Alexandria Real Estate Equities (ARE)
Market Price (11/9/2026): $45.42 | Market Cap: $7.9 BilSector: Real Estate | Industry: Office REITs
Alexandria Real Estate Equities (ARE)
Market Price (11/9/2026): $45.42Market Cap: $7.9 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Attractive yieldDividend Yield is 7.8%, FCF Yield is 16% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Precision Medicine, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -117% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 167% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%, Rev Chg QQuarterly Revenue Change % is -11% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% Key risksARE key risks include [1] significant real estate impairment charges, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Attractive yieldDividend Yield is 7.8%, FCF Yield is 16% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Precision Medicine, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -117% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 167% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%, Rev Chg QQuarterly Revenue Change % is -11% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% |
| Key risksARE key risks include [1] significant real estate impairment charges, Show more. |
Qualitative Assessment
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Alexandria Real Estate Equities (ARE) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Significant Net Loss in Fiscal Q3 2026 Driven by Real Estate Impairment Charges. Alexandria Real Estate Equities (ARE) reported a diluted Earnings Per Share (EPS) of $(3.74) for fiscal Q3 2026, which ended September 30, 2026, significantly missing analysts' consensus estimates of $(0.03) by $3.71. This substantial net loss, totaling $638.5 million, was primarily attributed to $637.9 million in real estate impairment charges. While adjusted Funds From Operations (FFO) per share was $1.54, aligning with expectations, it marked a decline from $2.22 per share in the prior-year quarter. Revenue for the quarter also decreased by 10.7% year-over-year to $671.2 million.
2. Weakening Fundamentals in the Life Sciences Real Estate Market. The company experienced a decline in key operational metrics, reflecting a broader softening in the life sciences real estate sector. ARE's operating occupancy decreased to 87.1% in fiscal Q3 2026 from 90.9% at the end of fiscal year 2025. Concurrently, same-property Net Operating Income (NOI) saw a decline of 6.7% in fiscal Q3 2026. This company-specific trend is set against a backdrop of broader market weakness, where the U.S. average asking rents for lab/R&D space fell by 7.2% year-over-year in fiscal Q3 2026, marking the sixth consecutive quarter of decline and reaching its lowest level since mid-2023.
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Alexandria Real Estate Equities (ARE) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Significant Net Loss in Fiscal Q3 2026 Driven by Real Estate Impairment Charges. Alexandria Real Estate Equities (ARE) reported a diluted Earnings Per Share (EPS) of $(3.74) for fiscal Q3 2026, which ended September 30, 2026, significantly missing analysts' consensus estimates of $(0.03) by $3.71. This substantial net loss, totaling $638.5 million, was primarily attributed to $637.9 million in real estate impairment charges. While adjusted Funds From Operations (FFO) per share was $1.54, aligning with expectations, it marked a decline from $2.22 per share in the prior-year quarter. Revenue for the quarter also decreased by 10.7% year-over-year to $671.2 million.
2. Weakening Fundamentals in the Life Sciences Real Estate Market. The company experienced a decline in key operational metrics, reflecting a broader softening in the life sciences real estate sector. ARE's operating occupancy decreased to 87.1% in fiscal Q3 2026 from 90.9% at the end of fiscal year 2025. Concurrently, same-property Net Operating Income (NOI) saw a decline of 6.7% in fiscal Q3 2026. This company-specific trend is set against a backdrop of broader market weakness, where the U.S. average asking rents for lab/R&D space fell by 7.2% year-over-year in fiscal Q3 2026, marking the sixth consecutive quarter of decline and reaching its lowest level since mid-2023.
3. Adverse Macroeconomic Environment from Rising Interest Rates. The broader economic climate, characterized by rising interest rates, negatively impacted real estate investment trusts (REITs) like ARE. The Federal Reserve increased interest rates by a quarter point in September 2026, setting the target range for the federal funds rate at 3.75% to 4.00%. Although the Fed held rates steady in October 2026, expectations remained for at least one more quarter-point hike in 2026, with year-end projections between 4.1% and 4.4%. This environment of higher rates contributed to increased borrowing costs for companies and a significant rise in the 10-year Treasury yield, which climbed from approximately 4% in February 2026 to over 5% in September 2026, reaching nearly 5.3% on October 1, 2026. Such increases generally lead to higher capitalization rates and reduced property valuations, impacting REIT stock performance.
