— Know what they know.
/
Not Investment Advice

ARE

NYSE · USD
Alexandria Real Estate Equities, Inc.
Real Estate · REIT - Office
CEO Peter Moglia Employees 514 R&D / revenue 0.0%
Last price
$41.62−1.70%last session
Market cap
$7.3B
P/E (TTM)
n/m
From 52w high
−47.0%
From 52w low
+5.6%
1-year return
−44.7%
RSI 14 · vs SMA200
26.8 · −16.7%
IS score
24.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ARE   SPY   XLRE (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101ARE 55

Score DNA

Each bar is a 0-100 score within the scored universe
23
Profitability
31
Growth
50
Value
34
Momentum
15
Risk (safety)
45
Quality
26
Balance sheet
70
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 4 / 9Altman Z 0.2Beta 1.174 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
9
$1.70M bought
Form 144 notices (12m): 6, $1.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+26
107 new holders, 72 closed
597 filers hold 91.6% · 231 added, 193 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+107
558 funds adding shares
451 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
44.4%
20-day avg 58.5%, 50-day avg 58.8%
Latest 14.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.0B
Revenue growth YoY−2.6%
Gross margin68.9%
Operating income−$1.2B
Operating margin-40.5%
Net income−$1.4B
Net margin-48.2%
EPS (diluted)$-8.44
Cash flow
Operating cash flow$1.4B
Capital expenditure$0
Free cash flow$1.4B
FCF conversion (FCF / OCF)100.0%
Stock-based compensation$41.1M
FCF less SBC$1.4B
Buybacks$208.2M
Dividends$911.5M
Balance sheet & returns
Cash & short-term investments$549.1M
Total debt$12.4B
Net debt$11.9B
Shareholders' equity$19.2B
Goodwill & intangibles$0
Debt / equity0.82
ROE (TTM)-5.7%
ROIC (TTM)-4.2%
Operating margin by fiscal year
34.4%FY202143.3%FY202224.3%FY202325.2%FY2024-40.5%FY2025
Revenue $2.1B (FY2021) to $3.0B (FY2025), a 9.0% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDA46.0x
Price / sales2.45x
Price / FCF8.3x
FCF yield12.08%
Buyback yield2.87%
SBC / revenue1.3%
Price / book0.50x
Forward P/E FY202627.6x
Forward P/E FY2027n/m
Forward P/E FY2028n/m
Forward multiples divide today's price by Street EPS estimates. Street mean target $49.00 across 7 analysts last quarter is theirs, not ours.

ARE vs industry median

45 companies in REIT - Office
Gross margin 69.5% 60.7% Operating margin -45.7% 25.6% Net margin -30.6% -2.3% ROIC -4.2% 3.5%
ARE (TTM)Industry median Asset turnover 0.09 vs industry 0.11 · financial leverage 2.23

Earnings delivery

Next report 2026-10-26 · consensus EPS $-0.03
58%
beat rate, 7 of 12 quarters
+0.7%
median EPS surprise
3
longest beat streak
+1-0+2+1-0+163+1+2-4+0+0-558
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-23 to 2026-08-03. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ARE Alexandria Real Estate Equit $7.3Bn/m-5.7%-30.6%−2.6% −44.7%
VNO Vornado Realty Trust $6.1B1,065.7x1.1%6.9%+1.4% −14.8%
BXP BXP, Inc. $9.5B31.8x5.7%7.7%+1.9% −15.9%
CUZ Cousins Properties Incorpora $4.5B672.5x0.1%9.7%+11.9% +4.3%
KRC Kilroy Realty Corporation $4.1B24.2x3.2%7.3%−3.8% −13.8%
CDP COPT Defense Properties $3.8B23.0x10.8%23.5%+4.5% —
SLG SL Green Realty Corp. $3.3Bn/m-4.7%-10.0%+62.1% —
HIW Highwoods Properties, Inc. $3.2B19.3x7.1%43.5%+2.9% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-09-24Material Agreement; Financial Obligation
2026-08-21Material Agreement; Financial Obligation; Exhibits
2026-08-14Other Events; Exhibits
2026-08-03Earnings Release; Exhibits
2026-07-09Material Agreement; Financial Obligation
2026-04-27Earnings Release; Exhibits

