ALEXANDRIA REAL ESTATE EQUITIES, INC.

ARE 10-K · Q4 2025
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ARE Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 754,414 788,945 -4.4%
Show Product Lines breakouts
Income from rentals 728,872 763,249 -4.5%
Income from rentals 728,872 763,249 -4.5%
Income from rentals · Reportable Segment Aggregation Before Other Operating Segment 694,979 729,193 -4.7%
Product And Service Other 25,542 25,696 -0.6%
Product And Service Other · Reportable Segment Aggregation Before Other Operating Segment 12,233 6,502 +88.1%
Show Business Segments breakouts
All Other Segments 47,202 53,250 -11.4%
Reportable Segment Aggregation Before Other Operating Segment 707,212 735,695 -3.9%
Direct Costs Of Leased And Rented Property Or Equipment 232,543 240,432 -3.3%
Show Business Segments breakouts
All Other Segments 10,991 15,758 -30.3%
Reportable Segment Aggregation Before Other Operating Segment 221,552 224,674 -1.4%
General & Administrative 28,020 32,730 -14.4%
Interest Expense 65,674 55,659 +18.0%
Depreciation And Amortization 322,063 330,108 -2.4%
Impairment Of Real Estate 1,717,188 186,564 +820.4%
Total Costs & Expenses 2,365,488 845,493 +179.8%
Income Loss From Equity Method Investments -304 6,635 -104.6%
Equity Securities Fv Ni Gain Loss -3,890 -67,988 +94.3%
Gain Loss On Sale Of Properties 619,914 101,806 +508.9%
Net Income -995,354 -16,095 -6084.2%
Net Income Loss Attributable To Noncontrolling Interest -85,521 -46,150 -85.3%
Net Income -1,080,875 -62,245 -1636.5%
Participating Securities Distributed And Undistributed Earnings Loss Diluted -965 -2,677 +64.0%
Net Income Loss Available To Common Stockholders Basic -1,081,840 -64,922 -1566.4%
EPS (Basic) -6.35 -0.38 -1571.1%
EPS (Diluted) -6.35 -0.38 -1571.1%
Operating Income (Q) — — —
Show Business Segments breakouts
Reportable Segment Aggregation Before Other Operating Segment 485,660 511,021 -5.0%
Comprehensive Income -1,078,067 -85,968 -1154.0%
Wtd Avg Shares (Basic) 29 64 -54.7%
Wtd Avg Shares (Diluted) 29 64 -54.7%
Operating Lease Lease Income 712,722 749,503 -4.9%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 549,062 552,146 -0.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 258,755 335,223 -22.8%
Non-Current Assets
Total Assets 34,081,835 37,527,449 -9.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 7,100,577 10,029,974 -29.2%
Property, Plant & Equipment 70,311 39,558 +77.7%
Operating Lease Right-of-Use Assets 697.9 764,472 -99.9%
Intangible Assets (Q) — — —
Show Finite Lived Intangible Assets By Major Class breakouts
Acquired below-market leases 133,033 180,407 -26.3%
Leases Acquired In Place 204,008 305,144 -33.1%
Other Assets
Real Estate Investment Property Net 28,689,996 32,110,039 -10.7%
Show Business Segments breakouts
All Other Segments 1,179,914 1,716,895 -31.3%
Reportable Segment Aggregation Before Other Operating Segment 27,510,082 30,393,144 -9.5%
Show Geography breakouts
North America 28,689,996 32,110,039 -10.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 6,129,668 8,917,718 -31.3%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 30,677 39,873 -23.1%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
101 West Dickman Street 9,669 9,749 -0.8%
1655 and 1725 Third Street 19,484 10,574 +84.3%
Other unconsolidated real estate joint ventures 1,524 19,550 -92.2%
Restricted Cash And Cash Equivalents At Carrying Value 4,693 7,701 -39.1%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Other restricted cash 4,693 4,747 -1.1%
Accounts Receivable Net 6,672 6,409 +4.1%
Deferred Rent Receivables Net 1,179,403 1,187,031 -0.6%
Deferred Costs Leasing Net 458,311 485,959 -5.7%
Equity Securities Fv Ni And Without Readily Determinable Fair Value 1,501,249 1,476,985 +1.6%
Other Assets 1,661,772 1,661,306 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 712,154 777,033 -8.3%
Show Disposal Group Classification breakouts
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations 37,859 9,488 +299.0%
Current Liabilities
Commercial Paper (Q) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Commercial Paper 353,161 — —
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 2,397,073 2,654,351 -9.7%
Dividends Payable Current And Noncurrent 127,771 230,263 -44.5%
Total Liabilities 14,925,399 15,128,988 -1.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 324,513 775,781 -58.2%
Long-Term Debt 12,400,555 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
101 West Dickman Street 19,136 — —
1655 and 1725 Third Street 496,881 — —
Show Long-Term Debt Type breakouts
1.875% Unsecured Senior Notes Payable 993,760 — —
2.00% Unsecured Senior Notes Payable 893,957 — —
2.75% Unsecured Senior Notes Payable Due 2029 398,345 — —
2.95% Unsecured Senior Notes Payable 793,523 — —
3.00% Unsecured Senior Notes Payable 839,158 — —
3.375% Unsecured Senior Notes Payable 746,296 — —
