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Company file · ARE

Alexandria Real Estate Equities

Alexandria Real Estate Equities' revenue fell 2.9% in FY2025, to $3.0B, and it posted a net loss of $1.4B (FY2024: net income of $323M)

Revenue fell 2.9% to $3.0B in FY2025, from $3.1B in FY2024. It posted a net loss of $1.4B. Income From Rentals was the largest product or service, at 97% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 26, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 26, 2026) · Data pulled Nov 11, 2026

Key facts

Alexandria Real Estate Equities (NYSE: ARE) reported revenue of $3.0B for fiscal 2025, the year ended Dec 31, 2025, down 2.9% from fiscal 2024. Net income was −$1.4B, compared with $323M. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $671M, down 10.7% from the same quarter a year earlier, and net income was −$638M. The largest piece by product or service was Income From Rentals, at 97% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 26, 2026).

Revenue$3.0BFY2025 · −2.9% vs FY2024
Net income−$1.4BFY2025 · vs $323M in FY2024
Operating cash flow$1.4BFY2025 · −6.0% vs FY2024
Cash & equivalents$509Mat Sep 30, 2026 · −7.3% vs FY2025 end
Total debt$12.9Bat Sep 30, 2026 · +4.0% vs FY2025 end
Diluted shares170MFY2025 avg · −1.0% vs FY2024
Revenue and net income, three fiscal yearsBy fiscal year, $bn
RevenueNet income
Revenue and net income by fiscal yearRevenue FY2023: $2.9B2.9Net income FY2023: $104M0.10FY2023Revenue FY2024: $3.1B3.1Net income FY2024: $323M0.32FY2024Revenue FY2025: $3.0B3.0Net income FY2025: −$1.4B−1.4FY2025Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-K FY2025, filed Jan 26, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $758M0.76FY2026 Q1: $671M0.67Q1FY2025 Q2: $762M0.76FY2026 Q2: $663M0.66Q2FY2025 Q3: $752M0.75FY2026 Q3: $671M0.67Q3Data: Ticker Sage, from SEC EDGAR · tickersage.com

Source: 10-Q filed Apr 27, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Oct 26, 2026

How it makes money

FY2025 total by categoryIncome From Rentals: $2.9B (97%)Product and Service, Other: $81M (3%)$3.0BFY2025 totalData: Ticker Sage, from SEC EDGARtickersage.com

By product or service, FY2025

  • LineAmountSharevs FY2024
  • Income From Rentals$2.9B97%−3.4%
  • Product and Service, Other$81M3%+22.0%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Income From Rentals (97%) and Product and Service, Other (3%), as shares of total revenue. Total revenue was $3.0B.

By product or service: three-year mixShare of the total each fiscal year
Income From RentalsProduct and Service, Other

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$671M Q3 2026
$752M Q3 2025
10.7% decrease
Net income
−$638M Q3 2026
−$233M Q3 2025
n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Alexandria Real Estate Equities 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026

By product or service

Product and Service, Other
$18M Q3 2026
$16M Q3 2025
9.1% increase

Source: Alexandria Real Estate Equities 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026

  • Cash & equivalents $509M at Sep 30, 2026, vs $549M at FY2025 end.
  • Total debt $12.9B at Sep 30, 2026, vs $12.4B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $875M vs $1.1B a year earlier.

The bull case and the bear case

The bull case

  • Diluted shares fell 1.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
  • Product and Service, Other revenue grew 22.0% in FY2025 to $81M. 10-K, FY2025

The bear case

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Alexandria Real Estate Equities is in the office REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.

The full description of Alexandria Real Estate Equities' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the office REITs industry. They are not a summary of Alexandria Real Estate Equities’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

  1. Interest ratesHigher rates raise borrowing costs and can lower property values.
  2. Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
  3. Property marketsLocal supply, demand and values vary by market and property type.
  4. Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
  5. Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$2.9B$3.1B$3.0B
Net income$104M$323M−$1.4B
Operating cash flow$1.6B$1.5B$1.4B
Cash & equivalents (year end)$618M$552M$549M
Total debt (year end)$11.3B$12.2B$12.4B
Diluted shares171M172M170M
  • Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
  • Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

    Recent filings

    FormFiledPeriod
    10-QOct 26, 2026Sep 30, 2026
    10-QAug 3, 2026Jun 30, 2026
    10-QApr 27, 2026Mar 31, 2026
    DEF 14AApr 1, 2026Dec 31, 2025
    10-KJan 26, 2026Dec 31, 2025

    Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

    Common questions about Alexandria Real Estate Equities

    How does Alexandria Real Estate Equities make money?

    Alexandria Real Estate Equities's revenue was $3.0B in fiscal 2025. By product or service in FY2025: Income From Rentals (97%) and Product and Service, Other (3%), as shares of total revenue. Total revenue was $3.0B. Source: 10-K for fiscal 2025, filed Jan 26, 2026.

    What was Alexandria Real Estate Equities's revenue in fiscal 2025?

    $3.0B of revenue for the fiscal year ended Dec 31, 2025, down 2.9% from $3.1B in fiscal 2024. Fiscal 2023 was $2.9B. Source: 10-K for fiscal 2025, filed Jan 26, 2026.

    Is Alexandria Real Estate Equities profitable?

    Alexandria Real Estate Equities reported net income of −$1.4B for fiscal 2025, compared with $323M from $323M in fiscal 2024. That is a loss under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was −$638M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 26, 2026.

    What did Alexandria Real Estate Equities report in its latest quarterly filing?

    Revenue was $671M in the quarter ended Sep 30, 2026, down 10.7% from $752M a year earlier. Net income was −$638M, compared with −$233M from −$233M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 26, 2026.

    How much cash and debt does Alexandria Real Estate Equities have?

    Alexandria Real Estate Equities had $509M in cash and cash equivalents and $12.9B of total debt on Sep 30, 2026. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 26, 2026.

    What are the main risks Alexandria Real Estate Equities faces?

    Alexandria Real Estate Equities's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Jan 26, 2026. Risks that are common among companies in the office REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.

    Where do these Alexandria Real Estate Equities numbers come from?

    From Alexandria Real Estate Equities's own SEC filings: the 10-K for fiscal 2025 (filed Jan 26, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 26, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

    Tracked funds that report owning Alexandria Real Estate Equities

    • Millennium Management: 673,733 shares, reported value $35.6M at Jun 30, 2026 (−14.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
    • Citadel Advisors: 155,090 shares, reported value $8.2M at Jun 30, 2026 (−19.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
    • Two Sigma Investments: 34,700 shares, reported value $1.8M at Jun 30, 2026 (−43.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

    From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

    Disclosures

    Editor holdings in ARE
    The editor holds no position in Alexandria Real Estate Equities (ARE). As of Nov 11, 2026.
    Trading rule
    The editor does not buy or sell ARE from 3 days before to 3 days after this page is published or substantively updated.
    Compensation
    Nobody paid for this page. No affiliate links on this page.
    Sources
    The company's SEC filings, linked next to each number or, for charts, in the source line under them.
    Last updated
    Nov 10, 2026

    General education, the same for every reader. Not a recommendation to buy, sell or hold ARE, and it doesn't consider your situation.

    Compare with peers

    CompanyFiscal yearRevenueRevenue growthNet income
    Alexandria Real Estate EquitiesAREFY2025$3.0B−2.9%−$1.4B
    BXPFY2025$3.5B+2.2%$277M
    WelltowerWELLFY2025$10.8B+35.6%$962M
    PrologisPLDFY2025$8.8B+7.2%$3.3B

    Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

    More company files

    New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.