Context

Shares outstanding174,248,000
Free float88.8%
Institutional ownership91.6%
Beta1.17
Dividend yield6.92%
Last dividend$0.72 on 2026-09-30
50 / 200-day average$49.64 / $50.12
Mid-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ARE sits among 14 scored companies in REIT - Office (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAREIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.5x 3.0x
31st		 3.7x
Price / book 0.5x 0.9x
8th		 1.3x
Price / tangible book 0.6x 1.1x
8th		 1.6x
Price / free cash flow 8.3x 8.8x
20th		 15.1x
Price / operating cash flow 5.7x 7.6x
31st		 12.3x
Enterprise value $19.6B $6.8B
92nd		 $7.5B
EV / sales 6.6x 7.7x
23rd		 9.4x
EV / EBITDA 46.0x 14.6x
100th		 15.7x
EV / EBIT —
EV / free cash flow 22.4x 36.8x
20th		 29.4x
Earnings yield -12.5% 0.6%
15th		 3.2%
FCF yield 12.1% 5.8%
85th		 5.6%
Operating cash flow yield 17.6% 13.1%
69th		 7.9%
Graham number (per share) —

Profitability (TTM)

MeasureAREIndustry medianIndustry percentileSector median
Gross margin 69.5% 49.9%
92nd		 51.4%
EBITDA margin 14.4% 53.7%
8th		 54.9%
Operating margin -45.7% 23.3%
0th		 29.0%
EBIT margin -28.6% 21.5%
8th		 31.7%
Net margin -30.6% 1.7%
8th		 12.2%
NOPAT margin -36.1% 23.3%
0th		 25.5%
FCF margin 29.6% 14.3%
69th		 21.8%
Operating cash flow margin 43.3% 42.2%
62nd		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.4% 5.8%
15th		 6.6%
Stock comp / revenue 1.3% 1.3%
54th		 1.2%
Effective tax rate 21.0% 10.8%
54th		 1.9%

Returns on capital

MeasureAREIndustry medianIndustry percentileSector median
ROE (on average equity) -5.5% 0.5%
15th		 5.3%
ROA -2.5% 0.2%
15th		 1.6%
ROIC -3.8% 2.8%
0th		 3.7%
ROCE -2.8% 2.4%
8th		 4.4%
Return on tangible assets -2.3% 2.3%
8th		 3.8%
Cash ROIC (OCF / invested capital) 4.6% 5.3%
31st		 5.7%
Gross profitability (GP / assets) 5.9% 5.3%
62nd		 5.3%
ROIC, 3-yr average -1.1% 1.4%
15th		 2.4%
ROIC, 5-yr average 0.0% 1.4%
15th		 2.6%
ROE, 5-yr average -0.0% 2.0%
31st		 4.4%
Incremental ROIC 43.0% -31.3%
77th		 6.5%

Growth

MeasureAREIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -2.1% 1.8%
8th		 8.4%
Revenue growth (QoQ) 18.6% 1.8%
100th		 2.2%
Revenue CAGR, 3 yr 2.8% 1.5%
54th		 5.8%
Revenue CAGR, 5 yr 8.2% 3.8%
92nd		 9.5%
Gross profit CAGR, 3 yr 2.7% -5.0%
77th		 -0.8%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) -38.3% 10.2%
22nd		 3.0%
FCF CAGR, 3 yr -17.3% -7.4%
40th		 5.6%
Operating cash flow CAGR, 3 yr -6.2% -4.3%
38th		 3.7%
Book value CAGR, 3 yr -9.1% -5.8%
23rd		 -2.0%
Dividend CAGR, 3 yr -11.3% -8.5%
31st		 -1.2%
Sustainable growth rate —

Margin history & stability

MeasureAREIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 69.8% 59.0%
85th		 59.1%
Operating margin, 3-yr average 0.4% 26.5%
0th		 28.6%
Net margin, 3-yr average -8.6% 4.7%
31st		 12.3%
FCF margin, 3-yr average 39.2% 18.8%
69th		 27.4%
Revenue stability (0-1) 0.81 0.65
62nd		 0.82
Earnings stability (0-1) 0.81 0.50
92nd		 0.36
Margin stability (0-1) 0.98 0.85
92nd		 0.83

Liquidity (latest quarter)

