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Alexandria Real Estate Equities (ARE) stock

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NYSE: ARE NYSE Office REITs Next results ~January 25, 2027

C Fundamentals grade

Alexandria Real Estate Equities is a US-listed company in the office REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$60

Dividend discount (growing dividend)

Base case. Range ~$52–$72. Today's dividend growing 2.5% a year, discounted at the cost of equity.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Alexandria Real Estate Equities valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Alexandria Real Estate Equities files

10-Q filed October 26: Alexandria Real Estate Equities

Model value +63.2%

Revenue for the twelve months to September 2026 came in at $2.76bn, a decline of 9.9% on the prior year. That marks a further slowing from the 8.4% drop recorded a quarter earlier. Among the 1476 companies we cover, the pace of growth places Alexandria Real Estate Equities at 1428, near the bottom of the range. Against this backdrop, our model value has moved higher, rising from $35.11 to $57.29 a share. The shares currently trade at $43.19, leaving the market price below our updated estimate. The direction of revenue and the direction of our model value are pulling in opposite ways here, which is worth noting.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Alexandria Real Estate Equities stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.84bn, down 8.4% on a year earlier, slower than -5.3% a quarter earlier. That puts it 916 of 931 for growth among all the companies we cover. Our valuation models combined value is $35.25 a share, against a share price of $41.49.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Alexandria Real Estate Equities's trailing-twelve-month revenue fell 9.9% year on year, with a free-cash-flow margin of -1.8%. Where it stands out: change in share count of -0.1% ranks 3 of 18 office reits companies we cover. Where it lags: revenue growth of -9.9% ranks 17 of 18 office reits companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -9.9% (-1.5pp vs the prior quarter), the 8th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Alexandria Real Estate Equities's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 9.9% over the last 12 months.
  • Burning cash. Free cash flow was -1.8% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $12.4bn, more than 1.5 times annual revenue.
  • Below peers: net margin. Net margin of -51.8% ranks 16 of 18 office reits companies we cover (median 0.4%).
  • Below peers: change in growth rate. Change in growth rate of -1.5pp ranks 14 of 18 office reits companies we cover (median +0.1pp).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
-$0.03 against an average estimate of $0.00: beat by 0.0%
Revenue
$671m, down 10.7% on a year earlier
Share reaction
-5.0% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
funds from operations per share, as adjusted $6.38 to $6.42 (year ending December 31, 2026); net debt and preferred stock to Adjusted EBITDA 5.6 to 6.2 (4Q26 annualized)
Next report
January 25, 2027; average EPS estimate -$0.10

Alexandria Real Estate Equities' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.9%
  • 1 week-1.9%
  • 1 month-10.1%
  • This year-9.1%
  • 1 year-22.5%
  • 5 years-74.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.8B
Net margin
-51.8%
EPS (TTM, diluted)
$-8.38

Growth

Revenue growth
−9.9%
Change in growth rate
−1.5 pts
Share count change
−0.1%

Earnings

Last results
October 26, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Our research
  4. Announcement
  5. Results
  6. Guidance
  7. Announcement
  8. Agreement
  9. Announcement
  10. Dividend
  11. Agreement
  12. Announcement
  13. Financing
  14. Announcement
  15. Results
  16. Partnership
  17. Announcement
  18. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Alexandria Real Estate Equities valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Alexandria Real Estate Equities as an equity reit, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. — Does not apply: funds from operations not available or not positive
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. — Does not apply: no positive funds from operations in the latest twelve months
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$60 ~$52–$72 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$60 ~$52–$72 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alexandria Real Estate Equities with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

29 /100

Weak moat

How hard Alexandria Real Estate Equities's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.9% of total assets over 10 years.

  • Durability 2 / 20

    Net margin has been a median 9.6%; its worst year was -51.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 8 of 9 years, at a median 8.7% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 19.9% over five years; stock-based pay has been a median 3.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 25, 2027, after the close. Analysts expect revenue of $648m and EPS of −$0.10 (range −$0.10 to −$0.10) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.40 +117% $2.7bn −12%
Next −$0.81 — $2.5bn −5%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −32.1% on 90 days ago. In the last 30 days, 0 analysts raised Alexandria Real Estate Equities's forecast and 1 cut it.

