Alexandria Real Estate Equities, Inc. (ARE)

Real Estate · Office REITs · US stock · S&P 500 component

$43.33 ▲ +1.07 (2.53%)

At close 22 Oct 2026 · USD · Volume 2,805,414

Compare with BXP

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$62 +43.0% to fair value

$31fair band $53–$75$93

Day's range

$41.59 – $43.91

52-week range

$39.41 – $78.51

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities is a real estate investment trust that owns and develops laboratory and office campuses for life science, technology and agricultural research tenants. Its properties are clustered in innovation hubs such as Boston, San Francisco and San Diego. The company earns most of its revenue from rent paid under long-term leases, along with reimbursement of operating costs, and it sometimes sells assets to fund new development.

The X-Ray Score for Alexandria Real Estate Equities, Inc. is 62 out of 100. Revenue over the last twelve months was $2.8 billion, and it grew 5.3% a year over the past three years. Shareholders receive a dividend, yielding 6.6%. These readings summarise reported results and do not forecast future performance. The figures describe past results only and are drawn from the latest reported period.

Price chart

Interactive chart Historical data & CSV

52-wk range $39.41 – $78.51Volume 2,805,414Daily, split-adjusted

Vitals

Market cap$7.4B

52-week range$39.41 – $78.51

Volume (last day)2,805,414

P/E (TTM)–

EBIT / EV yield–

Free-cash-flow yield–

Dividend yield6.6%

Revenue (TTM)$2.8B

Net income (TTM)−$1.0B

Operating margin–

Return on capital–

Debt incl. leases$13.2B

Cash & securities$470M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$62middle half of models $40 – $84

Undervalued +43.0% to fair value

Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $43

Undervalued < $53Fair $53 – $75Overvalued > $75

P/B multiple

$85

P/S multiple

$84

P/FFO multiple

$40

P/AFFO multiple

$39

Dividend discount, stable · not used

$112

Dividend discount, multi-stage · not used

$127

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business at a low price

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 61 The price is not above fair value $62 fair value Debt looks manageable Revenue has been growing 5.3% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Strong

91/100

Cheap against its sector on earnings and cash flow.

See the numbers →

Fair value vs price1.4×

Growth Weak

18/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)5.3%

Growth consistency40%

Profitability Strong

95/100

Earns high returns on the capital it uses.

See the numbers →

Financial health Weak

28/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score5 / 9

Dividends Fair

68/100

Dividend is typical for its sector.

See the numbers →

Dividend yield6.6%

Dividend growth6.4%

Quarterly results: last 6 quarters

-1.4%

Mar '25

-0.6%

Jun '25

-5.0%

Sep '25

-4.4%

Dec '25

-11.5%

Mar '26

-13.0%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $663M, diluted EPS $-0.43.

Compare with peers

BXP BXP, Inc.46

Other Office REITs companies by X-Ray Score.

SWOT analysis: Alexandria Real Estate Equities, Inc.

Strengthsinside the company

No standout strength in the figures we track.

Weaknessesinside the company

No clear weakness in the figures we track.

Opportunitiesvaluation and setting

The price is 43% below our fair value estimate, with the gap larger than the margin we allow for error.

Threatsvaluation and setting

Revenue growth slowed to -2.9% last year from 5.3% a year over three years.
Our Market Compass rates the backdrop for Real Estate as unfavourable.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare ARE with peers and sector

Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe. Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.

Metric	ARE	Peers	Sector
X-Ray Score (out of 100)	62	51	51
Valuation	91	52	52
Growth	18	56	56
Profitability	95	50	50
Financial health	28	56	56
Dividends	68	47	47

Sector leaders: highest X-Ray Score in Real Estate

ARE ranks #2 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 VICI Vici Properties Inc.	64
#2 ARE Alexandria Real Estate Equ... (this stock)	62
#3 VMRK Vivmark Residential	62
#4 INVH Invitation Homes Inc.	59
#5 HST Host Hotels & Resorts, Inc...	59

Metric	ARE	Peers	Sector
P/E ratio	–	32.1x	32.1x
PEG ratio	–	1.72	1.72
Price / book	0.5x	2.6x	2.6x
Price / sales	2.6x	7.1x	7.1x
EV / EBITDA	–	18.6x	18.6x
Price / free cash flow	–	21.4x	21.4x
Dividend yield	6.6%	4.2%	4.2%
Gap to our fair value	+43.0%	+6.5%	+6.5%

Metric	ARE	Peers	Sector
Price change, 1 month	−18.3%	+2.8%	+2.8%
Price change, 3 months	−11.4%	−6.2%	−6.2%
Price change, 6 months	−4.5%	+2.8%	+2.8%
Price change, 1 year	−40.9%	+2.5%	+2.5%

Metric	ARE	Peers	Sector
Market value	$7.4B	$25.3B	$25.3B
Revenue (last 12 months)	$2.8B	$4.1B	$4.1B
EBITDA (last 12 months)	–	$2.2B	$2.2B
Net income (last 12 months)	−$1.0B	$869M	$869M
Free cash flow (last 12 months)	–	$1.3B	$1.3B