MeasureAREIndustry medianIndustry percentileSector median
Cash & short-term investments $470.4M $113.1M
85th		 $141.2M
Net cash (− = net debt) −$12.3B −$3.7B
8th		 −$3.3B
Working capital −$4.1B $88.6M
0th		 $19.5M
Current ratio 0.11 1.39
0th		 1.02
Quick ratio 0.11 1.39
0th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.10 0.35
25th		 0.36
Defensive interval (days) 51 days 554 days
0th		 554 days

Leverage & solvency (latest quarter)

MeasureAREIndustry medianIndustry percentileSector median
Total debt $12.8B $3.7B
92nd		 $3.5B
Debt / equity 0.82 1.49
0th		 1.33
Net debt / equity 0.79 1.43
0th		 1.26
Debt / assets 37.0% 53.2%
0th		 51.3%
Debt / capital 45.2% 59.9%
0th		 57.1%
Debt / EBITDA 30.10 8.14
100th		 6.47
Net debt / EBITDA 29.00 8.13
100th		 6.15
Interest coverage (EBIT / interest) −3.4x 0.9x
0th		 1.5x
Cash interest coverage 5.1x 1.9x
100th		 2.1x
Debt payback (years of OCF) 10.0 yrs 11.3 yrs
46th		 8.9 yrs
Liabilities / assets 44.7% 60.1%
0th		 60.0%
IS credit model rating CCC — —
Implied credit spread (bps) 1,200 750
77th		 650

Efficiency

MeasureAREIndustry medianIndustry percentileSector median
Asset turnover 0.08 0.12
0th		 0.12
Fixed asset turnover 0.10 0.14
0th		 0.90
Inventory turnover —
Receivables turnover 424.7 6.2
100th		 7.6
Days sales outstanding 1 days 59 days
0th		 37 days
Days inventory outstanding —
Days payables outstanding 590 days 118 days
100th		 53 days
Cash conversion cycle (days) −589 days −41 days
0th		 −6 days
Capex / revenue 13.6% 15.5%
46th		 4.4%
Capex / depreciation 0.32 0.48
38th		 0.32
Operating expense ratio 70.8% 43.7%
100th		 30.9%

Cash flow & earnings quality

MeasureAREIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 68.5% 50.8%
62nd		 82.5%
Capex / operating cash flow 31.5% 49.2%
38th		 17.9%
Accruals ratio -6.0% -4.7%
38th		 -3.1%
Sloan accruals ratio -9.2% -6.4%
15th		 -3.3%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureAREIndustry medianIndustry percentileSector median
Dividend yield 6.9% 4.9%
77th		 5.2%
Dividend per share (TTM) $2.88 $1.27
100th		 $1.21
Payout ratio (dividends / net income) —
Dividends / FCF 80.1% 66.4%
70th		 79.1%
Dividend growth (YoY) -30.5% -21.9%
23rd		 2.3%
Buyback yield 0.0% 0.0%
8th		 0.1%
Shareholder yield (dividends + buybacks) 9.7% 6.3%
85th		 5.9%
Share count change (YoY) 10.7% 0.6%
85th		 0.5%
Buybacks, last 5 years $627.4M $3.0M
100th		 $15.9M

Scores & forensic checks

MeasureAREIndustry medianIndustry percentileSector median
IS score 24 29
15th		 43
IS profitability 23 35
23rd		 44
IS growth 31 36
31st		 58
IS value 50 54
31st		 53
IS momentum 34 59
0th		 77
IS risk (safety) 15 15
15th		 15
IS quality 45 51
38th		 59
IS balance sheet 26 33
23rd		 35
IS earnings quality 70 65
69th		 72
IS cash flow 46 47
38th		 61
Piotroski F-score (0-9) 4 5
15th		 6
Altman Z-score 0.2 0.4
38th		 0.8
Beneish M-score −4.04 −3.22
15th		 −2.71
Ohlson O-score −6.94 −6.96
54th		 −6.91
IS credit score 15 27
8th		 34

Per share

MeasureAREIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$4.80 $0.13
8th		 $0.78
Book value per share $82.57 $27.67
100th		 $15.91
Tangible book per share $101.74 $25.78
100th		 $16.11
Revenue per share $15.70 $7.54
92nd		 $6.28
FCF per share $4.65 $1.47
92nd		 $1.49
Operating cash flow per share $6.79 $2.59
92nd		 $1.95
Cash per share $2.50 $1.27
77th		 $0.95

