Loading…
REIT developing and owning life-science and ag-tech lab/office campuses leased to biotech and pharma tenants.
REIT developing and owning life-science and ag-tech lab/office campuses leased to biotech and pharma tenants.
Collects rent from long-term leases to pharma and biotech tenants, who also pay property costs, plus gains from selling some assets and returns on venture stakes in the biotech companies it leases to. Growth comes from developing new lab campuses in Boston/Cambridge, the San Francisco Bay Area and San Diego, often pre-leased.
Moat: narrow (installed base, switching costs, brand). Cluster campuses near top research institutions are hard to replicate; lab build-outs raise tenant switching costs.
Headquarters: Pasadena, California, United States · Founded: 1994 · Employees: 514
Size Alexandria Real Estate Equities (ARE) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.80B, the 903rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.80 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against -0.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 9.9% over the last twelve months (peer median +7.2%); the operating margin is 26.5% (peer median 43.1%).
Valuation It trades at 0.52× book value against a peer median of 1.42× (cheapest of 21).
Price implies The share price implies a return on equity of about 7.0%; Alexandria Real Estate Equities delivers -9.1%, so the price asks more than the business earns today.
Credit Alexandria Real Estate Equities has 20 bonds outstanding ($11.5B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 109 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.76B | $3.03B | $3.12B | $2.89B | $2.59B |
| Revenue growth | — | -3% | +8% | +11% | — |
| Gross profit | $631M | $753M | $1.00B | $933M | $804M |
| EBITDA | $1.97B | $2.01B | $1.93B | $1.63B | $1.22B |
| Net income | -$1.44B | -$1.44B | $310M | $92.4M | $513M |
| Free cash flow | $1.19B | $1.41B | $1.50B | $1.63B | $1.29B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $13.4B | $12.9B | $14.8B | $12.0B | $11.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Alexandria Real Estate Equities ARE | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% |
| BXP BXP | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% |
| Healthpeak Properties DOC | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +5.5% | 4th lowest of 21 |
| 6-month return | -1.9% | -0.2% | 10th lowest of 21 |
| Return on equity | -9.1% | 8.2% | 2nd lowest of 21 |
| Price / book | 0.52× | 1.42× | cheapest of 21 |
| ROE the price implies | 7.0% | 12.4% | 3rd least demanding of 21 |
| ROE delivered | -9.1% | 8.2% | 2nd lowest of 21 |
| Bond spread | 109 bp | 99 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
Alexandria Real Estate Equities has 20 bonds outstanding with $11.5B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.90%, a spread of 109 bp over government bonds.