At a glance
Alexandria Real Estate Equities Inc is worth $7.41B. It pays a 6.77% dividend yield, and returned $4.33B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −22.5% over the past year with dividends reinvested and −23.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 40.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Alexandria Real Estate Equities is a real estate investment trust (REIT), a company that owns property and pays out most of its taxable income as dividends. Founded in 1994, it specializes in laboratory buildings for life science companies, which work in medicine, biotechnology and related research. It groups buildings into clusters it calls Megacampus ecosystems. These sit near universities and medical research institutions in Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City.
Tenants include multinational drug makers, biotech and medical device companies, technology and agricultural technology firms, research institutions, U.S. government research agencies and venture capital firms. As of December 31, 2025, 53% of annual rental revenue came from large publicly traded tenants or from tenants with investment-grade credit ratings, meaning rating firms judge them unlikely to default. On the same date, Alexandria had 340 properties with about 39.4 million rentable square feet, including space under construction. Its operating buildings were 90.9% occupied, below their 10-year average of 95%.
Nearly all revenue is rent. In 2025, income from rentals was about $2.95 billion, against about $81 million of other income. Alexandria grows by building new labs and converting older office or warehouse space into labs, usually after lining up significant leases in advance. It also invests in life science companies through a venture capital arm.
Price history
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ARE -22.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Income from rentals | $2.95B | |
| Income from rentals | $2.95B | |
| Other income | $81.4M |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was —, and net income was $-637.7M.
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | -9.2% weak |
|---|---|
| Return on assets (FY2025) | -4.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $771.0M | — |
| FY2021 | — | $571.2M | — |
| FY2022 | — | $521.7M | — |
| FY2023 | — | $103.6M | — |
| FY2024 | — | $322.9M | — |
| FY2025 | — | $-1.43B | — |
Valuation snapshot
| Market value | $7.41B |
|---|---|
| P/E ratio | — |
| Dividend yield | 6.77% |
Rank among 1514 US companies
Market value at each year end
Alexandria Real Estate Equities’s market value went from $8.83B at the end of 2016 to $7.41B on Nov 2, 2026, down 16%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $7.41B | -12.3% |
| 2025 | $8.46B | -50.4% |
| 2024 | $17.05B | -22.6% |
| 2023 | $22.03B | -7.8% |
| 2022 | $23.90B | -30.8% |
| 2021 | $34.55B | +43.7% |
| 2020 | $24.05B | +29.3% |
| 2019 | $18.61B | +50.2% |
| 2018 | $12.39B | -0.9% |
| 2017 | $12.50B | +41.6% |
| 2016 | $8.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ARE price data to Nov 2, 2026 | -9.1% | -22.5% | -20.0% | -23.6% | -5.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.1% |
| 2025 | -46.6% |
| 2024 | -19.5% |
| 2023 | -9.2% |
| 2022 | -32.6% |
| 2021 | +28.1% |
| 2020 | +13.3% |
| 2019 | +44.0% |
| 2018 | -9.0% |
| 2017 | +20.9% |
| 2016 | +26.9% |
| 2015 | +5.3% |
| 2014 | +44.7% |
| 2013 | -4.5% |
| 2012 | +3.5% |
| 2011 | -3.3% |
| 2010 | +16.5% |
| 2009 | +11.4% |
| 2008 | -38.4% |
| 2007 | +4.4% |
| 2006 | +28.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.5% over that stretch · deepest drop along the way 70.8%, back to its old high 70 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.1% over that stretch · deepest drop along the way 32.1%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.1% over that stretch · deepest drop along the way 40.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($480K) and 2 sales ($1.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Kristina Fukuzaki-Carlson EVP - Business Operations | sell | $849K |
| Aug 31, 2026 | Andres Gavinet Chief Accounting Officer | sell | $509K |
| Sep 11, 2026 | Joel S Marcus Executive Chairman, Director | buy | $248K |
| Aug 17, 2026 | Joel S Marcus Executive Chairman, Director | buy | $231K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.7% | Mar 31, 2026 |
| Vanguard Portfolio Management | 8% | Mar 31, 2026 |
| Vanguard Capital Management | 7.06% | Mar 31, 2026 |
ETFs with the most weight in ARE
| RITA ETFB Green SRI REITs ETF | 5.6% |
| WTRE WisdomTree New Economy Real Estate Fund | 3.9% |
| REZ iShares Residential and Multisector Real Estate ETF | 3.34% |
| JPRE JPMorgan Realty Income ETF | 2.99% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 2.82% |
| PPTY US Diversified Real Estate ETF | 2.71% |
| NXTE AXS Green Alpha ETF | 1.68% |
| CVAR Cultivar ETF | 1.5% |
What could go wrong
- Tied to life science research funding. Most tenants and venture holdings are life science companies that rely on raising money for research. If funding dries up or products fail, tenants may miss rent and holdings may lose value.