Size (TTM)

MeasureAREIndustry medianIndustry percentileSector median
Market cap $7.3B $3.3B
92nd		 $2.5B
Revenue $3.0B $921.5M
92nd		 $956.7M
EBITDA $425.6M $459.5M
38th		 $399.5M
Net income −$904.0M $8.3M
0th		 $109.6M
Free cash flow $876.1M $151.6M
100th		 $157.8M
Total assets $34.6B $8.1B
100th		 $6.6B
Shareholders' equity $15.6B $2.6B
100th		 $1.8B
Employees 514 390
62nd		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Moglia Peter M
Chief Executive Officer
 Tax withholding 1,068$47.46$50,687370,886
2026-09-30Woronoff Michael A
Director
 Award / grant 896——29,401
2026-09-15Kuhn Hallie E.
EVP - Cap Market & Co-Lead -LS
 Tax withholding 914$52.93$48,37847,387
2026-09-15Gossett Bret E.
EVP - Co-RMD
 Tax withholding 584$52.93$30,91152,370
2026-09-15Thomas Gregory Calvin
EVP - CTO
 Tax withholding 1,096$52.93$58,01131,928
2026-09-15Stevens Blake L.
Regional Market Director
 Tax withholding 471$52.93$24,93029,064
2026-09-15Foger Jenna R.
EVP - Co-Lead - Life Science
 Tax withholding 1,086$52.93$57,48267,272
2026-09-15Boss Michael E.
Co-Regional Market Director
 Tax withholding 1,462$52.93$77,38451,345
2026-09-15Cole John Hart
Co-President, & Co-RMD
 Tax withholding 2,208$52.93$116,869106,731
2026-09-15Nelson Jesse J.
EVP - RMD
 Tax withholding 3,611$52.93$191,13095,033
2026-09-11Fukuzaki-Carlson Kristina
EVP - Business Operations
 Open-market sale 16,810$50.51$849,07339,152
2026-09-11Marcus Joel S
Director, Executive Chairman
 Open-market buy 5,000$49.68$248,400597,724

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired72,838—
Open-market buyAcquired938,500$1.7M
Open-market saleDisposed328,810$1.5M
Tax withholdingDisposed1417,840$918,267
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 37,534 shares · $1.9M
FiledFilerShares proposedEst. proceeds
2026-09-11Fukuzaki-Carlson Kristina16,810$849,125
2026-08-31Gavinet Andres10,000$509,341
2026-06-09Binda Marc E2,000$108,000
2026-04-17Kuhn Hallie E.536$25,835
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 15 trades (11 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-04-14Gilbert CisnerosHousePurchase$1,001 - $15,0002026-05-11
2026-04-14Gilbert CisnerosHousePurchase$1,001 - $15,0002026-05-11
2021-08-04Thomas R. CarperSenateSale (Partial)$1,001 - $15,0002021-09-01
2021-08-04Thomas R. CarperSenateSale (Partial)$1,001 - $15,0002021-08-31
2021-08-04Thomas Richard CarperSenateSale (Partial)$1,001 - $15,0002021-08-31
2020-11-20Thomas R. CarperSenatePurchase$1,001 - $15,0002021-05-17
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.21,692,019$1.1B12.45%
NORGES BANK16,437,663$868.7M9.43%
VANGUARD PORTFOLIO MANAGEMENT LLC14,001,369$740.0M8.04%
VANGUARD CAPITAL MANAGEMENT LLC10,842,415$573.0M6.22%
STATE STREET CORP10,596,116$567.5M6.08%
Invesco Ltd.7,080,302$374.2M4.06%
APG Asset Management US Inc.6,981,310$370.1M4.01%
GEODE CAPITAL MANAGEMENT, LLC4,617,801$243.7M2.65%
GOLDMAN SACHS GROUP INC2,703,793$142.9M1.55%
MORGAN STANLEY2,586,067$136.7M1.48%
CENTERSQUARE INVESTMENT MANAGEMENT LLC2,353,556$124.4M1.35%
DIMENSIONAL FUND ADVISORS LP2,068,746$109.4M1.19%
NORTHERN TRUST CORP1,687,618$89.2M0.97%
Bank of New York Mellon Corp1,465,575$77.5M0.84%
Legal & General Group Plc1,450,268$76.6M0.83%

