2025 disclosures on business performance and real-estate impairments.
1 open matter
Securities class action over impairments
PendingClass actionInvestors who bought January 30, 2024 – December 5, 2025 (C.D. Cal.)
Filed November 25, 2025, alleging misrepresentations and omissions about business performance and real-estate impairment charges. Related derivative actions were filed in Maryland and California in 2026. On September 10, 2026 the court dismissed the amended complaint with leave to amend; the plaintiffs filed a second amended complaint on October 15, 2026. The derivative actions are stayed.
- Amounts
- No accrual; Alexandria cannot estimate a possible loss.
- Next step
- Defendants moved to dismiss May 20, 2026; the derivative cases are stayed pending that motion.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Life science industry downturn
- Company disclosure (summarized from the 10-K)
- Venture funding for early-stage life science companies has contracted for several years, and FDA workforce cuts in 2025 created uncertainty in approvals, weighing on tenant demand.
- Company’s stated mitigation
- Partnerships with pharmaceutical companies, CROs, and investment-grade institutions; leasing to technology tenants.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competing space
- Company disclosure (summarized from the 10-K)
- Other lab and technology properties nearby, and well-funded competitors offering concessions, can limit rents and occupancy.
- Company’s stated mitigation
- Megacampus locations.
- This site’s assessment
- Impact Med / Likelihood High
- 3FX & interest rates
Funding costs
- Company disclosure (summarized from the 10-K)
- Development is funded with debt and asset sales; higher interest rates raise costs.
- Company’s stated mitigation
- Liquidity from the credit line, commercial paper, and dispositions.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Real estate values
- Company disclosure (summarized from the 10-K)
- Weaker life science real estate markets could lead to further asset devaluations.
- Company’s stated mitigation
- Reducing capital spending.
- This site’s assessment
- Impact High / Likelihood Med
23
What to watch going forwardSite analysis
- Occupancy and leasing in 2026.
- 2026 FFO per share versus guidance of $6.25–6.55.
- Asset sales and further impairments.
- Dividend policy.
- Biotech funding conditions.
24
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: January 26, 2026
Built on10-K FY2025 · filed 2026-01-26
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Alexandria Real Estate Equities, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.