Consensus EPS forecast Alexandria Real Estate Equities, last 90 days
−$1.00 $0.00 $1.00 $2.00 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.06 Current fiscal year, 60 days ago: $1.46 Current fiscal year, 30 days ago: $1.46 Current fiscal year, 7 days ago: $1.46 Current fiscal year, Now: $1.40 $1.40 Next fiscal year, 90 days ago: −$0.88 Next fiscal year, 60 days ago: −$0.88 Next fiscal year, 30 days ago: −$0.88 Next fiscal year, 7 days ago: −$0.88 Next fiscal year, Now: −$0.81 −$0.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.06−$0.88
60 days ago $1.46−$0.88
30 days ago $1.46−$0.88
7 days ago $1.46−$0.88
Now $1.40−$0.81

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.00 −$0.03 0.0%
Jun 2026 $0.12 $0.15 +26.2%
Mar 2026 $0.14 $2.10 +1360.0%
Dec 2025 $0.30 −$6.35 −2200.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 26, 2026
  • Funds from operations per share, as adjusted year ending December 31, 2026 $6.38 to $6.42 Non-GAAP Narrowed
    “Funds from operations per share, as adjusted (1) $6.38 to $6.42 $6.35 to $6.45 No change to the midpoint, range narrowed by 6 cents” source
  • Occupancy of operating properties as of December 31, 2026 86.2% to 87.8% Maintained
    “Occupancy of operating properties as of December 31, 2026 86.2% 87.8% 86.2% 87.8% No Change” source
  • Same property net operating income changes year ending December 31, 2026 -10.5% to -8.5%
    “Net operating income changes (10.5)% (8.5)% (10.5)% (8.5)%” source
  • Rental rate changes year ending December 31, 2026 -9% to -1%
    “Rental rate changes (9.0)% (1.0)% (9.0)% (1.0)%” source
  • Rental rate changes (cash basis) year ending December 31, 2026 -15% to -7%
    “Rental rate changes (cash basis) (15.0)% (7.0)% (15.0)% (7.0)%” source
  • Straight-line rent revenue year ending December 31, 2026 $40m to $70m Lowered
    “Straight-line rent revenue $ 40 $ 70 $ 45 $ 75 $5 million reduction (1)” source
Show 6 more items
  • General and administrative expenses year ending December 31, 2026 $134m to $154m Maintained
    “General and administrative expenses $ 134 $ 154 $ 134 $ 154 No Change” source
  • Capitalization of interest year ending December 31, 2026 $220m to $260m Lowered vs 260m to 300m
    “Capitalization of interest $ 220 $ 260 $ 220 $ 260” source
  • Interest expense year ending December 31, 2026 $260m to $300m Maintained
    “Interest expense $ 260 $ 300 $ 260 $ 300 No Change (2)” source
  • Realized gains on non-real estate investments year ending December 31, 2026 $50m to $80m Lowered
    “Realized gains on non-real estate investments (3) $ 50 $ 80 $ 60 $ 90 $10 million reduction (3)” source
  • Net debt and preferred stock to Adjusted EBITDA 4Q26 annualized 5.6 to 6.2 Maintained
    “Net debt and preferred stock to Adjusted EBITDA - 4Q26 annualized 5.6x to 6.2x 5.6x to 6.2x No Change” source
  • Fixed-charge coverage ratio 4Q26 annualized 3.4 to 3.9 Lowered
    “Fixed-charge coverage ratio - 4Q26 annualized 3.4x to 3.9x 3.6x to 4.1x 0.2x reduction (2)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

16 analysts, Oct 2026
Buy213%
Hold1063%
Sell425%

Monthly trend

  1. Oct 20262102216
  2. Sep 2026211216
  3. Aug 202621216
  4. Jul 202621216

Counts of recommendations published by analysts covering Alexandria Real Estate Equities, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
3.37
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.4%
of shares
Employees
514
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −22.5%

$54.92 on October 31, 2025 to $42.57

ThenNowEffect
Revenue (last 12 months) $3.1bn $2.8bn −8.4%
P/S multiple 3.0x 2.6x −15.7%
Share count 171m 171m +0.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −51.1%

$87.02 on November 3, 2023 to $42.57

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.8bn +3.5%
P/S multiple 5.3x 2.6x −51.8%
Share count 167m 171m −2.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ARE+28%−33%−9%−19%−47%−9%
Industry peers (median)+19%−39%+3%+12%−12%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARE58%33%42%50%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARE−11%−41%−45%−24%−54%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 78% from December 30, 2021 to April 28, 2026. Getting back needed a 353% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$39.29 – $57.14
From 52-week high
−25.5%
vs 50-day average
−10.3%
vs 200-day average
−11.8%
Volatility (1 year)
44%
Beta vs S&P 500
0.71