Institutional ownership by quarter

2023-092026-0691.6%
% of shares held by 13F filers
2023-092026-06597
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3059791.6%10723119372
2026-03-3157178.9%90220197105
2025-12-3160088.1%106189241195
2025-09-3070779.0%11631519873
2025-06-3067085.8%112288202107
2025-03-3167586.9%9629421675
2024-12-3166187.9%10224025985
2024-09-3065685.1%7026325283
2024-06-3067686.4%9925624971
2024-03-3165488.9%7126922368
2023-12-3165689.5%15024221057
2023-09-3057289.3%5325519570

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-28SCHEDULE 13GVanguard Portfolio Management8.0%13,870,311
2026-04-24SCHEDULE 13G/ABlackRock, Inc.8.7%15,113,497
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VNQ0.42%$281.9M
VGSLX0.42%$281.9M
VGSNX0.42%$281.9M
VITSX0.01%$263.9M
VTI0.01%$263.9M
VTSAX0.01%$263.9M

Share structure

Shares outstanding174,248,000
Float154,756,237
Free float88.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.1B$2.6B$2.8B$3.0B$3.0B
Cost of revenue$623.6M$783.2M$859.2M$909.3M$922.6M
Gross profit$1.5B$1.8B$2.0B$2.1B$2.0B
R&D$0$0$0$0$0
SG&A$151.5M$177.3M$199.4M$168.4M$117.0M
Operating income$512.2M$613.5M$690.4M$769.7M−$1.2B
EBITDA$1.6B$1.8B$1.4B$1.9B$360.4M
Pretax income$654.3M$670.7M$281.0M$510.7M−$1.2B
Income tax$0$0$0$0$0
Net income$571.2M$521.7M$103.6M$322.9M−$1.4B
EPS, diluted$2.83$3.18$0.54$1.80$-8.44
Diluted shares147.5M161.7M170.9M172.1M170.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$361.3M$825.2M$618.2M$552.1M$549.1M
Receivables$91.1M$66.8M$64.1M$168.5M$323.7M
Inventory$0$0$0$0$0
Total current assets$707.2M$973.9M$781.8M$783.6M$939.8M
PP&E, net$1.3B$1.3B$1.1B$1.3B$1.1B
Goodwill & intangibles$0$0$0$305.1M$0
Total assets$30.2B$35.5B$36.8B$37.5B$34.1B
Accounts payable$513.4M$389.7M$524.4M$534.8M$510.6M
Total current liabilities$1.7B$1.7B$2.0B$2.0B$2.2B
Long-term debt$8.5B$10.2B$11.2B$12.2B$12.0B
Total liabilities$11.2B$12.8B$14.1B$15.1B$14.9B
Shareholders' equity$19.0B$22.7B$22.6B$22.4B$19.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$654.3M$670.7M$281.0M$510.7M−$1.4B
Depreciation & amortization$821.1M$927.8M$1.0B$1.1B$1.4B
Stock-based compensation$48.7M$57.7M$82.9M$59.6M$41.1M
Change in working capital−$95.3M−$122.7M$2.0M−$200.5M−$297.8M
Operating cash flow$1.0B$1.3B$1.6B$1.5B$1.4B
Capital expenditure−$7.3B$0$0$0$0
Free cash flow−$6.3B$1.3B$1.6B$1.5B$1.4B
Investing cash flow−$7.1B−$5.1B−$2.5B−$1.5B$527.6M
Net debt issued / repaid$1.3B$1.4B$1.2B$928.7M$146.5M
Buybacks$0$0$0−$50.1M−$208.2M
Dividends paid−$656.0M−$757.7M−$847.5M−$898.6M−$911.5M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin70.5%69.7%69.8%70.2%68.9%
Operating margin34.4%43.3%24.3%25.2%-40.5%
Net margin27.0%21.1%3.6%10.6%-48.2%
FCF margin-200.0%50.0%43.6%49.3%47.6%
ROE4.1%3.1%0.6%1.8%-8.6%
ROIC2.9%3.8%2.3%2.6%-3.4%
ROA2.2%1.7%0.3%0.9%-4.0%
Debt / equity0.570.560.630.710.82
Interest coverage5.4x3.6x4.8x3.7xn/m
Current ratio0.410.580.390.400.43
Revenue growth+12.5%+22.4%+9.9%+7.3%−2.6%
EPS growth−35.7%−11.0%−81.6%+209.9%−547.3%
P/E at year end50.9x38.5x190.5x49.5xn/m
EV / EBITDA at year end24.0x22.8x22.7x14.8x57.0x
FCF yield at year end-14.53%6.16%6.28%9.40%16.96%
Dividend payout114.8%139.0%817.7%278.2%—

