ALEXANDRIA REAL ESTATE EQUITIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ALEXANDRIA REAL ESTATE EQUITIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	922	1,128	1,327	1,531	1,886	2,114	2,589	2,886	3,116	3,027
General and administrative	63.9	75	90.4	109	133	151	177	199	168	117
Interest expense	107	129	157	174	172	142	94.2	74.2	186	227
Income from continuing operations	-65.9	169
Net income to minority interests	16.1	25.1	23.5	40.9	56.2	83	149	177	188	213
Net income	-65.9	169	379	363	771	571	522	104	323	-1,430
EPS, basic	-1.99	1.59	3.53	3.13	6.03	3.83	3.18	0.54	1.80	-8.44
EPS, diluted	-1.99	1.58	3.52	3.12	6.01	3.82	3.18	0.54	1.80	-8.44
Shares, basic (weighted)	76.1	91.5	103	112	126	147	162	171	172	170
Shares, diluted (weighted)	76.1	92.1	103	113	126	147	162	171	172	170
Dividend per share		3.45	3.73	4.00	4.24	4.48	4.72	4.96	5.19	4.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	125	254	234	190	569	361	825	618	552	549
Property, plant and equipment	12.8	11.1	14.8	23	31.1	26.4	23.2	26.6	39.6	70.3
Lease right-of-use assets			0	265	336	474	558	516	764	698
Total assets	10,355	12,104	14,465	18,391	22,828	30,219	35,523	36,771	37,527	34,082
Long-term debt	2,378	3,396	4,292	6,044	7,232	8,317	10,101	11,096	12,094	12,047
Total liabilities	4,973	5,621	6,570	8,224	9,384	11,186	12,840	14,148	15,129	14,925
Total debt	4,164	4,765	5,478	6,777	7,563	8,792	10,160	11,316	12,244	12,401
Paid-in capital	4,673	5,824	7,287	8,874	11,731	16,195	18,991	18,485	17,934	15,498
Other comprehensive income	5.36	50	-10.4	-9.75	-6.63	-7.29	-20.8	-15.9	-46.3	-29.4
Shareholders' equity	4,896	5,950	7,342	8,866	11,726	16,190	18,972	18,471	17,889	15,470
Minority interests	475	522	542	1,288	1,707	2,834	3,701	4,135	4,489	3,628
Total equity	5,371	6,472	7,884	10,154	13,432	19,024	22,674	22,607	22,378	19,098
Total liabilities and equity	10,355	12,104	14,465	18,391	22,828	30,219	35,523	36,771	37,527	34,082
Shares outstanding	87.7	99.8	111	121	137	158	171	172	172	171

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-49.8	194	403	404	827	654	671	281	511	-1,217
Depreciation and amortization	313	417	478	545	698	821	1,002	1,093	1,202	1,350
Stock-based compensation	25.4	25.6	35	43.6	43.5	48.7	57.7	82.9	59.6	41.1
Cash from operations	393	451	570	684	883	1,010	1,294	1,631	1,505	1,414
Acquisitions		-660
Purchases of investments	-102	-172	-236	-191	-175	-409	-243	-189	-236	-239
Sales and maturities of investments	38.9	30.5	104	147	141	425	198	183	174	169
Cash from investing	-1,498	-1,737	-2,162	-3,641	-3,278	-7,107	-5,080	-2,501	-1,511	362
Debt issued	349	1,023	899	2,721	1,698	1,744	1,793	996	999	549
Stock issued	1,432	1,275	1,293	1,216	2,316	3,529	2,346	104	27.1	0
Share buybacks							0	0	-50.1	-208
Dividends paid	-240	-312	-381	-447	-533	-656	-758	-847	-899	-911
Cash from financing	1,094	1,420	1,588	2,927	2,750	5,916	4,230	674	-93.3	-1,784
Exchange rate effect	-1.46	1.72	-2.07	0.54	0.31	-1.71	-0.89	-1.29	-1.44	1.56
Net change in cash	-12.6	136	-5.06	-29.4	355	-182	443	-197	-101	-6.09
Interest paid	84.9	112	127	146	161	139	63.2	46.6	160	204

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $49.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	-36.1%	Net income / revenue.
Operating cash flow margin	45.0%	Cash from operations / revenue.
Return on equity (ROE)	-6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	44.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-542.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-568.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-6.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-9.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.0%	Total debt / total assets.
Liabilities / assets	44.6%	Total liabilities / total assets.
Net debt	$12.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$15.55B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	37.1x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$6.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.64	Revenue / diluted weighted shares.
Operating cash flow per share	$7.49	Cash from operations / diluted weighted shares.
Book value per share	$91.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$91.11	Tangible book value / shares outstanding.
Cash per share	$2.76	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.70B	Share price x shares outstanding.
Enterprise value	$21.04B	Market cap + total debt - cash - short-term investments.
P/S	3.06x	Market cap / revenue.
P/B	0.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.56x	Market cap / tangible book value, when positive.
P/OCF	6.80x	Market cap / cash from operations, when positive.
EV/Sales	7.41x	Enterprise value / revenue.
Earnings yield	-11.8%	Net income / market cap (the inverse of P/E).
Dividend yield	8.1%	Dividends paid over the period / market cap.
Shareholder yield	8.1%	(Dividends paid + share buybacks) / market cap.

What was ALEXANDRIA REAL ESTATE EQUITIES, INC.'s revenue in fiscal 2025?

ALEXANDRIA REAL ESTATE EQUITIES, INC. reported revenue of $3.03B for fiscal 2025, 2.9% lower than the year before.

Was ALEXANDRIA REAL ESTATE EQUITIES, INC. profitable in fiscal 2025?

No. It reported a net loss of $1.43B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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