# Alexandria Real Estate Equities, Inc. (ARE)

> Source: Nexqual · https://nexqual.com/ARE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Alexandria Real Estate Equities, Inc. (ARE), nexqual.com/ARE" · informational, not investment advice.

**Price:** USD 43.33 (+2.53% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 42.26 · day 41.59–43.91 · 52w 39.41–78.51 · market cap $7.46B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.84B, net income -$1.02B (-36.1% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold ARE (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.25 on a 1–5 scale) (16 analysts), mean target USD 51.93 (range 40–60).
- Total return with dividends: 1Y -40.3% vs S&P 500 +14.9%; 5Y -73.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0, revenue estimate $650M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.59B | $2.89B | $3.12B | $3.03B | $2.84B |
| Net income | $571M | $522M | $104M | $323M | -$1.43B | -$1.02B |
| EPS (diluted) | $3.82 | $3.18 | $0.54 | $1.80 | -$8.44 | — |
| Net margin | 27.0% | 20.1% | 3.6% | 10.4% | -47.2% | -36.1% |
| Revenue growth | +12.1% | +22.5% | +11.5% | +8.0% | -2.9% | — |
| Cash + short-term investments | $361M | $825M | $618M | $552M | $549M | — |
| Total debt | $8.79B | $10.2B | $11.3B | $12.2B | $12.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.6x · EV/Sales 7.0x · P/B 0.5x · Earnings yield -13.74% · Dividend yield (paid, TTM) 9.41% · Buyback yield (TTM) 0.00% · Net debt $12.3B · EV $19.8B
P/E at fiscal year-ends: Dec 2024 52.0x, Dec 2023 209.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ARE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $4.3M | Reduced -55.5% |

## Analysts
Consensus Hold (mean 3.25 on a 1–5 scale), 16 analysts; mean target USD 51.93 (low 40, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | JP Morgan | Downgrade | Neutral → Underweight | $56 |
| 2026-09-21 | Evercore ISI Group | Target raised | Outperform | $57 → $59 |
| 2026-08-24 | Baird | Target raised | Neutral | $46 → $52 |
| 2026-08-17 | Evercore ISI Group | Target lowered | Outperform | $59 → $57 |
| 2026-08-17 | Citizens | Reiterated | Market Perform |  |
| 2026-08-10 | Citigroup | Target raised | Neutral | $42 → $50 |
| 2026-08-05 | BNP Paribas | Target raised | Underperform | $45 → $48 |
| 2026-08-05 | Evercore ISI Group | Target lowered | Outperform | $60 → $59 |
| 2026-08-05 | Cantor Fitzgerald | Target raised | Neutral | $43 → $52 |
| 2026-07-06 | Mizuho | Target lowered | Outperform | $70 → $60 |
| 2026-07-01 | Evercore ISI Group | Target raised | Outperform | $58 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -40.3% | -73.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -40.4% | -23.4% |
| Volatility (annualized) | 49.4% | 36.2% |
| Max drawdown | -46.5% (Oct 2025→Apr 2026) | -77.4% (Dec 2021→Apr 2026) |

## Peers (REIT - Office)
VNO (Vornado Realty Trust) USD 34.34 +4.41% · BXP (BXP, Inc.) USD 61.49 +4.86% · CUZ (Cousins Properties Incorporated) USD 28.67 +3.39% · KRC (Kilroy Realty Corporation) USD 35.96 +4.44% · CDP (COPT Defense Properties) USD 33.83 +2.24% · SLG (SL Green Realty Corp) USD 49.19 +5.38%

## More
Full page: https://nexqual.com/ARE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name ARE in their own reports (relationship from ARE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Beam Therapeutics Inc. (BEAM) | 10-K 2026-02-24 | "Additionally, we entered into a lease agreement with Alexandria Real Estate Equities, Inc. pursuant to which we built" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Reportable Segment, Aggregation before Other Operating | $652.5M | 98.5% | -8.6% | $441.2M | 67.6% |
| Other Operating | $10.2M | 1.5% | -78.7% | — | — |
| Total revenue | $662.8M | 100% | — | — | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Income from rentals | $643.2M | 97.0% | -12.8% |
| Other income | $19.6M | 3.0% | -20.9% |
| Total revenue | $662.8M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.00 | $-0.05 | -100.0% | $649.8M | 1 |
| Next quarter (ends 2026-12-31) | $-0.10 | $-0.08 | +25.0% | $647.7M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.46 | $2.06 | -29.4% | $2.63B | 6 |
| Next fiscal year (ends 2027-12-31) | $-0.81 | $-0.88 | -8.0% | $2.53B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±11.4%; last 8 reports averaged ±7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 50.5% | ±11.4% |
| 2026-12-18 | 56 | 47.3% | ±14.9% |
| 2027-01-15 | 84 | 45.5% | ±17.5% |
| 2027-04-16 | 175 | 42.9% | ±23.3% |