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Rental revenues$2.1B$2.6B$2.8B$3.0B$2.9B
Product and Service, Other$5.9M$12.9M$43.2M$66.7M$81.4M

Street estimates by fiscal year

Next report 2026-10-26 · consensus EPS $-0.03 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$2.6B$2.6B – $2.7B$1.51$1.51 – $1.51627.6x
2027$2.4B$2.3B – $2.6B$-0.87$-1.00 – $-0.834n/m
2028$2.5B$2.3B – $2.7B$-1.02$-1.21 – $-0.823n/m

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-03$0.09$-0.43−557.9%$464.9M$643.2M+38.4%
2026-04-27$1.73$1.730.0%$684.8M$653.0M−4.6%
2026-01-26$2.15$2.16+0.5%$739.0M$728.9M−1.4%
2025-10-27$2.31$2.22−3.9%$744.9M$735.8M−1.2%
2025-07-21$2.29$2.33+1.7%$752.8M$762.0M+1.2%
2025-04-28$2.28$2.30+0.9%$758.2M$743.2M−2.0%
2025-01-27$0.91$2.39+162.6%$777.0M$112.7M−85.5%
2024-10-21$2.38$2.37−0.4%$772.2M$775.7M+0.5%
2024-07-22$2.34$2.36+0.9%$780.1M$766.7M−1.7%
2024-04-22$2.31$2.35+1.7%$771.0M$769.1M−0.2%
2024-01-29$2.29$2.28−0.4%$719.9M$757.2M+5.2%
2023-10-23$2.24$2.26+0.9%$722.0M$713.8M−1.1%
2023-07-24$2.20$2.24+1.8%$694.5M$713.9M+2.8%
2023-04-24$2.15$2.19+1.9%$657.4M$700.8M+6.6%
2023-01-30$2.13$2.14+0.5%$633.1M$670.3M+5.9%
2022-10-24$0.68$2.11+210.3%$652.8M$659.9M+1.1%
2022-07-25$0.66$1.67+153.0%$630.9M$643.8M+2.0%
2022-04-25$2.00$2.05+2.5%$583.8M$615.1M+5.4%
2022-01-31$1.96$1.97+0.5%$547.9M$576.9M+5.3%
2021-10-25$1.94$1.95+0.5%$425.3M$547.8M+28.8%
2021-07-26$1.89$1.93+2.1%$450.8M$509.6M+13.0%
2021-04-26$1.85$1.91+3.2%$833.9M$479.8M−42.5%
2021-02-01$1.84$1.840.0%$1.6B$463.7M−71.1%
2020-10-26$1.83$1.830.0%$527.7M$545.0M+3.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.106-220.106-290.107-060.107-130.107-200.107-270.208-030.108-100.208-170.208-240.108-31
Week ofNotionalSharesTrades
2026-08-31$102.3M1,961,25245,027
2026-08-24$161.5M3,048,89652,777
2026-08-17$173.4M3,488,60164,737
2026-08-10$79.2M1,638,92643,620
2026-08-03$198.2M3,941,94472,520
2026-07-27$141.7M2,671,91653,774