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±5.8%
After a week
2 up, 10 down
typical move ±7.5%
After a month
4 up, 7 down
typical move ±8.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −5.0% +1.3% −1.0% —
August 3, 2026 −5.0% +3.3% −6.0% +0.4%
April 27, 2026 −14.7% −0.3% −13.2% +5.3%
January 26, 2026 −2.6% +0.9% −9.3% −9.4%
October 27, 2025 −18.7% +1.4% −28.1% −32.0%
July 21, 2025 +3.2% +0.2% +1.2% +0.1%
April 28, 2025 −4.4% +0.7% −3.1% −8.2%
January 27, 2025 −4.3% −0.6% −6.9% −2.5%
October 21, 2024 −3.1% −0.2% −7.4% −14.2%
July 22, 2024 −3.0% +0.9% −6.2% −8.3%
April 22, 2024 +3.3% +2.1% +3.0% +6.7%
January 29, 2024 −2.5% +0.7% −5.1% −2.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Alexandria Real Estate Equities in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Alexandria Real Estate Equities
$2.7B $2.8B $2.9B $3B $3.1B $3.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.9B Revenue (TTM), FY24 Q1: $3B Revenue (TTM), FY24 Q2: $3B Revenue (TTM), FY24 Q3: $3.1B Revenue (TTM), FY24 Q4: $3.1B Revenue (TTM), FY25 Q1: $3.1B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $2.8B $2.8B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.9B
FY24 Q1 $3B
FY24 Q2 $3B
FY24 Q3 $3.1B
FY24 Q4 $3.1B
FY25 Q1 $3.1B
FY25 Q2 $3.1B
FY25 Q3 $3.1B
FY25 Q4 $3B
FY26 Q1 $2.9B
FY26 Q2 $2.8B
FY26 Q3 $2.8B
Revenue growth, TTM YoY Alexandria Real Estate Equities
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.5% Revenue growth, TTM YoY, FY24 Q1: 10.4% Revenue growth, TTM YoY, FY24 Q2: 9.5% Revenue growth, TTM YoY, FY24 Q3: 10.2% Revenue growth, TTM YoY, FY24 Q4: 8.0% Revenue growth, TTM YoY, FY25 Q1: 5.1% Revenue growth, TTM YoY, FY25 Q2: 3.1% Revenue growth, TTM YoY, FY25 Q3: -0.8% Revenue growth, TTM YoY, FY25 Q4: -2.9% Revenue growth, TTM YoY, FY26 Q1: -5.3% Revenue growth, TTM YoY, FY26 Q2: -8.4% Revenue growth, TTM YoY, FY26 Q3: -9.9% -9.9%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.5%
FY24 Q1 10.4%
FY24 Q2 9.5%
FY24 Q3 10.2%
FY24 Q4 8.0%
FY25 Q1 5.1%
FY25 Q2 3.1%
FY25 Q3 -0.8%
FY25 Q4 -2.9%
FY26 Q1 -5.3%
FY26 Q2 -8.4%
FY26 Q3 -9.9%
FCF margin (TTM) Alexandria Real Estate Equities
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 18.6% FCF margin (TTM), FY24 Q1: 18.6% FCF margin (TTM), FY24 Q2: 15.5% FCF margin (TTM), FY24 Q3: 16.3% FCF margin (TTM), FY24 Q4: 9.7% FCF margin (TTM), FY25 Q1: 3.7% FCF margin (TTM), FY25 Q2: 3.5% FCF margin (TTM), FY25 Q3: 0.6% FCF margin (TTM), FY25 Q4: 2.1% FCF margin (TTM), FY26 Q1: 3.0% FCF margin (TTM), FY26 Q2: 0.3% FCF margin (TTM), FY26 Q3: -1.8% -1.8%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 18.6%
FY24 Q1 18.6%
FY24 Q2 15.5%
FY24 Q3 16.3%
FY24 Q4 9.7%
FY25 Q1 3.7%
FY25 Q2 3.5%
FY25 Q3 0.6%
FY25 Q4 2.1%
FY26 Q1 3.0%
FY26 Q2 0.3%
FY26 Q3 -1.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.9 1.1 1.3 1.5 1.9 2.1 2.6 2.9 3.1 3.0 2.8
Net income −0.1 0.2 0.4 0.4 0.8 0.6 0.5 0.1 0.3 −1.4 −1.4
Diluted EPS −$1.99 $1.58 $3.52 $3.12 $6.01 $3.82 $3.18 $0.54 $1.80 −$8.44 −$8.38
Growth (year on year)
Revenue — +22.4% +17.7% +15.4% +23.1% +12.1% +22.5% +11.5% +8.0% −2.9% −9.9%
Net income — — +124.3% −4.3% +112.3% −25.9% −8.7% −80.1% +211.6% −542.7% —
Diluted EPS — — +122.8% −11.4% +92.6% −36.4% −16.8% −83.0% +233.3% −568.9% —
Margins
Net margin −7.1% 15.0% 28.6% 23.7% 40.9% 27.0% 20.1% 3.6% 10.4% −47.2% −51.8%
Cash flow
Cash from operations 0.4 0.5 0.6 0.7 0.9 1.0 1.3 1.6 1.5 1.4 1.2
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0
Balance sheet
Cash 0.1 0.3 0.2 0.2 0.6 0.4 0.8 0.6 0.6 0.5 0.5
Total debt 4.2 4.8 5.5 6.8 7.6 8.8 10.2 11.4 12.3 12.4 13.0
Net debt (negative = net cash) 4.1 4.5 5.3 6.6 7.0 8.5 9.4 10.8 11.8 11.9 12.5
Diluted shares 76m 92m 103m 113m 126m 147m 162m 171m 172m 170m 171m
Returned to shareholders
Dividends 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 0.9 0.9 0.6
Buybacks — — — — — — 0.0 0.0 0.1 0.2 0.0
Total returned 0.3 0.3 0.4 0.5 0.5 0.7 0.8 0.8 0.9 1.1 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$598M
Returned to shareholders
-1233%
of free cash flow
Buybacks, last 3 fiscal years
$258M
Diluted share count
−0.1%
year over year
Total shareholder yield
8.2%
dividends 8.2% + buybacks 0.0% of market value

