NYSE: ARE
ALEXANDRIA REAL ESTATE EQUITIES, INC.CIK 0001035443 · SIC 6798 · Real Estate Investment Trusts
We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax About this business →
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Alexandria issues $1B of 7.25% junior subordinated notes due 2057
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Alexandria Real Estate Equities prices $1B of 7.25% junior subordinated notes due 2057
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Alexandria Real Estate Equities offers junior subordinated notes due 2057; size and rate TBD
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revenue $662.8M, net income -$72.8M. Alexandria Real Estate Q2: FFO falls 32.0%, occupancy drops to 86.9%, new securities suits
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Latest financial statements
From 10-Q filed Oct 26, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Income from rentals | 653,618 | 735,849 | 1,949,841 | 2,216,303 |
| Other income | 17,564 | 16,095 | 55,147 | 55,839 |
| Total revenues | 671,182 | 751,944 | 2,004,988 | 2,272,142 |
| Expenses: | ||||
| Rental operations | 227,931 | 239,234 | 659,409 | 690,062 |
| General and administrative | 40,915 | 29,224 | 112,461 | 89,027 |
| Interest | 79,687 | 54,852 | 208,613 | 161,024 |
| Depreciation and amortization | 304,419 | 340,230 | 914,244 | 1,028,415 |
| Impairment of real estate | 637,904 | 323,870 | 865,873 | 485,630 |
| Total expenses | 1,290,856 | 987,410 | 2,760,600 | 2,454,158 |
| Equity in earnings (losses) of unconsolidated real estate joint ventures | 75 | 201 | 341 | (9,327) |
| Investment income (losses) | 23,990 | 28,161 | 152,635 | (52,453) |
| (Loss) gain on early extinguishment of debt | (3,323) | (107) | 363,112 | (107) |
| Gain on sales of real estate | — | 9,366 | — | 22,531 |
| Net loss | (598,932) | (197,845) | (239,524) | (221,372) |
| Net income attributable to noncontrolling interests | (38,754) | (34,909) | (109,292) | (127,323) |
| Net loss attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (637,686) | (232,754) | (348,816) | (348,695) |
| Net income attributable to unvested restricted stock awards | (766) | (2,183) | (2,603) | (7,452) |
| Net loss attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | (638,452) | (234,937) | (351,419) | (356,147) |
| Net loss per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | ||||
| Basic | (3.74) | (1.38) | (2.06) | (2.09) |
| Diluted | (3.74) | (1.38) | (2.06) | (2.09) |
Consolidated Balance Sheets (Unaudited)
(In thousands)
| Description | September 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Investments in real estate | 28,426,999 | 28,689,996 |
| Investments in unconsolidated real estate joint ventures | 28,580 | 30,677 |
| Cash and cash equivalents | 508,855 | 549,062 |
| Restricted cash | 4,908 | 4,693 |
| Tenant receivables | 6,168 | 6,672 |
| Deferred rent | 1,210,911 | 1,179,403 |
| Deferred leasing costs | 452,164 | 458,311 |
| Investments | 1,735,673 | 1,501,249 |
| Other assets | 1,677,464 | 1,661,772 |
| Total assets | 34,051,722 | 34,081,835 |
| Liabilities, Noncontrolling Interests, and Equity | ||
| Unsecured senior notes payable | 10,820,687 | 12,047,394 |
| Junior subordinated notes payable | 985,143 | — |
| Unsecured senior line of credit and commercial paper | 1,091,166 | 353,161 |
| Accounts payable, accrued expenses, and other liabilities | 2,604,418 | 2,397,073 |
| Dividends payable | 131,999 | 127,771 |
| Total liabilities | 15,633,413 | 14,925,399 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interests | 9,119 | 58,788 |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | ||
| Common stock | 1,708 | 1,705 |
| Additional paid-in capital | 14,839,182 | 15,497,760 |
| Accumulated other comprehensive loss | (33,691) | (29,395) |
| Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 14,807,199 | 15,470,070 |
| Noncontrolling interests | 3,601,991 | 3,627,578 |
| Total equity | 18,409,190 | 19,097,648 |
| Total liabilities, noncontrolling interests, and equity | 34,051,722 | 34,081,835 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net loss | (239,524) | (221,372) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 914,244 | 1,028,415 |
| Impairment of real estate | 865,873 | 485,630 |
| Gain on sales of real estate | — | (22,531) |
| (Gain) loss on early extinguishment of debt | (363,112) | 107 |
| Equity in (earnings) losses of unconsolidated real estate joint ventures | (341) | 9,327 |
| Distributions of earnings from unconsolidated real estate joint ventures | 1,004 | 1,749 |
| Amortization of loan fees | 13,267 | 13,811 |
| Amortization of debt discounts | 1,025 | 1,009 |
| Amortization of acquired above- and below-market leases | (22,229) | (31,874) |
| Deferred rent | (21,229) | (59,380) |
| Stock compensation expense | 33,131 | 32,887 |
| Investment (income) losses | (152,635) | 52,453 |
| Changes in operating assets and liabilities: | ||
| Tenant receivables | 473 | 12 |
| Deferred leasing costs | (54,052) | (64,259) |
| Other assets | (28,523) | (37,647) |
| Accounts payable, accrued expenses, and other liabilities | (71,962) | (86,669) |
| Net cash provided by operating activities | 875,410 | 1,101,668 |
| Investing Activities: | ||
| Proceeds from sales of real estate | 236,286 | 227,105 |
| Additions to investments in real estate | (1,328,092) | (1,538,613) |