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Stock Movement Drivers
Fundamental Drivers
The -11.6% change in ARE stock from 7/31/2026 to 11/8/2026 was primarily driven by a -6.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.69 | 44.80 | -11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,855 | 2,679 | -6.2% |
| P/S Multiple | 3.0 | 2.9 | -5.7% |
| Shares Outstanding (Mil) | 171 | 171 | -0.1% |
| Cumulative Contribution | -11.6% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ARE | -11.6% | |
| Market (SPY) | -1.6% | 16.0% |
| Sector (XLRE) | -2.4% | 58.7% |
Fundamental Drivers
The 13.7% change in ARE stock from 4/30/2026 to 11/8/2026 was primarily driven by a 21.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.39 | 44.80 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,855 | 2,679 | -6.2% |
| P/S Multiple | 2.4 | 2.9 | 21.3% |
| Shares Outstanding (Mil) | 171 | 171 | -0.1% |
| Cumulative Contribution | 13.7% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ARE | 13.7% | |
| Market (SPY) | 2.6% | 18.1% |
| Sector (XLRE) | -0.0% | 58.5% |
Fundamental Drivers
The -18.4% change in ARE stock from 10/31/2025 to 11/8/2026 was primarily driven by a -10.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.92 | 44.80 | -18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,980 | 2,679 | -10.1% |
| P/S Multiple | 3.1 | 2.9 | -9.0% |
| Shares Outstanding (Mil) | 170 | 171 | -0.3% |
| Cumulative Contribution | -18.4% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ARE | -18.4% | |
| Market (SPY) | 8.7% | 22.7% |
| Sector (XLRE) | 10.4% | 48.5% |
Fundamental Drivers
The -43.4% change in ARE stock from 10/31/2023 to 11/8/2026 was primarily driven by a -41.7% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.21 | 44.80 | -43.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,765 | 2,679 | -3.1% |
| P/S Multiple | 4.9 | 2.9 | -41.7% |
| Shares Outstanding (Mil) | 171 | 171 | 0.1% |
| Cumulative Contribution | -43.4% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| ARE | -43.4% | |
| Market (SPY) | 81.9% | 33.8% |
| Sector (XLRE) | 46.1% | 62.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ARE Return | 28% | -33% | -9% | -19% | -47% | -4% | -68% |
| Peers Return | 33% | -41% | 26% | 22% | -6% | 5% | 19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ARE Win Rate | 58% | 33% | 42% | 50% | 42% | 36% | |
| Peers Win Rate | 67% | 35% | 52% | 58% | 47% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ARE Max Drawdown | -11% | -41% | -45% | -24% | -54% | -31% | |
| Peers Max Drawdown | -16% | -51% | -42% | -22% | -28% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KRC, BXP, VNO, PLD, SLG. See ARE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | ARE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.0% | -9.5% |
| % Gain to Breakeven | 33.3% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.2% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.3% | -19.2% |
| % Gain to Breakeven | 11.5% | 23.8% |
| Time to Breakeven | 24 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.1% | -12.2% |
| % Gain to Breakeven | 30.0% | 13.9% |
| Time to Breakeven | 61 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -15.1% | -0.2% |
| % Gain to Breakeven | 17.8% | 0.2% |
| Time to Breakeven | 171 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.1% | -17.9% |
| % Gain to Breakeven | 47.4% | 21.8% |
| Time to Breakeven | 976 days | 123 days |
In The Past
Alexandria Real Estate Equities's stock fell -4.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.8% gain to breakeven.
