NYSE: ARE
Alexandria Real Estate Equities
Real Estate · Real Estate Investment Trusts
52-week range
$38.34$59.76
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.27B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.88B |
| FY2017, ended Dec 31, 2017 | $13.2B |
| FY2018, ended Dec 31, 2018 | $13.0B |
| FY2019, ended Dec 31, 2019 | $19.8B |
| FY2020, ended Dec 31, 2020 | $24.4B |
| FY2021, ended Dec 31, 2021 | $35.7B |
| FY2022, ended Dec 31, 2022 | $25.2B |
| FY2023, ended Dec 31, 2023 | $22.2B |
| FY2024, ended Dec 31, 2024 | $16.9B |
| FY2025, ended Dec 31, 2025 | $8.48B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.27B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.76B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $922M |
| FY2017, ended Dec 31, 2017 | $1.13B |
| FY2018, ended Dec 31, 2018 | $1.33B |
| FY2019, ended Dec 31, 2019 | $1.53B |
| FY2020, ended Dec 31, 2020 | $1.89B |
| FY2021, ended Dec 31, 2021 | $2.11B |
| FY2022, ended Dec 31, 2022 | $2.59B |
| FY2023, ended Dec 31, 2023 | $2.89B |
| FY2024, ended Dec 31, 2024 | $3.12B |
| FY2025, ended Dec 31, 2025 | $3.03B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.76B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$65.9M | −$428M |
| FY2017, ended Dec 31, 2017 | $169M | −$443M |
| FY2018, ended Dec 31, 2018 | $379M | −$357M |
| FY2019, ended Dec 31, 2019 | $363M | −$541M |
| FY2020, ended Dec 31, 2020 | $771M | −$563M |
| FY2021, ended Dec 31, 2021 | $571M | −$1.08B |
| FY2022, ended Dec 31, 2022 | $522M | −$2.01B |
| FY2023, ended Dec 31, 2023 | $104M | −$1.79B |
| FY2024, ended Dec 31, 2024 | $323M | −$918M |
| FY2025, ended Dec 31, 2025 | −$1.43B | −$457M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | −$1.43B | −$473M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$509M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $125M |
| FY2017, ended Dec 31, 2017 | $254M |
| FY2018, ended Dec 31, 2018 | $234M |
| FY2019, ended Dec 31, 2019 | $190M |
| FY2020, ended Dec 31, 2020 | $569M |
| FY2021, ended Dec 31, 2021 | $361M |
| FY2022, ended Dec 31, 2022 | $825M |
| FY2023, ended Dec 31, 2023 | $618M |
| FY2024, ended Dec 31, 2024 | $552M |
| FY2025, ended Dec 31, 2025 | $549M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $509M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.16B |
| FY2017, ended Dec 31, 2017 | $4.76B |
| FY2018, ended Dec 31, 2018 | $5.48B |
| FY2019, ended Dec 31, 2019 | $6.78B |
| FY2020, ended Dec 31, 2020 | $7.56B |
| FY2021, ended Dec 31, 2021 | $8.79B |
| FY2022, ended Dec 31, 2022 | $10.2B |
| FY2023, ended Dec 31, 2023 | $11.3B |
| FY2024, ended Dec 31, 2024 | $12.2B |
| FY2025, ended Dec 31, 2025 | $12.4B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 96.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.174M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 88.9M |
| FY2017, ended Dec 31, 2017 | 101M |
| FY2018, ended Dec 31, 2018 | 113M |
| FY2019, ended Dec 31, 2019 | 123M |
| FY2020, ended Dec 31, 2020 | 137M |
| FY2021, ended Dec 31, 2021 | 160M |
| FY2022, ended Dec 31, 2022 | 173M |
| FY2023, ended Dec 31, 2023 | 175M |
| FY2024, ended Dec 31, 2024 | 173M |
| FY2025, ended Dec 31, 2025 | 173M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 174M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $41.4M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $25.4M | $1.43B |
| FY2017, ended Dec 31, 2017 | — | $25.6M | $1.28B |
| FY2018, ended Dec 31, 2018 | — | $35.0M | $1.29B |
| FY2019, ended Dec 31, 2019 | — | $43.6M | $1.22B |
| FY2020, ended Dec 31, 2020 | — | $43.5M | $2.32B |
| FY2021, ended Dec 31, 2021 | — | $48.7M | $3.53B |
| FY2022, ended Dec 31, 2022 | $0 | $57.7M | $2.35B |
| FY2023, ended Dec 31, 2023 | $0 | $82.9M | $104M |
| FY2024, ended Dec 31, 2024 | $50.1M | $59.6M | $27.1M |
| FY2025, ended Dec 31, 2025 | $208M | $41.1M | $0 |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $0 | $41.4M | — |
Revenue (TTM)
$2.76B
−9.9% YoY
Net income (TTM)
−$1.43B
n/m YoY
Cash
$509M
−12.2% YoY
Total debt
$12.9B
−5.1% YoY
Valuation
At current price- Market Cap
- $7.00B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.5×
- Price / Book
- 0.5×
- EV / EBITDA
- n/m. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $2.76B
- Revenue Growth YoY
- −9.9%
- Revenue CAGR 3Y
- 5.3%
- Revenue CAGR 5Y
- 9.9%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- −85.8%
- Net Margin
- −51.8%
- FCF Margin
- −17.1%
- Return on Equity
- −9.1%
Earnings
Trailing 12 months- Net Income
- −$1.43B
- EPS (diluted)
- −$8.41
- EBITDA
- −$1.13B
- Operating Income
- −$2.37B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $509M
- Total Debt
- $12.9B
- Net Debt
- $12.4B
- Total Assets
- $34.1B
- Total Liabilities
- $15.6B
- Shareholders' Equity
- $14.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.19B
- Capital Expenditure
- $1.66B
- Free Cash Flow
- −$473M
Dividends and risk
Last 12 months- Dividend Yield
- 7.2%
- Dividend / Share
- $2.88
- Beta (5Y)
- 1.16
Every ratio is calculated from the company’s reported figures.
