Alexandria Real Estate Equities, Inc.ARE
NYSE•Real Estate•REIT - Office
Alexandria Real Estate Equities, Inc. an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Mega campus ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of 20.75 billion US dollars and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Mega campus environments that enhance our tenant ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. Alexandria Real Estate Equities, Inc. was established in January 05,1994 and is based in Pasadena, United States.
as of March 2026
Are revenues and earnings expanding?
$2.94B in TTM revenue declined 5.3% YoY, reaching $671.02M last quarter. TTM EBITDA of $3.20B on operating income of $413.14M shows growth is flowing through. However, net income is negative at $1.06B — growth is not yet reaching the bottom line. Revenue is contracting — assess whether this is cyclical or structural.
Is revenue turning into profit effectively?
Op. margin of 61.6% is down 3.5% YoY — costs are rising relative to revenue. Net margin at 53.9%. Negative ROE of -6.7% indicates shareholder value is being eroded.
Is the stock cheap or expensive?
P/S of 2.9x and P/B of 0.5x.
Is the company financially stable?
With $34.17B in assets and $12.52B in long-term debt, the D/E of 0.8 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $-349.38M on $196.62M in operating cash flow. The FCF / Net Income ratio of 0.3x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $418.72M provide financial flexibility. Share count is stable — no dilution or buyback activity.
Competitive analysis based on 63 quarters of fundamental data
Operating margins are positive at ~70.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Data-driven red flags and warnings across 63 quarters
Operating margins declined 17.0% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue has softened, declining in 5 quarters. Monitor for further erosion.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.