Latest revenue
$671.0M
as of 2026-03-31
Latest net income
$361.7M
as of 2026-03-31
Net margin
53.9%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $8.43B
- Enterprise value
- $19.48B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 0.54×
- Dividend yield
- 8.4%
- 52-wk high
- $88.24
- 52-wk low
- $39.41
- Beta
- —
- Shares out
- 174.3M
5-year trend
What this company does
Alexandria Real Estate Equities owns, develops, and leases lab and office space to biotech, pharma, and life science tenants across hubs like Boston, the Bay Area, and San Diego. Rental income from its 35.8 million square feet of operating properties drives nearly all revenue, totaling $653 million in the quarter. Rental revenue fell 12% year-over-year, but the company booked a $366 million gain buying back its own bonds at a discount, signaling aggressive deleveraging amid a soft life-science leasing market.
Generated from ARE's filing dated 2024-01-29
Key risks
- Revenue declining: Q1 2026 rental income fell 12% YoY to $653M from $743M, with deferred rent growing to $1.2B suggesting weakening cash collection.
- Leverage and refinancing pressure: $11.2B unsecured notes plus $1.35B credit line/CP drawn (vs $353M at YE), with interest expense up 27% YoY to $64.6M.
- Earnings quality: Q1 net income of $398M was inflated by a $366M gain on early debt extinguishment; underlying operations show ongoing impairments ($5.5M) and investment losses.
Generated from ARE's filing dated 2024-01-29
Profitability
Net margin
-47.2%
555.8%Return on equity
-9.2%
611.9%Return on assets
-4.2%
587.4%Leverage
Debt / equity
1.20×
9.6%Long-term debt / equity
0.78×
15.2%Debt / assets
54.6%
4.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $671.0M | -11.5% | $361.7M | +4145.8% | 53.9% |
Q4 2025 2025-12-31 | $754.4M | -4.4% | $-1.08B | -1636.5% | -143.3% |
Q3 2025 2025-09-30 | $751.9M | -5.0% | $-232.8M | -238.6% | -31.0% |
Q2 2025 2025-06-30 | $762.0M | -0.6% | $-107.0M | -329.1% | -14.0% |
Q1 2025 2025-03-31 | $758.2M | -1.4% | $-8.9M | -105.2% | -1.2% |
Q4 2024 2024-12-31 | $788.9M | — | $-62.2M | — | -7.9% |
Q3 2024 2024-09-30 | $791.6M | +10.9% | $167.9M | +592.0% | 21.2% |
Q2 2024 2024-06-30 | $766.7M | +7.4% | $46.7M | -48.1% | 6.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
Keep private notes on ARE — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$2.7M
Insider selling
$438.5K
Net activity
+$2.3M
Distinct insiders
6
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns ARE
Institutional value
$4.42B
Total shares held
98.7M
Distinct holders
374
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 19.7M | $914.1M | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 13.8M | $642.9M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 10.7M | $498.7M | — | New |
| 4 | Invesco Ltd. | 6.8M | $316.9M | — | New |
| 5 | APG Asset Management US Inc. | 7.0M | $302.2M | — | New |
| 6 | JPMORGAN CHASE & CO | 3.6M | $167.1M | — | New |
| 7 | Capital World Investors | 3.2M | $149.9M | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 2.3M | $106.6M | — | New |
| 9 | CENTERSQUARE INVESTMENT MANAGEMENT LLC | 2.0M | $94.0M | — | New |
| 10 | LASALLE INVESTMENT MANAGEMENT SECURITIES LLC | 1.5M | $70.2M | — | New |
| 11 | Legal & General Group Plc | 1.4M | $65.8M | — | New |
| 12 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.3M | $62.1M | — | New |
| 13 | Bank of New York Mellon Corp | 1.1M | $52.0M | — | New |
| 14 | HSBC HOLDINGS PLC | 1.0M | $48.8M | — | New |
| 15 | CITIGROUP INC | 1.0M | $47.1M | — | New |
| 16 | Sumitomo Mitsui Trust Group, Inc. | 991.4K | $46.0M | — | New |
| 17 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 972.7K | $45.2M | — | New |
| 18 | BNP PARIBAS FINANCIAL MARKETS | 924.0K | $42.9M | — | New |
| 19 | DEUTSCHE BANK AG\ | 909.2K | $42.2M | — | New |
| 20 | VANGUARD FIDUCIARY TRUST CO | 893.8K | $41.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Rental income fell 12% YoY to $653M—how much reflects tenant move-outs versus dispositions, and what's same-property occupancy trending into Q2?
- 2
The $366M debt extinguishment gain masks weak operations; ex-gain net income would be ~$32M—what's run-rate FFO guidance?
- 3
You cut the dividend from $1.32 to $0.72 quarterly—is this the new floor, and does it signal AFFO coverage stress?
Refreshed when ARE files a new report · last from 2024-01-29