| Sale of interests in unconsolidated real estate joint ventures | 1,917 | — |
| Investments in unconsolidated real estate joint ventures | (557) | (11,239) |
| Change in escrow deposits | — | (7,364) |
| Return of capital from unconsolidated real estate joint ventures | 113 | 458 |
| Additions to non-real estate investments | (199,266) | (184,952) |
| Sales of and distributions from non-real estate investments | 123,660 | 77,067 |
| Net cash used in investing activities | (1,165,939) | (1,437,538) |
| Financing Activities: | ||
| Borrowings under secured notes payable | — | 4,031 |
| Repayments of borrowings under secured notes payable | (8,892) | (154,212) |
| Proceeds from issuance of unsecured senior notes payable | 747,592 | 548,532 |
| Repayments of unsecured senior notes payable | (1,602,203) | (600,000) |
| Proceeds from issuance of junior subordinated notes payable | 1,000,000 | — |
| Proceeds from issuances under commercial paper program | 38,494,264 | 15,378,015 |
| Repayments of borrowings under commercial paper program | (37,755,314) | (13,828,015) |
| Payments of loan fees | (57,893) | (5,307) |
| Taxes paid related to net settlement of equity awards | (10,594) | (17,207) |
| Repurchase of common stock | — | (208,187) |
| Dividends on common stock | (371,427) | (684,419) |
| Contributions from and sales of noncontrolling interests | 36,604 | 132,162 |
| Distributions to noncontrolling interests | (171,248) | (186,725) |
| Purchases and redemptions of noncontrolling interests | (49,822) | (17,818) |
| Net cash provided by financing activities | 251,067 | 360,850 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (530) | (648) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (39,992) | 24,332 |
| Cash, cash equivalents, and restricted cash as of the beginning of period | 553,755 | 559,847 |
| Cash, cash equivalents, and restricted cash as of the end of period | 513,763 | 584,179 |
| Supplemental Disclosure and Non-Cash Investing and Financing Activities: | ||
| Cash paid during the period for interest, net of interest capitalized | 191,189 | 128,808 |
| Accrued construction for current-period additions to real estate | 248,232 | 233,622 |
| Transfer of real estate assets and/or equipment from tenants | 405,733 | 171,153 |
| Acquisition of real estate and other assets in connection with the assumption of related secured notes payable of an unconsolidated real estate joint venture | 8,892 | — |
| Notes receivable issued in connection with sales of real estate | — | 91,000 |
| Derecognition of net investment in real estate from sales-type lease | — | 4,677 |
| Reallocation of additional paid-in capital to consolidated joint venture partner’s noncontrolling interest | — | 20,000 |
| Exchange of joint venture interests: | ||
| Disposition of our interest in Pacific Technology Park | — | 82,392 |
| Acquisition of our partner’s noncontrolling interest in 199 East Blaine Street | — | 96,543 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About ALEXANDRIA REAL ESTATE EQUITIES, INC.
Source: Item 1 (Business) from the 10-K filed January 26, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
Overview
We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax
purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science
REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate
niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems
in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle,
Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of
$20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of
Class A/A+ properties undergoing construction.
We develop dynamic Megacampus ecosystems that enable and inspire the world’s most brilliant minds and innovative
companies to create life-changing scientific and technological innovations. We believe in the utmost professionalism, humility, and
teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science
product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical
research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a
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longstanding and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire
productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies
through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and
diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value.
As of December 31, 2025, we had 340 properties in North America consisting of approximately 39.4 million RSF of
operating properties and new Class A/A+ development and redevelopment properties under construction, including 47 operating
properties and development projects that are held by consolidated real estate joint ventures and three properties that are held by
unconsolidated real estate joint ventures. The occupancy percentage of our operating properties in North America was 90.9% as of
December 31, 2025. The 10-year average occupancy percentage of our operating properties as of December 31, 2025 was 95%.
Investment-grade or publicly traded large cap tenants represented 53% of our total annual rental revenue in effect as of
December 31, 2025. Additional information regarding our consolidated and unconsolidated real estate joint ventures is included in
“Item 7. Management’s discussion and analysis of financial condition and results of operations” in this annual report on Form 10-K.
For information regarding risk factors that may affect us, refer to “