financial statements

The full income statement, balance sheet, and cash-flow statement for Alexandria Real Estate Equities (ARE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.03B YoY-2.9%	3.12B YoY+8.0%	2.89B YoY+11.5%	2.59B YoY+22.5%	2.11B YoY+12.1%
Selling, general & administrative	117M YoY-30.5%	168M YoY-15.5%	199M YoY+12.5%	177M YoY+17.0%	151M YoY+13.6%
General & administrative	117M YoY-30.5%	168M YoY-15.5%	199M YoY+12.5%	177M YoY+17.0%	151M YoY+13.6%
Provision for credit losses	295K	—	—	—	—
Interest expense	227M YoY+22.0%	186M YoY+150.4%	74.2M YoY-21.2%	94.2M YoY-33.7%	142M YoY-17.2%
Equity-method income	-9.63M YoY-236.4%	7.06M YoY+620.3%	980K YoY+51.9%	645K YoY-94.7%	12.3M YoY+50.4%
	-1.43B YoY-542.7%	323M YoY+211.6%	104M YoY-80.1%	522M YoY-8.7%	571M YoY-25.9%
Net income to non-controlling interest	213M YoY+13.3%	188M YoY+5.9%	177M YoY+19.0%	149M YoY+79.5%	83.0M YoY+47.7%
Preferred dividends	—	—	—	—	0.00
Net income to common	-1.44B YoY-564.5%	310M YoY+234.9%	92.4M YoY-82.0%	513M YoY-8.9%	563M
	-$8.44 YoY-568.9%	$1.80 YoY+233.3%	$0.54 YoY-83.0%	$3.18 YoY-16.8%	$3.82 YoY-36.4%
EPS (basic)	-$8.44 YoY-568.9%	$1.80 YoY+233.3%	$0.54 YoY-83.0%	$3.18 YoY-17.0%	$3.83 YoY-36.5%
Weighted-avg shares (basic)	170M YoY-1.0%	172M YoY+0.7%	171M YoY+5.7%	162M YoY+10.0%	147M YoY+16.5%
Weighted-avg shares (diluted)	170M YoY-1.0%	172M YoY+0.7%	171M YoY+5.7%	162M YoY+9.6%	147M YoY+16.6%
Dividends per share	$4.68 YoY-9.8%	$5.19 YoY+4.6%	$4.96 YoY+5.1%	$4.72 YoY+5.4%	$4.48 YoY+5.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	549M YoY-0.6%	552M YoY-10.7%	618M YoY-25.1%	825M YoY+128.4%	361M YoY-36.4%
	34.1B YoY-9.2%	37.5B YoY+2.1%	36.8B YoY+3.5%	35.5B YoY+17.6%	30.2B YoY+32.4%
Property, plant & equipment	70.3M YoY+77.7%	39.6M YoY+48.9%	26.6M YoY+14.6%	23.2M YoY-12.3%	26.4M YoY-15.1%
Operating lease right-of-use	698M YoY-8.7%	764M YoY+48.0%	516M YoY-7.5%	558M YoY+17.7%	474M YoY+41.2%
Intangible assets	-8.81M YoY+0.0%	-8.81M YoY+0.0%	-8.81M YoY+0.0%	-8.81M YoY+0.0%	-8.81M YoY+0.0%
	14.9B YoY-1.3%	15.1B YoY+6.9%	14.1B YoY+10.2%	12.8B YoY+14.8%	11.2B YoY+19.2%
Long-term debt	12.4B YoY+1.3%	12.2B YoY+8.2%	11.3B YoY+11.4%	10.2B YoY+15.6%	8.79B YoY+16.2%
	15.5B YoY-13.5%	17.9B YoY-3.2%	18.5B YoY-2.6%	19.0B YoY+17.2%	16.2B YoY+38.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.71M YoY-1.0%	1.72M YoY+0.2%	1.72M YoY+0.7%	1.71M YoY+8.0%	1.58M YoY+15.6%
Additional paid-in capital	15.5B YoY-13.6%	17.9B YoY-3.0%	18.5B YoY-2.7%	19.0B YoY+17.3%	16.2B YoY+38.1%
Retained earnings	360K YoY+0.0%	360K YoY+0.0%	360K YoY+0.0%	360K YoY+0.0%	360K YoY+0.0%
Accumulated other comprehensive income	-29.4M YoY+36.4%	-46.3M YoY-191.0%	-15.9M YoY+23.6%	-20.8M YoY-185.3%	-7.29M YoY-10.1%