Watch
Revenue fell 9.9% over the last year, to $2.76B.
Watch
Lost $1.43B over the last 12 months.
Watch
Carries $12.4B of net debt without positive EBITDA.
Watch
Free cash flow was negative (−$473M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K37Serious concerns
37Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Jan 26, 2026 · Read the filing on EDGAR
- Swung to a $1.44 billion loss for common shareholders from a $309.6 million profit, while revenue fell 2.9% to $3.03 billion, partly because of property sales.
- Cut the quarterly dividend 45% to $0.72 per share, keeping about $410 million a year to support its 2026 funding plan.
- Average occupancy at same properties fell to 92.5% from 95.2%, and adjusted funds from operations fell to $9.01 per share from $9.47.
- Completed $1.81 billion of asset sales, beating the midpoint of guidance, with another $581.7 million of property held for sale in 2026.
Business momentum
Sharp deterioration
“Total revenues of $3.03 billion, down 2.9%, for the year ended December 31, 2025, compared to $3.12 billion for the year ended December 31, 2024.”
Outlook
Cautious
“These pressures are expected to intensify in 2026 due to tariff‑driven material‑cost volatility.”
Financial stress
Low
“Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating $2.36 billion for the years ended December 31, 2021 through 2025.”
Tone against the previous report
More negative
Red flags
- Medium
Other
“Common stock dividend declared of $0.72 per share for the three months ended December 31, 2025, representing a 45% reduction from the quarterly dividend declared of $1.32 for the three months ended September 30, 2025.”
Positives
Asset sales beat the guidance midpoint
“We exceeded the midpoint of our 2025 guidance for dispositions and sales of partial interests by completing $1.81 billion of funding, primarily from sales of non-core assets and land, as well as sales to owner/users.”
Rents still rising on renewals and re-leased space
“Rental rates on lease renewals and re-leasing of space increased by 7.0% and 3.5% (cash basis) for the year ended December 31, 2025.”
Overhead costs cut by 30%, though some savings are temporary
“In 2025, we realized cost reductions of $51.3 million, or 30%, compared to the year ended December 31, 2024, primarily from cost-control and efficiency initiatives.”
Concerns
Large net loss for common shareholders
“$(1,438.0)”
Occupancy falling at established properties
“92.5% same properties’ average occupancy for the year ended December 31, 2025, compared to 95.2% average occupancy for the year ended December 31, 2024.”
New York tower investment at risk in lawsuit
“This matter exposes us to potential losses ranging from zero to the full amount of the investment in the project aggregating $178.1 million as of December 31, 2025, depending on any collection of damages and/or the ability to develop the project.”
New risks since the previous report
Joint venture partners can force sales or buyouts
“In six consolidated real estate joint ventures with aggregate noncontrolling interests of approximately $1.17 billion, our partners currently have the ability to exercise these rights.”
Dividends could be cut again
“Any further reduction in distributions to stockholders may further negatively impact our stock price.”
Tariffs raising construction costs and hurting tenants
“For example, several of our largest tenants are European companies whose U.S. business operations could be directly impacted by the tariffs on the EU due to increased costs on operations and supply chains.”
AI tools spreading negative claims about the company
“In light of the recent proliferation of generative AI tools and large language models, there is also a risk that the dissemination of such opinions, characterizations or disinformation may negatively impact the conclusions that these tools and models draw about our business and prospects.”
Biggest risks named
- Weak life science funding hurting tenants and rent payments
- Lower occupancy and difficulty re-leasing space on good terms
- Asset sales falling short of targets needed to fund plans
- Higher borrowing costs, refinancing limits or credit rating downgrades
- Government policy changes affecting research funding, drug pricing and tariffs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 37 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 26, 2026 | Pro | |||
| 10-K | Jan 26, 2026 | 37 | Sharp deterioration | 1 medium | |
| 10-K | Jan 27, 2025 | 61 | Strong improvement | 2 medium | |
| 10-K | Jan 29, 2024 | 41 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Jan 30, 2023 | 56 | Mixed | 2 minor | |
| 10-K | Jan 31, 2022 | 58 | Mixed | None | |
| 10-K | Feb 1, 2021 | 76 | Strong improvement | None | |
| 10-K | Feb 4, 2020 | 68 | Improving | None | |
| 10-K | Feb 5, 2019 | 73 | Strong improvement | None | |
| 10-K | Jan 30, 2018 | 76 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 26, 2026. View filings on SEC EDGAR