Alexandria Real Estate Equities, Inc. 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 Mega campus 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 US dollars 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. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Mega campus environments that enhance our tenant ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. Alexandria Real Estate Equities, Inc. was established in January 05,1994 and incorporated in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.9B | $360M | $-1.4B | $1.4B | -9.2% | -3.4% | -542.7% |
| 2024 | $3.0B | $1.9B | $323M | $1.5B | 1.8% | 7.3% | 211.6% |
| 2023 | $2.8B | $1.4B | $104M | $1.6B | 0.6% | 10.3% | -80.1% |
| 2022 | $2.6B | $1.8B | $522M | $1.3B | 2.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,576.04 | 2,842.46 | 3,049.71 | 2,945.18 |
| Operating Revenue | - | 2,576.04 | 2,842.46 | 3,049.71 | 2,945.18 |
| Cost Of Revenue | - | 783.15 | 859.18 | 909.26 | 922.60 |
| Gross Profit | - | 1,792.89 | 1,983.28 | 2,140.44 | 2,022.57 |
| Operating Expense | - | 1,179.42 | 1,292.83 | 1,370.74 | 1,467.52 |
| Selling General And Administration | - | 177.28 | 199.35 | 168.36 | 117.05 |
| Total Expenses | - | 1,962.58 | 2,152.01 | 2,280 | 2,390.13 |
| Operating Income | - | 613.46 | 690.45 | 769.70 | 555.04 |
| EBITDA | - | 1,767.05 | 1,448.67 | 1,898.95 | 360.45 |
| Normalized EBITDA | - | 1,629.18 | 1,828.14 | 2,045.83 | 1,977.27 |
| EBIT | - | 764.90 | 355.20 | 696.57 | -990.03 |
| Interest Expense | - | 94.20 | 74.20 | 185.84 | 226.70 |
| Net Interest Income | - | -94.20 | -74.20 | -185.84 | -226.70 |
| Other Non Operating Income Expenses | - | 12.92 | 43.24 | 66.69 | 81.38 |
| Other Income Expense | - | 151.44 | -335.25 | -73.13 | -1,545.07 |
| Interest Expense Non Operating | - | 94.20 | 74.20 | 185.84 | 226.70 |
| Net Non Operating Interest Income Expense | - | -94.20 | -74.20 | -185.84 | -226.70 |
| Pretax Income | - | 670.70 | 280.99 | 510.73 | -1,216.73 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 28.95 | -79.69 | -30.84 | 0 |
| Net Income Continuous Operations | - | 670.70 | 280.99 | 510.73 | -1,216.73 |
| Net Income From Continuing And Discontinued Operation | - | 521.66 | 103.64 | 322.95 | -1,429.57 |
| Net Income From Continuing Operation Net Minority Interest | - | 521.66 | 103.64 | 322.95 | -1,429.57 |
| Net Income | - | 521.66 | 103.64 | 322.95 | -1,429.57 |
| Net Income Common Stockholders | - | 513.27 | 92.44 | 309.56 | -1,437.99 |
| Net Income Including Noncontrolling Interests | - | 670.70 | 280.99 | 510.73 | -1,216.73 |
| Normalized Income | - | 412.74 | 403.42 | 438.98 | 187.25 |
| Diluted NI Availto Com Stockholders | - | 513.27 | 92.44 | 309.56 | -1,437.99 |
| Basic Average Shares | - | 161.66 | 170.91 | 172.07 | 170.31 |
| Diluted Average Shares | - | 161.66 | 170.91 | 172.07 | 170.31 |
| Reconciled Depreciation | - | 927.80 | 1,000.14 | 1,116.70 | 1,312.72 |
| Reconciled Cost Of Revenue | - | 857.50 | 952.51 | 994.94 | 960.37 |
| Total Unusual Items | - | 137.87 | -379.47 | -146.88 | -1,616.82 |
| Total Unusual Items Excluding Goodwill | - | 137.87 | -379.47 | -146.88 | -1,616.82 |
| Minority Interests | - | -149.04 | -177.36 | -187.78 | -212.84 |
| Special Income Charges | - | -68.29 | -461.11 | -223.07 | -2,202.93 |
| Gain On Sale Of Business | - | 0.64 | 0.98 | 7.06 | -9.63 |
| Other Special Charges | 67.25 | 3.32 | - | - | 0.11 |
| Impairment Of Capital Assets | - | 64.97 | 461.11 | 223.07 | 2,202.82 |
| Gain On Sale Of Security | - | 206.16 | 81.64 | 76.19 | 586.10 |
| Depreciation Amortization Depletion Income Statement | - | 1,002.15 | 1,093.47 | 1,202.38 | 1,350.48 |
| Depreciation And Amortization In Income Statement | - | 1,002.15 | 1,093.47 | 1,202.38 | 1,350.48 |
| General And Administrative Expense | - | 177.28 | 199.35 | 168.36 | 117.05 |
| Other Gand A | - | 177.28 | 199.35 | 168.36 | 117.05 |
| Rent Expense Supplemental | - | - | 859.18 | 909.26 | 922.60 |
| Otherunder Preferred Stock Dividend | - | 8.39 | 11.20 | 13.39 | 8.42 |
| Earnings From Equity Interest | - | 0.64 | 0.98 | 7.06 | -9.63 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Alexandria Real Estate Equities, Inc.this co. | ARE | $9.3B | -6.48 | 0.60 | -9.2% | 59.56 |
| BXP, Inc. | BXP | $11.1B | 39.97 | 2.15 | 5.4% | 13.82 |
| Federal Realty Investment Trust | FRT | $10.5B | 25.54 | 3.40 | 13.3% | 15.82 |
| Ryman Hospitality Properties, Inc. | RHP | $7.4B | 30.35 | 9.85 | 32.5% | 14.28 |
| The Macerich Company | MAC |
| 2021 | - | - | - | - | - | - | - |
| $6.8B |
| -34.74 |
| 2.80 |
| -8.1% |
| 26.10 |
| Terreno Realty Corporation | TRNO | $6.8B | 16.99 | 1.64 | 9.7% | 13.88 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.4B | 25.43 | 1.53 | 6.0% | 17.24 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Peer Median | - | 27.95 | 2.59 | 7.9% | 15.84 | |