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 |
| 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 |
| Operating Income | - | 613.46 | 690.45 | 769.70 | 555.04 |
| EBITDA | - | 1,767.05 | 1,448.67 | 1,898.95 | 360.45 |
| EBIT | - | 764.90 | 355.20 | 696.57 | -990.03 |
| Pretax Income | - | 670.70 | 280.99 | 510.73 | -1,216.73 |
| Net Income | - | 521.66 | 103.64 | 322.95 | -1,429.57 |
| Net Income Common Stockholders | - | 513.27 | 92.44 | 309.56 | -1,437.99 |
| Total Expenses | - | 1,962.58 | 2,152.01 | 2,280 | 2,390.13 |
| Interest Expense | - | 94.20 | 74.20 | 185.84 | 226.70 |
| Selling General And Administration | - | 177.28 | 199.35 | 168.36 | 117.05 |
| Normalized EBITDA | - | 1,628.53 | 1,827.16 | 2,038.77 | 1,986.90 |
| Normalized Income | - | 412.23 | 402.65 | 433.41 | 196.88 |
| Market Cap | 8,206.22 | 8,206.22 | 8,206.22 | 8,206.22 | 8,206.22 |
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 | - | -5.74 | 0.53 | -9.2% | 56.65 |
| Apple Hospitality REIT, Inc. | APLE | $3.1B | 17.75 | 0.99 | 5.6% | 10.56 |
| Curbline Properties Corp. | CURB | $3.0B | 74.46 | 1.55 | 2.1% | 24.85 |
| Urban Edge Properties | UE | $2.7B | 32.46 | 2.36 | 7.3% | 14.89 |
| Highwoods Properties, Inc. |
| 2021 | - | - | - | - | - | - | - |
| HIW |
| $2.6B |
| 16.50 |
| 1.12 |
| 6.8% |
| 10.10 |
| Four Corners Property Trust, Inc. | FCPT | $2.6B | 24.84 | 1.71 | 6.9% | 17.72 |
| Uniti Group Inc. | UNIT | $2.4B | 2.23 | 7.64 | 343.1% | 5.31 |
| DiamondRock Hospitality Company | DRH | $2.4B | 20.62 | 1.44 | 7.0% | 11.69 |
| Getty Realty Corp. | GTY | $2.0B | 25.54 | 1.89 | 7.4% | 16.00 |
| Peer Median | - | 22.73 | 1.63 | 7.0% | 13.29 | |