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.
Alexandria Real Estate Equities (ARE) reported trailing twelve months revenue of $2.94B as of March 2026, a 5.3% decline year-over-year. Quarterly revenue reached $671.02M, reflecting a contraction in sales.
Alexandria Real Estate Equities reported a TTM net loss of $1.06B, with quarterly EBITDA of $718.58M. The operating margin contracted from 65.1% to 61.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (61.6%) and net margin (53.9%) indicates moderate non-operating costs. Net margin has improved from -1.2% a year ago, signaling stronger bottom-line efficiency.
ARE trades at a P/S of 2.7x. The price-to-book ratio of 0.5x suggests the stock trades below its book value.
The company reported negative free cash flow of $-349.38M, indicating cash consumption over the period. The balance sheet shows $34.17B in total assets with $12.52B in long-term debt against $15.73B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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.
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.
Data-driven red flags and warnings across 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation