ALEXANDRIA REAL ESTATE EQUITIES, INC.ARE
ALEXANDRIA REAL ESTATE EQUITIES, INC. Earnings Per Share Disclosure
We grant two types of restricted stock awards: (i) restricted stock awards with nonforfeitable dividends and (ii) restricted stock
awards with forfeitable dividends.
Unvested restricted stock awards (“RSAs”) with nonforfeitable dividends are considered participating securities and included in
the computation of EPS using the two-class method. Under this method, we allocate net income (after amounts attributable to
noncontrolling interests) to common stockholders and these RSAs by using the weighted-average shares of each class outstanding for
quarter-to-date and year-to-date periods independently, based on their respective participation rights to dividends declared (or
accumulated) and undistributed earnings.
Unvested RSAs with forfeitable dividends do not qualify as participating securities under the two-class method because the
dividends are forfeited if the awards do not vest. As a result, undistributed earnings are not allocated to these awards prior to vesting,
and these awards have no effect on the computation of basic EPS while unvested. Once these awards vest, they are included in the
denominator of basic EPS, weighted for the portion of the reporting period they were vested. Prior to vesting, these awards are included
in the denominator of diluted EPS if they are dilutive, which is determined using the treasury stock method. Under this method,
incremental shares are calculated as the difference between the total unvested shares and the number of shares that could
hypothetically be repurchased using the assumed proceeds (including unrecognized compensation cost related to these awards).
These incremental shares are weighted for the portion of the reporting period they were unvested and are included in the diluted EPS
denominator only if their inclusion reduces EPS (i.e., if they are not antidilutive).
In addition, from time to time, we enter into forward equity sales agreements. We consider the potential dilution resulting from
the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of
basic EPS as no shares are delivered until settlement. The common shares issued upon the settlement of the forward equity sales
agreements, weighted for the period these common shares were outstanding, are included in the denominator of basic EPS. To
determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the
number of weighted-average shares outstanding – diluted using the treasury stock method. As of and during the year ended
December 31, 2025, no forward equity sales agreements were outstanding.
The table below reconciles the numerators and denominators of the basic and diluted EPS computations for the years ended
December 31, 2025, 2024, and 2023 (in thousands, except per share amounts):
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Net (loss) income | $(1,216,726) | $510,733 | $280,994 | ||
Net income attributable to noncontrolling interests | (212,844) | (187,784) | (177,355) | ||
Net income attributable to unvested RSAs with nonforfeitable dividends | (8,417) | (13,394) | (11,195) | ||
Numerator for basic and diluted EPS – net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $(1,437,987) | $309,555 | $92,444 | ||
Denominator for basic EPS – weighted-average shares of common stock outstanding | 170,307 | 172,071 | 170,909 | ||
Dilutive effect of unvested RSAs with forfeitable dividends | — | — | — | ||
Denominator for diluted EPS – weighted-average shares of common stock outstanding | 170,307 | 172,071 | 170,909 | ||
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | |||||
Basic | $(8.44) | $1.80 | $0.54 | ||
Diluted | $(8.44) | $1.80 | $0.54 | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 26, 2026 | Showing above |
| 2024 | Jan 27, 2025 | |
| 2023 | Jan 29, 2024 | |
| 2022 | Jan 30, 2023 | |
| 2021 | Jan 31, 2022 | |
| 2020 | Feb 1, 2021 | |
| 2019 | Feb 4, 2020 | |
| 2018 | Feb 5, 2019 | |
| 2017 | Jan 30, 2018 | |
| 2016 | Jan 31, 2017 | |
| 2015 | Feb 3, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.