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Asset Allocation
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| Event | ARE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.0% | -9.5% |
| % Gain to Breakeven | 33.3% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.1% | -33.7% |
| % Gain to Breakeven | 47.2% | 50.9% |
| Time to Breakeven | 85 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.1% | -12.2% |
| % Gain to Breakeven | 30.0% | 13.9% |
| Time to Breakeven | 61 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.1% | -17.9% |
| % Gain to Breakeven | 47.4% | 21.8% |
| Time to Breakeven | 976 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.4% | -53.4% |
| % Gain to Breakeven | 207.1% | 114.4% |
| Time to Breakeven | 2062 days | 1085 days |
In The Past
Alexandria Real Estate Equities's stock fell -4.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alexandria Real Estate Equities (ARE)
Alexandria Real Estate Equities (ARE) is an S&P 500 urban office real estate investment trust (REIT) that specializes in owning, operating, and developing collaborative campuses for life science, technology, and agtech companies. As a pioneering and longest-tenured leader in this niche, ARE focuses on creating Class A properties designed to meet the unique needs of innovative firms.
The company's primary service involves providing specialized real estate in AAA innovation cluster locations across North America, including major markets like Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. These strategically clustered campuses offer tenants dynamic environments intended to enhance their ability to recruit and retain world-class talent, foster productivity, and inspire creativity.
Beyond its core real estate operations, Alexandria also offers a venture capital platform, through which it provides strategic capital to transformative life science, technology, and agtech companies. This integrated approach ensures a high-quality and diverse tenant base, aiming for higher occupancy levels, longer lease terms, increased rental income, and greater long-term asset value.
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Here are 1-3 brief analogies for Alexandria Real Estate Equities (ARE):
It's like Boston Properties (a major office REIT), but exclusively focused on building and managing highly specialized lab and office campuses for the life science and technology industries.
It's like Digital Realty or Equinix (data center REITs), but providing specialized lab and office infrastructure for life science and technology companies instead of data centers.
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- Real Estate Leasing: Provides specialized urban office and campus spaces for lease to life science, technology, and agtech companies.
- Real Estate Development: Develops and redevelops Class A properties tailored for collaborative innovation within key cluster locations.
- Venture Capital Investment: Offers strategic capital through its venture capital platform to transformative life science, technology, and agtech companies.
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Alexandria Real Estate Equities (ARE) sells primarily to other companies. Based on the provided description, its major customers are its tenants, which fall into the following categories:
- Life science companies
- Technology companies
- Agtech companies
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Joel S. Marcus, Executive Chairman and Founder
Joel S. Marcus is the full-time Executive Chairman and Founder of Alexandria. He co-founded Alexandria in 1994, pioneering life science real estate and transforming it from a specialty niche to a mainstream asset class. Prior to co-founding Alexandria, Mr. Marcus had an extensive legal career specializing in corporate finance, capital markets, venture capital, and mergers and acquisitions. He also acquired expertise in the biopharmaceutical industry and was one of the principal architects of Kirin-Amgen, Inc. In 1996, he founded Alexandria Venture Investments, the company's strategic venture capital platform, to invest in promising seed-, early-, and growth-stage life science, agrifoodtech, and technology companies. Mr. Marcus also serves on the boards of directors of several public and private companies. He previously served as the company's Chairman, Chief Executive Officer, and President prior to April 2018.
Peter M. Moglia, Chief Executive Officer and Chief Investment Officer
Peter M. Moglia has served as Chief Executive Officer of Alexandria Real Estate Equities, Inc. since July 2022 and as Chief Investment Officer since September 2023. He previously served as Co-Chief Executive Officer from April 2018 through July 2022, as Co-Chief Investment Officer from May 2018 through September 2023, and as Chief Investment Officer from January 2009 through April 2018. Mr. Moglia joined Alexandria in April 1998, holding various important capacities, including managing the company's Seattle region asset base and operations and focusing on underwriting, acquisitions, and due diligence activities. Prior to joining Alexandria, he served as an Analyst for Lennar Partners, Inc., a diversified real estate company, where his responsibilities included underwriting and structuring direct and joint venture real estate investments. He began his real estate career in the Management Advisory Services group within Kenneth Leventhal & Co., providing valuation, feasibility, financial modeling, and other analytical services to real estate developers, financial institutions, pension funds, and government agencies.
Marc E. Binda, Chief Financial Officer and Treasurer
Marc E. Binda is the Chief Financial Officer and Treasurer of Alexandria Real Estate Equities, Inc. He has served as Chief Financial Officer since September 2023 and as Treasurer since April 2018. Prior to these roles, he served as Executive Vice President – Finance and Treasurer from June 2019 to September 2023, and held other capacities within the company since joining in January 2005. Before joining Alexandria, Mr. Binda was a financial reporting manager at Watt Centro Management JV, and previously a manager in Ernst & Young LLP's Real Estate Advisory Business Services group.