Metric	ARE	Peers	Sector
Revenue growth, last year	−2.9%	+5.1%	+5.1%
Revenue growth, 3 years a year	+5.3%	+7.1%	+7.1%
EPS growth, 3 years a year	–	−1.9%	−1.9%
Free cash flow growth, 3 years a year	–	+0.9%	+0.9%
Dividend growth	+6.4%	+9.4%	+9.4%

Metric	ARE	Peers	Sector
Gross margin	–	70.1%	70.1%
EBITDA margin	–	60.4%	60.4%
Operating margin	–	34.3%	34.3%
Net margin	-36.1%	21.7%	21.7%
Return on invested capital	–	7.5%	7.5%
Return on equity	-6.6%	7.3%	7.3%

Metric	ARE	Peers	Sector
Net debt / EBITDA	–	4.6x	4.6x
Interest cover	–	3.4x	3.4x
Current ratio	–	0.9x	0.9x
Piotroski F-score (0 to 9)	5	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for ARE

Each factor is rated by where ARE stands among the 29 Real Estate stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 3 Good · 2 Average · 4 Bad of 9 Growth: 0 · 1 · 1 Profitability: 0 · 0 · 2 Financial strength: 0 · 0 · 1 Valuation: 2 · 0 · 0 Cash flow: 1 · 1 · 0

Factor	ARE	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+5.3%	Average beats 36%	+6.8%	–	–
Revenue growth, last year	−2.9%	Bad beats 9%	+5.1%	+11.5%	▼ Worse
Profitability
Net margin	-36.1%	Bad beats 2%	21.5%	10.4%	▼ Worse
Return on equity	-6.6%	Bad beats 2%	7.3%	1.8%	▼ Worse
Financial strength
Piotroski F-score	5 / 9	Bad beats 28%	6 / 9	–	–
Valuation
Price / book	0.5x	Good beats 98%	2.6x	1.2x	▲ Better
Price / sales	2.6x	Good beats 91%	7.0x	7.5x	▲ Better
Cash flow
Free cash flow margin	45.0%	Average beats 53%	44.6%	48.3%	≈ In line
Accruals (lower is better)	−6.7%	Good beats 95%	−3.7%	–	–

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 2 Good · ● 1 Average · ● 2 Bad

Cash quality

Earnings backed by cashGood

Risk models

Piotroski F-ScoreBad

Growth

Revenue growth (3y)Average

Growth consistencyBad

Balance sheet

Valuation

Fair value vs priceGood

Profitability

Each check is graded against the company's sector, not a fixed number. Checklist score 63/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$2.6B	$2.9B	$3.1B	$3.0B
Operating income	–	–	–	–	–
Net income	$571M	$522M	$104M	$323M	−$1.4B
Operating cash flow	$1.0B	$1.3B	$1.6B	$1.5B	$1.4B
Operating margin	–	–	–	–	–
Free cash flow	–	–	–	–	–
Diluted EPS	$3.82	$3.18	$0.54	$1.80	$-8.44

Fiscal years, from SEC filings.

Technical summary

Daily

Bearish

2 bullish · 4 neutral · 10 bearish

Weekly

Strongly bearish

0 bullish · 1 neutral · 11 bearish

Monthly

Strongly bearish

0 bullish · 1 neutral · 7 bearish

Moving averages (daily)

SMA 10	42.78	Bullish
EMA 10	43.13	Bullish
SMA 20	44.86	Bearish
EMA 20	44.73	Bearish
SMA 50	48.49	Bearish
EMA 50	47.16	Bearish
SMA 100	49.22	Bearish
EMA 100	48.23	Bearish
SMA 200	48.63	Bearish
EMA 200	50.77	Bearish

Oscillators (daily)

RSI (14)	40.68	Neutral
MACD (12, 26)	-2.03	Bearish
Momentum (12)	-5.64	Bearish
Stochastic %K (14)	41.86	Neutral
Williams %R (14)	-58.14	Neutral
CCI (20)	-61.84	Neutral

Pivot points (classic, last session)

39.66

40.62

41.98

Pivot

42.94

44.30

45.26

46.62

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

2.88 USD

Yield on today's price

6.65%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
30 Sep 2026	0.7200
30 Jun 2026	0.7200
31 Mar 2026	0.7200
31 Dec 2025	0.7200
30 Sep 2025	1.3200
30 Jun 2025	1.3200
31 Mar 2025	1.3200
31 Dec 2024	1.3200
30 Sep 2024	1.3000
28 Jun 2024	1.3000
27 Mar 2024	1.2700
28 Dec 2023	1.2700

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold ARE

ETF	Share of the fund
REZ iShares Residential and Multisector Re...	1.86%
SPYD SPDR Portfolio S&P 500 High Dividend	1.08%
RPV Invesco S&P 500 Pure Value	1.04%
XLRE The Real Estate Select Sector SPDR	0.86%
RWR SPDR Dow Jones REIT	0.78%
USRT iShares Core U.S. REIT	0.71%
IYR iShares U.S. Real Estate	0.61%
SCHH Schwab U.S. REIT	0.55%

The eight funds with the largest weight in ARE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.