Competitors: side by side with peers

Closest by revenue in office reits
Last 12 months unless stated ARE BXP VNO KRC CUZ SLG Median
Revenue, last 12 months $2.8bn $3.5bn $1.8bn $1.1bn $1.0bn $1.0bn $784m
Revenue growth, last 12 months −9.9% 1.9% 1.6% −3.6% 8.5% 8.5% 2.0%
Revenue growth, 3-year average −0.5% 3.2% 0.5% −1.7% 9.3% 0.5% 0.5%
Revenue growth, latest quarter −10.7% 3.1% 3.1% −2.9% 4.5% 9.1% 3.0%
Gross margin — 59.1% — — 68.4% — 60.0%
Operating margin — 34.0% 26.9% — 68.3% 66.6% 22.3%
Operating margin, 3-year average — 33.6% — — 67.6% — 17.1%
Net margin −51.8% 8.4% 0.5% 2.6% 1.4% −16.9% −0.9%
Cash from operations / revenue 43.0% 36.5% 22.2% 45.5% 40.4% 8.9% 32.8%
Free-cash-flow margin −1.8% 32.4% 7.5% 31.1% −0.1% −17.1% 7.8%
Free-cash-flow margin, 3-year average 5.0% 31.2% 33.1% 37.2% 0.9% −10.0% 9.7%
Stock pay / revenue 1.5% 1.4% 1.3% 1.6% 1.7% 2.1% 1.7%
Change in share count −0.1% 0.4% −4.9% −0.8% 0.3% 6.6% 0.2%

Median of all 18 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 office reits companies
Measure Company Peer median Rank
Revenue growth Growth -9.9% 2.0% 17 of 18
Change in growth rate Growth -1.5pp +0.1pp 14 of 18
Net margin Profitability -51.8% 0.4% 16 of 18
Stock pay as % of revenue Cash generation 1.5% 1.7% 5 of 14
Long-term debt as % of assets Balance sheet 37.9% 40.3% 4 of 11
Change in share count Balance sheet -0.1% 0.3% 3 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $2.8B 93.7% ▼ 3.2%
All Other Segments $191M 6.3% ▲ 1.3%
Products and services
Line of business Revenue YoY
Income From Rentals $2.9B ▼ 3.4%
Incomefromrentals $2.9B ▼ 3.4%
Other $81.4M ▲ 22.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Alexandria Real Estate Equities's 10-K filed January 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9B
Institutions reporting
594
Shares held vs prior quarter
▲ 14.1%
Positions opened / closed
101 / 72