Hunter L. Kass, Co-President and Regional Market Director – Greater Boston
Hunter L. Kass has served as Co-President and Regional Market Director – Greater Boston of Alexandria Real Estate Equities, Inc. since September 2023. He previously served as Executive Vice President – Regional Market Director – Greater Boston from January 2021 to September 2023 and as Senior Vice President – Strategic Market Director – Greater Boston from October 2019 to January 2021. Mr. Kass has been with the company since 2018.
John Hart Cole, Co-President and Co-Regional Market Director – Seattle
John Hart Cole has served as Co-President and Co-Regional Market Director – Seattle of Alexandria Real Estate Equities, Inc. since January 2026. He previously held roles as Executive Vice President – Capital Markets/Strategic Operations & Co-Regional Market Director – Seattle from January 2024 to December 2025, Senior Vice President – Strategic Market Director – Seattle from October 2017 to December 2023, and Vice President – Strategic Operations from March 2015 to September 2017.
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The key risks to Alexandria Real Estate Equities (ARE) primarily stem from its specialized focus and the broader economic environment impacting real estate investment trusts.
- Concentration Risk in Life Science, Technology, and Agtech Sectors: Alexandria Real Estate Equities' business model is uniquely focused on owning, operating, and developing collaborative campuses for life science, technology, and agtech companies. This niche specialization, while a core strategy, exposes the company to significant concentration risk. The success and demand for ARE's specialized laboratory and office spaces are highly dependent on the health, funding cycles, regulatory shifts, and drug development setbacks within these specific industries. Evidence suggests that life science properties were heavily overbuilt during the pandemic era, leading to a notable decline in occupancy rates for ARE, from 94.8% to 90.8% within a year, and a decrease in rent increases on new and renewed leases. This indicates a softening demand environment within their core market segments.
- Debt Levels and Sensitivity to Interest Rates: As a real estate investment trust (REIT), Alexandria Real Estate Equities carries a substantial amount of debt, with total debt reported at $12.69 billion. While a significant portion (97.2%) of their debt is fixed-rate, providing some predictability in servicing costs, the overall high leverage makes the company sensitive to changes in interest rates. Rising interest rates can increase the cost of new borrowings or refinancing existing debt, which can negatively impact profitability, cash flow, and ultimately, shareholder returns. The broader equity REIT sector has been under pressure as investors rotate towards more stable assets, indicating market-wide sensitivity to interest rates and economic conditions. Concerns regarding increasing leverage have also led to discussions about potential dividend reductions to retain cash flow and manage the balance sheet.
- Adverse Economic and Real Estate Market Conditions: General economic downturns, inflation, and market volatility represent significant risks to ARE. These broader macroeconomic factors can adversely affect the U.S. economic and political environment, influencing overall real estate demand, rental rates, and property valuations in their key innovation cluster markets. Although Alexandria's properties are in "AAA innovation cluster locations" with high barriers to entry, they are not immune to widespread economic pressures. Adverse developments in the broader real estate market or local economies can lead to lower occupancy, reduced rental income, and increased operating costs, impacting the company's financial performance.
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The widespread and sustained adoption of remote and hybrid work models, particularly within the technology and administrative sectors of its tenant base, represents a clear emerging threat to the demand for Alexandria's physical urban office and campus properties.
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Alexandria Real Estate Equities (ARE) primarily focuses on providing specialized real estate for life science, technology, and agtech companies. Based on available information, the addressable market sizes for their main products and services are as follows:
- Life Science Real Estate: The global life sciences real estate market is projected to be approximately USD 3.75 billion in 2024, with an expected increase to USD 6.76 billion by 2033. North America accounted for 48% of this global market share in 2024. Another estimate places the global market value at USD 4.01 billion in 2026, projected to reach USD 7.71 billion by 2035. In terms of physical space, there are over 400 million square feet of existing life sciences real estate across the United States.