- Vacancies and tougher lease renewals. Occupancy was 90.9% as of December 31, 2025, below the 10-year average of 95%. Rival lab buildings nearby, and competitors offering free rent, can make it harder to fill space at good rents.
- Government policy and research funding. Changes at the FDA, the drug regulator, or the NIH, a major research funder, could hurt tenants. So could drug-pricing rules. Government agency tenants need budget approvals to keep paying rent.
- Costly and uncertain development projects. Lab improvements cost significantly more than ordinary office upgrades. Rising labor or material prices, supply disruptions or weak leasing can leave new and converted buildings earning less than expected.
- Heavy debt and refinancing risk. Total debt was about $12.9 billion as of September 30, 2026. A credit-rating downgrade or tight lending markets could raise borrowing costs or make maturing debt harder to refinance.
- Dividend could shrink or come in stock. The company warns that distributions may decline at any time and could be paid partly in shares instead of cash. The dividend per share already fell from $5.19 in 2024 to $4.68 in 2025.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Bylaws or fiscal year changed
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Alexandria's dividend yield (yearly dividends divided by the share price) was 7.22% as of October 28, 2026. Dividends per share rose every year from $4.24 in 2020 to $5.19 in 2024, then were cut to $4.68 in 2025. That year it reported a net loss of $8.44 per share, so earnings did not cover the dividend. REITs are usually judged on cash-flow measures instead, because accounting rules deduct building depreciation. Share repurchases totaled about $258 million from 2021 to 2025, yet the share count rose 8.9% between January 2022 and October 2026.
In past downturns, the stock dropped 70.8% in the 2008 financial crisis and took 70 months to recover. It lost 32.1% in the 2020 COVID crash but recovered in about three months. After falling 40.5% in the 2022 bear market, it had not recovered as of October 28, 2026. Like any single stock, ARE carries more risk than a diversified fund.
Questions investors ask
How does Alexandria Real Estate Equities make money?
Mostly by renting laboratory space to life science tenants. In 2025, income from rentals was about $2.95 billion, against about $81 million of other income. Alexandria owns clusters of buildings it calls Megacampus ecosystems in research hubs such as Greater Boston, the San Francisco Bay Area and San Diego. It also develops new lab buildings, converts older office and warehouse space into labs that can rent for more, and invests in life science companies through a venture capital arm.
Did Alexandria Real Estate Equities cut its dividend?
Yes. Dividends per share fell from $5.19 in 2024 to $4.68 in 2025, after rising every year from $4.24 in 2020. The cut came in a year when the company reported a net loss of about $1.43 billion. Its annual report also warns that distributions may decline at any time and could be paid partly in stock rather than cash, so past payments are no guarantee of future income.
What is Alexandria Real Estate's dividend yield?
It was 7.22% as of October 28, 2026. Yield is the yearly dividend divided by the share price, so it rises when the price falls. ARE's share price fell 32.8% in the year to October 28, 2026, which helped push the yield higher. A yield this high can signal that investors doubt the payout will hold, and the dividend per share was already cut from $5.19 in 2024 to $4.68 in 2025.
How much has Alexandria Real Estate stock fallen?
Sharply. As of October 28, 2026, the share price was down 32.8% over one year and 76% over five years, and its deepest fall from a peak has been 78%. It lost 32.6% in 2022, 9.2% in 2023, 19.5% in 2024 and 46.6% in 2025, then another 14.8% in 2026 through October 28. It had not regained its January 2022 peak by that date. Over the same stretch, the company swung to a net loss in 2025 and cut its dividend.
How much debt does Alexandria Real Estate Equities have?
Alexandria had about $12.9 billion of total debt as of September 30, 2026, against about $509 million of cash and investments. On that date its real estate was valued at about $28.4 billion on its balance sheet, and total assets were about $34.1 billion. Its stock market value was about $6.95 billion as of October 28, 2026. The annual report lists credit-rating downgrades and trouble refinancing debt among its risks.