Non-controlling interest	3.63B YoY-19.2%	4.49B YoY+8.6%	4.14B YoY+11.7%	3.70B YoY+30.6%	2.83B YoY+66.1%
Total equity incl. non-controlling	19.1B YoY-14.7%	22.4B YoY-1.0%	22.6B YoY-0.3%	22.7B YoY+19.2%	19.0B YoY+41.6%
Total liabilities & equity	34.1B YoY-9.2%	37.5B YoY+2.1%	36.8B YoY+3.5%	35.5B YoY+17.6%	30.2B YoY+32.4%
Common shares issued	171M YoY-1.0%	172M YoY+0.2%	172M YoY+0.7%	171M YoY+8.0%	158M YoY+15.6%
Common shares outstanding	171M YoY-1.0%	172M YoY+0.2%	172M YoY+0.7%	171M YoY+8.0%	158M YoY+15.6%
Shares outstanding (cover)	173M YoY-1.1%	175M YoY+0.6%	174M YoY+5.9%	164M YoY+5.9%	155M YoY+14.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.41B YoY-6.0%	1.50B YoY-7.7%	1.63B YoY+26.0%	1.29B YoY+28.1%	1.01B YoY+14.5%
Depreciation & amortization	1.35B YoY+12.3%	1.20B YoY+10.0%	1.09B YoY+9.1%	1.00B YoY+22.1%	821M YoY+17.6%
Share-based compensation	41.1M YoY-31.0%	59.6M YoY-28.0%	82.9M YoY+43.5%	57.7M YoY+18.6%	48.7M YoY+11.9%
	362M YoY+124.0%	-1.51B YoY+39.6%	-2.50B YoY+50.8%	-5.08B YoY+28.5%	-7.11B YoY-116.8%
Purchases of investments	239M YoY+1.0%	236M YoY+24.7%	189M YoY-22.0%	243M YoY-40.5%	409M YoY+133.9%
Sales/maturities of investments	169M YoY-2.8%	174M YoY-5.2%	183M YoY-7.5%	198M YoY-53.3%	425M YoY+200.8%
	-1.78B YoY-1811.6%	-93.3M YoY-113.8%	674M YoY-84.1%	4.23B YoY-28.5%	5.92B YoY+115.1%
Common stock issued	0.00 YoY-100.0%	27.1M YoY-73.9%	104M YoY-95.6%	2.35B YoY-33.5%	3.53B YoY+52.4%
Common stock repurchased	208M YoY+315.5%	50.1M	0.00	0.00	—
Dividends paid	911M YoY+1.4%	899M YoY+6.0%	847M YoY+11.8%	758M YoY+15.5%	656M YoY+23.1%
FX effect on cash	1.56M YoY+208.4%	-1.44M YoY-11.4%	-1.29M YoY-45.5%	-887K YoY+48.2%	-1.71M YoY-650.5%
Net change in cash	-6.09M YoY+94.0%	-101M YoY+48.8%	-197M YoY-144.5%	443M YoY+342.6%	-182M YoY-151.4%
Interest paid	204M YoY+27.5%	160M YoY+243.6%	46.6M YoY-26.3%	63.2M YoY-54.7%	139M YoY-13.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	8.46B YoY-50.4%	17.0B YoY-22.6%	22.0B YoY-7.8%	23.9B YoY-30.8%	34.6B YoY+43.7%
P/E	—	52.8× YoY-40.7%	89.0× YoY+103.1%	43.8× YoY-27.5%	60.5× YoY+93.9%
P/S	2.8× YoY-48.9%	5.5× YoY-30.2%	7.8× YoY-17.7%	9.5× YoY-41.7%	16.3× YoY+28.1%
P/B	0.5× YoY-42.6%	1.0× YoY-19.1%	1.2× YoY-12.7%	1.3× YoY-36.8%	2.1× YoY+4.1%
P/FCF	6.0× YoY-47.2%	11.3× YoY-17.2%	13.7× YoY-34.2%	20.8× YoY-39.2%	34.2× YoY+25.5%
Earnings yield	—	1.9% YoY+68.6%	1.1% YoY-50.8%	2.3% YoY+38.0%	1.7% YoY-48.4%
FCF yield	16.7% YoY+89.4%	8.8% YoY+20.8%	7.3% YoY+52.0%	4.8% YoY+64.4%	2.9% YoY-20.3%
Dividend yield	9.6% YoY+79.7%	5.3% YoY+36.0%	3.9% YoY+20.8%	3.2% YoY+61.3%	2.0% YoY-15.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ARE's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ARE filings on SEC EDGAR → Not investment advice.

ARE▼ financial statements

About this data

financial statements