- Technology Real Estate (Specialized Campuses): Null
- Agtech Real Estate (Specialized Campuses): Null
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Alexandria Real Estate Equities (ARE) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Delivery of New Development and Redevelopment Projects: Alexandria has a significant pipeline of new properties under construction and planned for delivery that are already substantially pre-leased. These developments are anticipated to generate substantial incremental annual net operating income (NOI) upon completion, directly contributing to revenue growth. For instance, projects scheduled for delivery by the end of 2026 were already 84% leased or under negotiation as of March 2025. The company also aims to achieve $240 million of incremental annual NOI from deliveries in 2027 and beyond.
- Rental Rate Growth and Contractual Lease Escalations: A majority of Alexandria's leases include contractual annual rent escalations, typically approximating 3%, providing a steady and predictable increase in rental income. Additionally, the company has demonstrated strong rental rate increases on new and renewed leases, further boosting revenue.
- Strategic Focus on High-Demand Innovation Clusters and Mega-campuses: Alexandria's unique business model is centered on developing and operating collaborative life science, technology, and agtech campuses in highly sought-after innovation cluster locations. This specialized focus attracts high-quality tenants, leads to longer lease terms, and commands higher rental income. The company's strategy of divesting non-core assets to reinvest in these core mega-campus platforms further strengthens its revenue base in these high-growth sectors.
- Venture Investments: Alexandria's venture capital platform provides strategic capital to transformative life science, technology, and agtech companies. While a smaller component of overall revenue, realized gains from these investments contribute to the company's income. More importantly, these investments offer strategic benefits by providing insights into emerging industry trends and fostering relationships with potential future tenants for its real estate portfolio, thereby indirectly supporting its core leasing business.
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Share Repurchases
- Alexandria repurchased $258.2 million of its common stock primarily in January 2025 under a previous authorization.
- A new common stock repurchase program was authorized on December 5, 2025, allowing for the purchase of up to $500 million of outstanding shares until December 31, 2026.
- The company aims to fund stock repurchases on a leverage-neutral basis, utilizing net cash from operating activities after dividends and proceeds from real estate dispositions and/or joint ventures.
Share Issuance
- Alexandria Real Estate Equities' shares outstanding increased by 5.72% in 2023 to 0.171 billion from 2022 levels.
- Shares outstanding further increased by 0.68% in 2024 to 0.172 billion.
- In 2025, shares outstanding declined by 1.03% to 0.170 billion.
Outbound Investments
- As of December 31, 2025, Alexandria's non-real estate investments totaled $1.50 billion.
- For Q4 2025, the company reported an investment loss of $3.9 million, which included $21.1 million in realized gains and a significant realized loss of $103.3 million on one transaction.
Capital Expenditures
- Annual capital expenditures were $3.684 billion in 2023, $2.671 billion in 2024, and $1.871 billion in 2025.
- Construction spending in 2026 is projected to be similar to or slightly higher than the $1.75 billion midpoint of the 2025 guidance, primarily to complete active construction projects and enhance existing properties.
- The company intends to spend approximately $4.9 billion to complete its megacampus strategy.