3.55% Unsecured Senior Notes Payable 986,772 — —
3.80% Unsecured Senior Notes Payable 349,838 — —
3.95% unsecured senior notes payable due in 2027 349,445 — —
3.95% unsecured senior notes payable due in 2028 424,112 — —
4.00% Unsecured Senior Notes Payables Due 2050 709,844 — —
4.30% unsecured senior notes payable 299,964 — —
4.50% unsecured senior notes payable 299,195 — —
4.70% unsecured senior note payable 448,314 — —
4.75% Unsecured Senior Notes Payable 495,500 — —
4.85% Unsecured Senior Note Payable 297,244 — —
4.90% Unsecured Senior Notes Payable 696,053 — —
5.15% Unsecured Senior Notes Payable 492,627 — —
5.25% Unsecured Senior Notes Payable 396,233 — —
5.50% Unsecured Senior Notes Payable 543,684 — —
5.625% Unsecured Senior Notes Payable 593,530 — —
Line Of Credit · Commercial Paper 353,161 — —
Senior Notes 12,047,394 — —
Unsecured Debt 12,400,555 — —
Show Related Party Transactions By Related Party breakouts
Equity Method Investee 516,017 — —
Other Liabilities
Senior Long Term Notes 12,047,394 12,094,465 -0.4%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 12,047,394 12,094,465 -0.4%
Long Term Line Of Credit And Commercial Paper 353,161 — —
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests 58,788 19,972 +194.4%
Show Equity Components breakouts
Redeemable Noncontrolling Interests 58,788 19,972 +194.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 49,554 10,360 +378.3%
Minority Interest 3,627,578 4,489,447 -19.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 3,627,578 4,489,447 -19.2%
Stockholders' Equity
Common Stock 1,705 1,722 -1.0%
Additional Paid-In Capital 15,497,760 17,933,572 -13.6%
Accumulated Other Comprehensive Income -29,395 -46,252 +36.4%
Total Stockholders' Equity 15,470,070 17,889,042 -13.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 3,098,932 4,754,386 -34.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 19,097,648 22,378,489 -14.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -29,395 -46,252 +36.4%
Additional Paid In Capital 15,497,760 17,933,572 -13.6%
Common Stock 1,705 1,722 -1.0%
Noncontrolling Interest 3,627,578 4,489,447 -19.2%
Total Liabilities & Equity 34,081,835 37,527,449 -9.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 7,100,577 10,029,974 -29.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Gain Loss On Disposition Of Real Estate Discontinued Operations -619,914 -101,806 -508.9%
Equity Method Investment Dividends Or Distributions 430 345 +24.6%
Amortization of Financing Costs 4,481 4,620 -3.0%
Amortization Of Debt Discount Premium 327 333 -1.8%
Amortization Of Above And Below Market Leases -5,889 -15,512 +62.0%
Straight Line Rent -14,096 -17,653 +20.1%
Stock-Based Compensation 8,232 12,477 -34.0%
Gain Loss On Investments 3,890 67,988 -94.3%
Increase Decrease In Leasing Receivables -264 550 -148.0%
Increase Decrease In Deferred Leasing Fees -58,936 -33,738 -74.7%
Increase Decrease In Other Operating Assets -18,930 -718 -2536.5%
Increase Decrease In Operating Liabilities -31,154 -136,650 +77.2%
Net Cash from Operations 312,378 274,178 +13.9%
Investing Activities
Proceeds From Sale Of Property Held For Sale 2,093,770 990,416 +111.4%
Payments To Develop Real Estate Assets -332,311 -490,274 +32.2%
Payments For Proceeds From Deposits On Real Estate Acquisitions 0 9,376 -100.0%
Payments To Acquire Real Estate And Real Estate Joint Ventures -57 112 -150.9%
Payments To Acquire Investments -53,811 -50,797 -5.9%
Proceeds From Sale Maturity And Collections Of Investments 91,936 32,165 +185.8%
Net Cash from Investing 1,799,635 446,264 +303.3%
Noncash Or Part Noncash Transfer Of Real Estate Assets From Tenants 7,498 21,592 -65.3%
Reallocation Of Additional Paid In Capital To Consolidated Joint Venture Partners Non Controlling Interest -13,169 0 —
Financing Activities
Proceeds From Secured Notes Payable 0 5,066 -100.0%
Repayments Of Secured Debt 0 0 —
Proceeds From Issuance Of Senior Long Term Debt 0 0 —
Proceeds From Issuance Of Commercial Paper 10,048,360 5,075,000 +98.0%
Repayments Of Commercial Paper -11,244,860 -5,530,000 -103.3%
Payments Of Financing Costs 0 495 -100.0%
Tax Withholding for Share Compensation -7,202 -16,743 +57.0%
Payments Of Dividends Common Stock -227,031 -227,191 +0.1%
Proceeds From Minority Shareholders 33,326 55,221 -39.6%
Payments To Minority Shareholders -747,237 -77,564 -863.4%
Show Equity Components breakouts
Noncontrolling Interest -765 -77.6 -885.8%
Net Cash from Financing -2,144,644 -738,720 -190.3%
Supplemental
Interest Paid 75,222 72,422 +3.9%
Unpaid Capital Expenditures 105,859 46,539 +127.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,207 -1,512 +246.0%
Net Change in Cash -30,424 -19,790 -53.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 553,755 559,847 -1.1%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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