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REITs · Real Estate · Fiscal year ends Dec 31
Alexandria Real Estate Equities reported revenue of $3B in the fiscal year ended Dec 2025, down 2.9% from the year before. Operating income was −$1.8B, an operating margin of −59.2%, and net income was −$1.4B. Operating cash flow of $1.4B less capital expenditure of $1.9B left free cash flow of −$457M. Net debt was $11.9B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,114 | 2,589 | 2,886 | 3,116 | 3,027 |
| Operating incomederived: revenue − total costs | 256 | 464 | 198 | 427 | −1,793 |
| Interest expense | 142 | 94.2 | 74.2 | 186 | 227 |
| Net income | 571 | 522 | 104 | 323 | −1,430 |
| Diluted EPS | 3.82 | 3.18 | 0.54 | 1.80 | −8.44 |
| Diluted shares | 147 | 162 | 171 | 172 | 170 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 361 | 825 | 618 | 552 | 549 |
| Net PP&E | 26.4 | 23.2 | 26.6 | 39.6 | 70.3 |
| Total assets | 30,219 | 35,523 | 36,771 | 37,527 | 34,082 |
| Long-term debt | 8,792 | 10,160 | 11,316 | 12,244 | 12,401 |
| Total liabilities | 11,186 | 12,840 | 14,148 | 15,129 | 14,925 |
| Shareholders' equity | 16,190 | 18,972 | 18,471 | 17,889 | 15,470 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,010 | 1,294 | 1,631 | 1,505 | 1,414 |
| Capital expenditure | 2,090 | 3,307 | 3,418 | 2,423 | 1,871 |
| Free cash flow | −1,080 | −2,013 | −1,788 | −918 | −457 |
| Depreciation & amortisation | 821 | 1,002 | 1,093 | 1,202 | 1,350 |
| Stock-based compensation | 48.7 | 57.7 | 82.9 | 59.6 | 41.1 |
| Share buybacks | – | 0.0 | 0.0 | 50.1 | 208 |
| Dividends paid | 656 | 758 | 847 | 899 | 911 |
| Dividend per share | 4.48 | 4.72 | 4.96 | 5.19 | 4.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.5% | 11.5% | 8.0% | −2.9% |
| Operating income growth (YoY) | – | 81.2% | −57.2% | 115.5% | −519.5% |
| EPS growth (YoY) | – | −16.8% | −83.0% | 233.3% | −568.9% |
| Operating margin | 12.1% | 17.9% | 6.9% | 13.7% | −59.2% |
| Net margin | 27.0% | 20.1% | 3.6% | 10.4% | −47.2% |
| Return on equityBlank when equity is negative | 3.5% | 2.7% | 0.6% | 1.8% | −9.2% |
| Free cash flow margin | −51.1% | −77.8% | −62.0% | −29.5% | −15.1% |
| Cash conversion (CFO ÷ net income) | 1.77x | 2.48x | 15.7x | 4.66x | −0.99x |
| Interest cover | 1.80x | 4.92x | 2.67x | 2.30x | −7.91x |
| Debt ÷ equity | 0.54x | 0.54x | 0.61x | 0.68x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,431 | 9,335 | 10,697 | 11,692 | 11,851 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.