Peer Outperformance in Office REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ARE | Alexandria Real Estate Equities | -0.7% | -5.4x | -14.6% | -44.3% | -72.7% | — |
| HIW | Highwoods Properties | 0.6% | 18.5x | 15.5% | 119.2% | -4.0% | +69pp |
| SLG | SL Green Realty | 0.4% | -29.9x | 1.9% | 93.9% | -8.4% | +64pp |
| VNO | Vornado Realty Trust | 0.5% | 730.9x | -1.6% | 84.0% | -10.1% | +63pp |
| BXP | BXP | 3.2% | 19.5x | -6.0% | 45.5% | -28.6% | +44pp |
| KRC | Kilroy Realty | -1.7% | 145.7x | -12.2% | 51.4% | -33.1% | +40pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 17.1% | 68.5% | 74.2% | WELL 226% · OHI 145% · CTRE 135% |
| Retail REITs | 23 | 15.7% | 42.6% | 33.4% | SKT 131% · SPG 78% · BRX 52% |
| Other Specialized REITs | 11 | -0.1% | 23.8% | 10.8% | IRM 173% · LAMR 66% · EPR 64% |
| Hotel & Resort REITs | 16 | 48.1% | 51.5% | 9.8% | HST 71% · RHP 69% · APLE 60% |
| Real Estate Development | 6 | -2.9% | 25.7% | 5.2% | JOE 44% |
| Industrial REITs | 11 | 12.7% | 35.3% | -0.7% | EGP 14% · STAG 6% · CUBE 5% |
| Single-Family Residential REITs | 4 | 1.2% | 5.9% | -17.2% | AMH -4% · ELS -14% · INVH -21% |
| Multi-Family Residential REITs | 12 | -1.7% | 21.1% | -26.4% | ESS -3% · VMRK -6% · UDR -19% |
| Diversified REITs | 12 | 2.3% | 17.0% | -28.8% | EPRT 17% · WPC 13% |
| Office REITs ← | 19 | 0.2% | 48.5% | -34.0% | CDP 44% · HIW -4% · CUZ -6% |
| Telecom Tower REITs | 3 | 4.0% | 8.9% | -36.9% | AMT -20% · CCI -37% · SBAC -41% |
| Real Estate Services | 28 | -20.0% | -9.3% | -37.1% | JLL 38% · CBRE 28% · COMP -18% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.09 |
| Mkt Cap | 7.2 |
| Rev LTM | 2,261 |
| Op Inc LTM | 329 |
| FCF LTM | 799 |
| FCF 3Y Avg | 1,012 |
| CFO LTM | 841 |
| CFO 3Y Avg | 1,012 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.1% |
| Rev Chg 3Y Avg | 0.5% |
| Rev Chg Q | 3.8% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -27.0% |
| Op Inc Chg 3Y Avg | -4.3% |
| Op Mgn LTM | 19.1% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 41.1% |
| CFO/Rev 3Y Avg | 45.0% |
| FCF/Rev LTM | 30.0% |
| FCF/Rev 3Y Avg | 39.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.2 |
| P/S | 3.6 |
| P/Op Inc | 26.2 |
| P/EBIT | 20.3 |
| P/E | 23.8 |
| P/CFO | 12.4 |
| Total Yield | 4.5% |
| Dividend Yield | 5.1% |
| FCF Yield 3Y Avg | 7.3% |
| D/E | 1.4 |
| Net D/E | 1.3 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 3,027 | 3,116 | 2,886 | ||
| Direct financing leases | 3 | 3 | |||
| Operating leases | 2,535 | 2,081 | |||
| Other income | 13 | 6 | |||
| Revenues subject to the revenue recognition accounting standard | 38 | 23 | |||
| Total | 3,027 | 3,116 | 2,886 | 2,589 | 2,114 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Single segment | -1,217 | 511 | 281 |
| Total | -1,217 | 511 | 281 |
Price Behavior
| Market Price | $44.80 | |
| Market Cap ($ Bil) | 7.6 | |
| First Trading Date | 05/28/1997 | |
| Distance from 52W High | -21.6% | |
| 50 Days | 200 Days | |
| DMA Price | $46.86 | $48.04 |
| DMA Trend | down | down |
| Distance from DMA | -4.4% | -6.7% |
| 3M | 1YR | |
| Volatility | 46.6% | 44.8% |
| Downside Capture | 81.01 | 101.87 |
| Upside Capture | 68.10 | 75.72 |
| Correlation (S&P 500) | 22.2% | 22.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.11 | 0.82 | 0.36 | 0.53 | 0.75 | 0.84 |
| Up Beta | -2.94 | 1.54 | -1.62 | -1.07 | -0.01 | 0.65 |
| Down Beta | 0.09 | 0.07 | -0.32 | 0.62 | 0.77 | 0.94 |
| Up Capture | -118% | 15% | 39% | 85% | 66% | 35% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 17 | 26 | 59 | 125 | 373 |