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1544.4%
DateShort shareShort volumeTotal volume
2026-10-1544.4%431,633972,768
2026-10-1458.3%660,4231,132,823
2026-10-1343.5%348,018800,421
2026-10-1248.4%411,435850,686
2026-10-0951.7%245,166473,958
2026-10-0860.4%416,251689,286
2026-10-0745.1%404,622896,675
2026-10-0663.7%401,230630,122
2026-10-0552.6%508,809967,030
2026-10-0271.8%693,520966,435
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.0Jan-2.3Feb+0.4Mar+0.7Apr-1.8May-0.1Jun+4.1Jul+1.1Aug-1.3Sep-1.0Oct-0.1Nov+6.1Dec
MonthAvg returnUp yearsYears
Jan+2.0%60%20
Feb−2.3%40%20
Mar+0.4%67%21
Apr+0.7%70%20
May−1.8%40%20
Jun−0.1%55%20
Jul+4.1%95%20
Aug+1.1%60%20
Sep−1.3%50%20
Oct−1.0%65%20
Nov−0.1%65%20
Dec+6.1%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1426.8
MFI19.0
ADX28.8
Stochastic %K / %D7.4 / 6.0
Williams %R-92.3
CCI-133
TSI / signal-36.8 / -23.8
Chaikin money flow-0.31
ATR$1.72
Bollinger width27.5%
Volume vs 20-day avg0.81x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$46.73 (−10.9%)
SMA 50$49.35 (−15.7%)
SMA 200$49.98 (−16.7%)
EMA 21$46.14 (−9.8%)
EMA 50$48.33 (−13.9%)
EMA 200$52.40 (−20.6%)
Bollinger upper$53.15 (−21.7%)
Bollinger lower$40.31 (+3.2%)
Parabolic SAR$45.48 (−8.5%)
Open the live chart, 110+ indicators

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems. By December 31, 2020, the company commanded a market capitalization of $31.9 billion and managed an extensive North American asset portfolio totaling 49.7 million square feet. This substantial base encompasses 31.9 million RSF of operational properties, 3.3 million RSF of premium Class A spaces currently under construction, 7.1 million RSF designated for near-to-mid-term development and refurbishment, and an additional 7.4 million SF earmarked for future projects. Alexandria has cultivated a significant footprint across vital innovation hubs such as Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Its established expertise lies in crafting superior Class A facilities within these urban campuses, fostering dynamic and collaborative environments. These spaces are instrumental in empowering innovative tenants to successfully attract and retain world-class professionals, thereby stimulating productivity, efficiency, creativity, and overall achievement. Furthermore, Alexandria extends its support to transformative life science, technology, and agtech companies through its dedicated venture capital platform. This distinct business model, coupled with rigorous underwriting practices, ensures a diverse and high-caliber tenant roster, ultimately driving elevated occupancy rates, extended lease durations, robust rental revenues, superior financial returns, and enhanced long-term asset appreciation.

https://www.are.com

Key executives

NameTitlePayBorn
Joel S. MarcusFounder & Executive Chairman$6.6M1947
Peter MogliaChief Executive Officer & Chief Investment Officer$2.7M1967
Hunter L. KassCo-President & Regional Market Director of Greater Boston$2.5M1983
Dean A. ShigenagaStrategic Consultant$2.4M1967
Marc E. BindaChief Financial Officer & Treasurer$1.7M1977
John Hart ColeCo-President & Co-Regional Market Director of Seattle$1.4M1986
Lawrence J. DiamondCo-COO & Co- Regional Market Director of Maryland$1.2M1958
Joseph HakmanCo-COO & Chief Strategic Transactions Officer—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Joel S. Marcus Executive Chairman and Founder2025$1.3M$5.0M$3.0M$11.6M
Peter M. Moglia Chief Executive Officer and Chief Investment Officer2025$840,000$6.1M$1.9M$8.8M
Hunter L. Kass Co-President and Regional Market Director – Greater Boston2025$750,000$4.5M$0$7.0M
Marc E. Binda Chief Financial Officer and Treasurer2025$695,000$4.0M$0$5.7M
John Hart Cole Co-President & Co-Regional Market Director – Seattle2025$595,000$3.3M$0$4.7M
Lawrence J. Diamond Co-Chief Operating Officer and Regional Market Director – Maryland2025$615,000$1.5M$0$2.7M

Employees

0k20180k20190k20201k20211k20221k20231k20241k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.722026-10-15
2026-06-30$0.722026-07-15
2026-03-31$0.722026-04-15
2025-12-31$0.722026-01-15
2025-09-30$1.322025-10-15
2025-06-30$1.322025-07-15
2025-03-31$1.322025-04-15
2024-12-31$1.322025-01-15

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage40
Intangibles55
Switching costs45
Network effect45
Efficient scale58
Our component scores (0-100) and overall 48.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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