ALEXANDRIA REAL ESTATE EQUITIES, INC.

Listed Company

ARECIK 0001035443NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-1.43B

Total Assets

$34.08B

Equity

$15.47B

Shares Out

174.27M

Op. Cash Flow

$1.41B

Business

Alexandria Real Estate Equities, Inc. is a life science real estate investment trust that develops, owns, operates, and manages collaborative Megacampus ecosystems tailored to life science innovation. The company offers Class A/A+ laboratory and research-ready office space, development and redevelopment services, property management, and strategic non-real estate investments through a venture capital platform. Its operating structure is organized by geographic operating segments covering major life science cluster markets. Alexandria leases space to corporate, academic, governmental, and private life science tenants and participates in joint ventures and capital markets to execute projects.

Summary from filing dated 2025-01-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	3,027	3,116	2,886	2,589	2,114
Rental operations	923	909	859	783	624
General and administrative	117	168	199	177	151
Interest	227	186	74	94	142
Depreciation and amortization	1,350	1,202	1,093	1,002	821
Impairment of real estate	2,200	223	461	65	53
Loss on early extinguishment of debt	107,000	0	0	3	67
Total expenses	4,820	2,689	2,687	2,125	1,858
Equity in (losses) earnings of unconsolidated real estate joint ventures	−10	7	980,000	645,000	12
Investment loss	−56	−53	−195	−332	259
Gain on sales of real estate	642	129	277	538	127
Net (loss) income	−1,217	511	281	671	654
Net income attributable to noncontrolling interests	−213	−188	−177	−149	−83
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.s stockholders	−1,430	323	104	522	571
Net income attributable to unvested RSAs with nonforfeitable dividends	−8	−13	−11	−8	−8
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.s common stockholders	−1,438	310	92	513	563
Earnings per share - basic (USD per share)	−8.44	1.8	0.54	3.18	3.83
Earnings per share - diluted (USD per share)	−8.44	1.8	0.54	3.18	3.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in real estate	28,690	32,110	31,634	29,945	24,981
Investments in unconsolidated real estate joint ventures	31	40	38	38	38
Cash and cash equivalents	549	552	618	825	361
Restricted cash	5	8	43	33	54
Tenant receivables	7	6	8	8	7
Deferred rent	1,179	1,187	1,050	943	839
Deferred leasing costs	458	486	509	516	—
Investments	1,500	1,480	1,400	1,600	1,877
Other assets	1,662	1,661	1,422	1,600	1,659
Total assets	34,082	37,527	36,771	35,523	30,219
Secured notes payable	0	150	120	59	205
Unsecured senior notes payable	12,047	12,094	11,096	10,101	8,317
Unsecured senior line of credit and commercial paper	353	0	—	—	—
Accounts payable, accrued expenses, and other liabilities	2,397	2,654	2,611	2,471	2,210
Dividends payable	128	230	222	209	184
Total liabilities	14,925	15,129	14,148	12,840	11,186
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests	59	20	16	10	10
Common stock, $0.01 par value per share, $400,000,000 shares authorized as of December 31, 2025 and 2024; 170,537,867 and 172,203,443 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2	2	2	2	2
Additional paid-in capital	15,498	17,934	18,485	18,991	16,195
Accumulated other comprehensive loss	−29	−46	−16	−21	−7
Alexandria Real Estate Equities, Inc.s stockholders equity	15,470	17,889	18,471	18,972	16,190
Noncontrolling interests	3,628	4,489	4,135	3,701	2,834
Total equity	19,098	22,378	22,607	22,674	19,024
Total liabilities, noncontrolling interests, and equity	34,082	37,527	36,771	35,523	30,219

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sales of real estate	−642	−129	−277	−538	−127
Distributions of earnings from unconsolidated real estate joint ventures	2	3	3	3	20
Amortization of loan fees	18	17	15	14	11
Amortization of debt discounts	1	1	1	384,000	−2
Amortization of acquired above- and below-market leases	−38	−86	−93	−74	−55
Deferred rent	−73	−143	−134	−118	−115
Stock compensation expense	41	60	83	58	49
Investment loss	56	53	195	332	−259
Tenant receivables	−252,000	2	−102,000	−273,000	−44,000
Deferred leasing costs	−123	−108	−109	−181	−132
Other assets	−57	−37	798,000	−19	−25
Accounts payable, accrued expenses, and other liabilities	−118	−57	111	78	61
Net cash provided by operating activities	1,414	1,505	1,631	1,294	1,010
Proceeds from sales of real estate	2,321	1,220	1,196	994	191
Additions to real estate	−1,871	−2,423	−3,418	−3,307	−2,090
Purchases of real estate	0	−249	−266	−2,878	−5,435
Change in escrow deposits	−7	4	−6	156	−162
Investments in unconsolidated real estate joint ventures	−11	−4	−658,000	−1	−14
Return of capital from unconsolidated real estate joint ventures	566,000	3	0	471,000	0
Additions to non-real estate investments	−239	−236	−189	−243	−409
Sales of and distributions from non-real estate investments	169	174	183	198	425
Net cash provided by (used in) investing activities	362	−1,511	−2,501	−5,080	−7,107
Borrowings under secured notes payable	4	30	60	50	10
Repayments of borrowings under secured notes payable	−154	−32,000	−30,000	−934,000	−18
Proceeds from issuances of unsecured senior notes payable	549	999	996	1,793	1,744
Repayment of unsecured senior notes payable	−600	0	0	—	0
Borrowings under unsecured senior line of credit	700	0	1,245	1,181	3,521
Repayments of borrowings under unsecured senior line of credit	−700	0	−1,245	−1,181	−3,521
Proceeds from issuances under commercial paper program	25,426	13,011	9,234	14,642	30,951
Repayments of borrowings under commercial paper program	−25,073	−13,111	−9,134	−14,912	−30,781
Payments of loan fees	−5	−36	−16	−36	−19
Taxes paid related to net settlement of equity awards	−24	−62	−25	−47	−34
Proceeds from issuance of common stock	0	27	104	2,346	3,529
Repurchase of common stock	−208	−50	0	0	—
Dividends on common stock	−911	−899	−847	−758	−656
Contributions from and sales of noncontrolling interests	165	306	547	1,542	2,026
Distributions to and purchases of noncontrolling interests	−952	−309	−245	−192	−119
Net cash (used in) provided by financing activities	−1,784	−93	674	4,230	5,916
Effect of foreign exchange rate changes on cash and cash equivalents	2	−1	−1	−887,000	−2
Net decrease in cash, cash equivalents, and restricted cash	−6	−101	−197	443	−182
Cash paid during the period for interest, net of interest capitalized	204	160	47	63	139
Accrued construction for current-period additions to real estate	339	466	629	562	475
Derecognition of net investment in real estate from sales-type lease	5	0	0	—	—
Deconsolidation of noncontrolling interests upon real estate sales	153	0	0	—	—
Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner	0	107	33	19	119
Transfer of real estate assets and/or equipment from tenants	179	129	31	0	0
Reallocation of additional paid-in-capital to consolidated joint venture partners noncontrolling interest	7	30	0	0	—
Notes receivable issued in connection with sales of real estate	124	104	0	0	—
Initial recognition of right-of-use asset and lease liability	0	265	0	22	—
Payable for purchase of noncontrolling interest	0	0	−35	0	0
Disposition of our interest in Pacific Technology Park	82	0	0	—	—
Acquisition of our partners noncontrolling interest in 199 East Blaine Street	97	0	0	—	—

Filings

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