| Down Capture | 132% | 180% | 171% | 100% | 116% | 104% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 26 | 38 | 67 | 126 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARE | |
|---|---|---|---|---|
| ARE | -12.9% | 44.8% | -0.18 | - |
| Sector ETF (XLRE) | 10.4% | 14.6% | 0.44 | 48.8% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 22.4% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 14.9% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -20.5% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 51.5% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARE | |
|---|---|---|---|---|
| ARE | -22.7% | 35.1% | -0.66 | - |
| Sector ETF (XLRE) | 1.6% | 19.2% | -0.02 | 68.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 44.7% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 12.2% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 2.1% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 70.6% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ARE | |
|---|---|---|---|---|
| ARE | -4.7% | 30.3% | -0.10 | - |
| Sector ETF (XLRE) | 7.3% | 20.4% | 0.31 | 73.6% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 52.5% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.9% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 10.1% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 74.0% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -7.8% | -8.8% | -2.6% |
| 4/27/2026 | -11.3% | -9.7% | 9.6% |
| 1/26/2026 | 1.7% | -5.3% | -5.4% |
| 10/27/2025 | -19.2% | -28.5% | -32.4% |
| 7/21/2025 | 3.1% | 1.1% | 0.0% |
| 4/28/2025 | -5.7% | -4.5% | -9.5% |
| 1/27/2025 | -4.8% | -7.4% | -3.0% |
| 10/21/2024 | -1.3% | -5.7% | -12.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 8 |
| # Negative | 13 | 15 | 16 |
| Median Positive | 1.7% | 2.1% | 4.6% |
| Median Negative | -3.5% | -5.7% | -5.7% |
| Max Positive | 5.6% | 9.4% | 15.0% |
| Max Negative | -19.2% | -28.5% | -32.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -7.8% | -8.8% | -2.6% |
| 4/27/2026 | -11.3% | -9.7% | 9.6% |
| 1/26/2026 | 1.7% | -5.3% | -5.4% |
| 10/27/2025 | -19.2% | -28.5% | -32.4% |
| 7/21/2025 | 3.1% | 1.1% | 0.0% |
| 4/28/2025 | -5.7% | -4.5% | -9.5% |
| 1/27/2025 | -4.8% | -7.4% | -3.0% |
| 10/21/2024 | -1.3% | -5.7% | -12.6% |
| 7/22/2024 | -3.5% | -6.7% | -8.8% |
| 4/22/2024 | 0.8% | 0.5% | 4.1% |
| 1/29/2024 | -4.1% | -6.7% | -4.0% |
| 10/23/2023 | 1.3% | -1.4% | 10.0% |
| 7/24/2023 | 0.5% | 2.1% | -7.1% |
| 4/24/2023 | -2.8% | -1.8% | -4.8% |
| 1/30/2023 | 2.1% | 6.3% | -9.2% |
| 10/24/2022 | 5.6% | 9.4% | 15.0% |
| 7/25/2022 | 4.1% | 9.3% | 4.9% |
| 4/25/2022 | -1.2% | -7.7% | -17.0% |
| 1/31/2022 | 0.2% | -3.7% | -2.7% |
| 10/25/2021 | 0.0% | -1.9% | -1.2% |
| 7/26/2021 | 2.3% | 3.5% | 4.3% |
| 4/26/2021 | -0.9% | 0.2% | -0.7% |
| 2/1/2021 | -1.8% | 0.5% | -5.9% |
| 10/26/2020 | -0.4% | -1.2% | 3.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 8 |
| # Negative | 13 | 15 | 16 |
| Median Positive | 1.7% | 2.1% | 4.6% |
| Median Negative | -3.5% | -5.7% | -5.7% |
| Max Positive | 5.6% | 9.4% | 15.0% |
| Max Negative | -19.2% | -28.5% | -32.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 01/26/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/21/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 01/27/2025 | 10-K |
| 09/30/2024 | 10/21/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/22/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-K |
