# Alexandria Real Estate Equities (ARE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ARE/thesis · /stocks/ARE/memo

## Financial Snapshot

---
ticker: ARE
step: 04
generated: 2026-05-13
source: quick-research
---

### Alexandria Real Estate Equities, Inc. (ARE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.59B | ~$2.89B | $3.12B | +8.0% |
| NOI Margin | ~65% | ~64% | ~63% | |
| FFO as Adjusted (total) | ~$1.55B | ~$1.63B | ~$1.72B | +5.5% |
| FFO/Share as Adjusted | $8.42 | $8.97 | $9.47 | +5.6% |
| Net Income/Share | $3.18 | $0.54 | $1.80 | |

*FY2025 FFO/share as adjusted: $9.01 (actual). FY2025 GAAP net loss/share: -$8.44 — driven by $1.45B in impairment charges on lab assets reflecting the life science market downturn.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFO as Adjusted | ~$1.72B |
| Annual Dividend | ~$5.24/share annualized (~4.5% yield) |
| Total Debt | ~$13.0B |
| Liquidity | $4.2B (one of strongest in REIT sector) |
| Average Debt Maturity | ~10 years (longest among S&P 500 REITs) |
| FY2025 Impairment Charges | $1.45B (non-cash; reflects lab market value reset) |

*$4.2B liquidity and 10-year average debt maturity make ARE one of the most conservatively financed large REITs — critical given the current lab market dislocation.*

#### Key Ratios (approximate)
- Price/FFO as Adjusted: ~12x | Implied Cap Rate: ~6.5% | Dividend Yield: ~4.5%
- Same-Property NOI Growth (FY2024): +1.2% (GAAP), +4.6% (cash basis)
- Q1 2026 FFO/share as Adjusted: $1.73 (strong; questioning bearish cash flow narratives)
- Leased % (2025): 87.7%–89.3% projected for year-end 2026

#### Growth Profile
Alexandria delivered consistent 5–8% FFO/share growth from FY2022–FY2024 driven by long-term lease escalators and development deliveries. FY2025 marked a painful inflection: $1.45B in non-cash impairment charges (reflecting lab market value reset) produced a GAAP net loss/share of -$8.44, though FFO as Adjusted of $9.01/share remained solid. The life science market — having grown lab supply 7.5x since 2021 while demand dropped 60% — entered a prolonged vacancy cycle with 30%+ vacancy in Boston and SF. Recovery is projected for Cambridge/Watertown/Seaport in 2–3 years.

#### Forward Estimates
- FY2026 FFO guidance: 87.7%–89.3% leased at year-end; FFO/share trajectory flat to slightly down vs. FY2025
- 1.9M SF under construction, 77% pre-leased — expected to stabilize in 2026 at 93% leased
- 1.2M SF of 2026 lease expirations in Boston/SF/SD — expected 6–24 month re-lease periods
- Long-term recovery: Cambridge, Mission Bay, and Seaport markets expected to recover in 2–3 years per management

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ARE/fundamental

## Navigation

- Overview: /stocks/ARE
- Financials (this page): /stocks/ARE/financials
- Thesis: /stocks/ARE/thesis
- Investment Memo: /stocks/ARE/memo
- Coverage universe: /stocks