Top buyers and sellers, Q2 2026: 332 institutions bought and 262 sold ; the biggest buyer was AQR Capital Management LLC (+5.1M shares) and the biggest seller Capital World Investors (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 21.7M 12.8% ▲ 10.2%
Norges Bank $869M 16.4M 9.7% —
Vanguard Portfolio Management LLC $740M 14.0M 8.2% ▲ 1.1%
Vanguard Capital Management LLC $573M 10.8M 6.4% ▲ 0.9%
State Street Corp $568M 10.6M 6.3% ▼ 0.6%
AQR Capital Management LLC $404M 7.6M 4.5% ▲ 195.0%
Invesco Ltd. $374M 7.1M 4.2% ▲ 3.7%
APG Asset Management Us Inc. $370M 7.0M 4.1% 0.0%
Geode Capital Management, LLC $244M 4.6M 2.7% ▲ 2.4%
Morgan Stanley $156M 2.9M 1.7% ▲ 6.0%
Charles Schwab Investment Management Inc $151M 2.9M 1.7% ▲ 6.4%
Goldman Sachs Group Inc $143M 2.7M 1.6% ▲ 20.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alexandria Real Estate Equities's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $3.2M 12 trades by 3 insiders, last 12 months Insider sales History → $1.9M 6 trades by 6 insiders · 7% under pre-set plans
Net ▲ $1.3M net buying
Insider Date Trade Shares Price Value
Marcus Joel S Executive Chairman September 11, 2026 Buy 5,000 $49.68 $248,400
Fukuzaki-Carlson Kristina EVP - Business Operations September 11, 2026 Sell 16,810 $50.51 $849,073
Gavinet Andres Chief Accounting Officer August 31, 2026 Sell 10,000 $50.93 $509,300
Marcus Joel S Executive Chairman August 17, 2026 Buy 5,000 $46.28 $231,400
Binda Marc E CFO & Treasurer June 9, 2026 Sell pre-set plan 2,000 $54.00 $108,000
Marcus Joel S Executive Chairman May 6, 2026 Buy 3,511 $46.74 $164,104
Marcus Joel S Executive Chairman May 6, 2026 Buy 3,989 $45.99 $183,454
Marcus Joel S Executive Chairman May 5, 2026 Buy 1,606 $43.70 $70,182
Marcus Joel S Executive Chairman May 5, 2026 Buy 3,832 $42.76 $163,856
Marcus Joel S Executive Chairman May 5, 2026 Buy 2,062 $41.89 $86,377
Marcus Joel S Executive Chairman May 4, 2026 Buy 10,000 $41.02 $410,200
Thomas Gregory Calvin EVP - CTO April 30, 2026 Buy 3,500 $41.00 $143,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 1 sale of Alexandria Real Estate Equities shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • August 3, 2026
  • April 27, 2026
  • January 26, 2026
  • October 27, 2025
  • July 21, 2025

Recent SEC filings

Data status

When each part of this page on Alexandria Real Estate Equities was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Alexandria Real Estate Equities in brief

What does Alexandria Real Estate Equities do?
Alexandria Real Estate Equities is a US-listed company in the office REITs industry. Its financial year ends in December.
What is Alexandria Real Estate Equities's stock ticker?
Alexandria Real Estate Equities trades under the ticker ARE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Alexandria Real Estate Equities's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Alexandria Real Estate Equities reported revenue of $2.8B, 9.9% lower than a year earlier, according to its SEC filings.
What is Alexandria Real Estate Equities's free cash flow?
Alexandria Real Estate Equities's free-cash-flow margin is -1.8% of revenue over the trailing twelve months.
Who are Alexandria Real Estate Equities's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Norges Bank and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Alexandria Real Estate Equities buying back stock, and does it pay a dividend?
Alexandria Real Estate Equities spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Alexandria Real Estate Equities's market cap?
On November 2, 2026, Alexandria Real Estate Equities's market capitalisation was about $7.3B and net debt of $12.5B. Market figures come from third-party market data and may be delayed.
Does Alexandria Real Estate Equities pay a dividend?
Yes: Alexandria Real Estate Equities paid $598M in dividends over the trailing twelve months, a dividend yield of 8.23%.
Who are Alexandria Real Estate Equities's competitors?
In our Office REITs peer group, the companies closest to Alexandria Real Estate Equities are BXP, Inc., Vornado Realty Trust, Kilroy Realty Corp, Cousins Properties Inc and SL Green Realty Corp. The side-by-side comparison below sets their revenue, margins and growth against Alexandria Real Estate Equities's.
Are insiders buying or selling Alexandria Real Estate Equities stock?
Over the last 12 months, Alexandria Real Estate Equities's directors and officers reported 12 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Alexandria Real Estate Equities's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alexandria Real Estate Equities announces its own schedule.