| 09/30/2023 | 10/23/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 01/26/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/21/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 01/27/2025 | 10-K |
| 09/30/2024 | 10/21/2024 | 10-Q |
| 06/30/2024 | 07/22/2024 | 10-Q |
| 03/31/2024 | 04/22/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-K |
| 09/30/2023 | 10/23/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-K |
| 09/30/2022 | 10/24/2022 | 10-Q |
| 06/30/2022 | 07/25/2022 | 10-Q |
| 03/31/2022 | 04/25/2022 | 10-Q |
| 12/31/2021 | 01/31/2022 | 10-K |
| 09/30/2021 | 10/25/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/26/2021 | 10-Q |
| 12/31/2020 | 02/01/2021 | 10-K |
| 09/30/2020 | 10/26/2020 | 10-Q |
| 06/30/2020 | 07/27/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-K |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fukuzaki-Carlson, Kristina | EVP - Business Operations | Direct | Sell | 9112026 | 50.51 | 16,810 | 849,073 | 1,977,568 | Form |
| 2 | Marcus, Joel S | Executive Chairman | Direct | Buy | 9112026 | 49.68 | 5,000 | 248,400 | 29,694,928 | Form |
| 3 | Gavinet, Andres | Chief Accounting Officer | Direct | Sell | 8312026 | 50.93 | 10,000 | 509,300 | 5,221,140 | Form |
| 4 | Marcus, Joel S | Executive Chairman | Direct | Buy | 8182026 | 46.28 | 5,000 | 231,400 | 27,431,267 | Form |
| 5 | Binda, Marc E | CFO & Treasurer | Direct | Sell | 6092026 | 54.00 | 2,000 | 108,000 | 10,166,256 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fukuzaki-Carlson, Kristina | EVP - Business Operations | Direct | Sell | 9112026 | 50.51 | 16,810 | 849,073 | 1,977,568 | Form |
| 2 | Marcus, Joel S | Executive Chairman | Direct | Buy | 9112026 | 49.68 | 5,000 | 248,400 | 29,694,928 | Form |
| 3 | Gavinet, Andres | Chief Accounting Officer | Direct | Sell | 8312026 | 50.93 | 10,000 | 509,300 | 5,221,140 | Form |
| 4 | Marcus, Joel S | Executive Chairman | Direct | Buy | 8182026 | 46.28 | 5,000 | 231,400 | 27,431,267 | Form |
| 5 | Binda, Marc E | CFO & Treasurer | Direct | Sell | 6092026 | 54.00 | 2,000 | 108,000 | 10,166,256 | Form |
| 6 | Marcus, Joel S | Executive Chairman | Direct | Buy | 5062026 | 46.34 | 7,500 | 347,558 | 27,235,777 | Form |
| 7 | Marcus, Joel S | Executive Chairman | Direct | Buy | 5052026 | 42.72 | 7,500 | 320,416 | 24,788,384 | Form |
| 8 | Thomas, Gregory Calvin | EVP - CTO | Direct | Buy | 4302026 | 41.00 | 3,500 | 143,500 | 1,353,984 | Form |
| 9 | Kuhn, Hallie E | EVP - Cap Market & Co-Lead -LS | Direct | Sell | 4172026 | 48.20 | 536 | 25,835 | 2,328,108 | Form |
| 10 | Gossett, Bret E | EVP - Co-RMD | Direct | Sell | 2272026 | 53.55 | 4,702 | 251,792 | 2,238,015 | Form |
| 11 | Marcus, Joel S | Executive Chairman | Direct | Buy | 2122026 | 53.92 | 25,000 | 1,347,889 | 30,339,580 | Form |
| 12 | Alsbrook, Madeleine Thorp | EVP - Talent Management | Direct | Sell | 12162025 | 46.15 | 3,486 | 160,879 | 1,078,572 | Form |
| 13 | McGrath, Sheila K | Direct | Buy | 12102025 | 45.60 | 3,100 | 141,360 | 382,675 | Form |
Investor Activity (13F)
Updated Nov 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Long Pond Capital, LP | $23.5 Mil | 2.8% | 30 | Exited | Dec 31, 2025 | 13F |
| Nuance Investments, LLC | $6.5 Mil | 0.9% | 43 | TRIM -26.6% | Mar 31, 2026 | 13F |
| Lasalle Investment Management Securities LLC | $70.2 Mil | 2.8% | 48 | TRIM -11.3% | Mar 31, 2026 | 13F |
| Adelante Capital Management LLC | $16.6 Mil | 1.1% | 42 | TRIM -10.0% | Mar 31, 2026 | 13F |
Alexandria Real Estate Equities — Investor Video Playlist
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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