Alexandria Real Estate Equities cash flow statement

In fiscal 2025, Alexandria Real Estate Equities's operations generated $1.41bn of cash. It returned $911m in dividends and $208m through buybacks.

Cash flow statement

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

Alexandria Real Estate Equities: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	393	451	570	684	883	1,010	1,294	1,631	1,505	1,414	1,188
Depreciation and amortisation	313	417	478	545	698	821	1,002	1,093	1,202	1,350	1,236
Stock-based pay	25	26	35	44	44	49	58	83	60	41	41
Dividends paid	263	322	386	451	533	656	758	848	899	911	598
Share buybacks	—	—	—	—	—	—	0	0	50	208	0
Shares issued	1,432	1,275	1,293	1,216	2,316	3,529	2,346	104	27	0	—

US$ millions unless shown otherwise. Fiscal quarters.

Alexandria Real Estate Equities: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	274	208	460	433	312	197	337	342
Depreciation and amortisation	330	342	346	340	322	305	304	304
Stock-based pay	12	10	13	10	8	11	10	12

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Alexandria Real Estate Equities's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Alexandria Real Estate Equities.