Alexandria Real Estate Equities, Inc.
- Open
- 50.25
- Day high
- 50.88
- Day low
- 49.73
- Prev close
- 50.14
- Volume
- 1.1M
- Mkt cap
- $8.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 3.0
- Yield
- 6.93%
- Per share
- $3.48
- ▲Insiders net buying $1.1M over the last 3 months (7 open-market buys, 2 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Alexandria Real Estate Equities, Inc. (ARE) is a Real Estate company listed on NYSE. The stock is down 36% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 2 sales (SEC Form 4).
Alexandria Real Estate Equities, Inc. (ARE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ARE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.73 | $1.73 | +0.0% | $653M | -4.6% |
| Mar 6, 2026 | $2.15 | $2.16 | +0.5% | $754M | +10.9% |
| Jul 21, 2025 | $2.29 | $2.33 | +1.7% | $762M | +1.2% |
| Jan 27, 2025 | $0.91 | $2.39 | +162.6% | $113M | -85.5% |
| Oct 21, 2024 | $2.38 | $2.37 | -0.4% | $776M | +0.5% |
| Jul 22, 2024 | $2.34 | $2.36 | +0.9% | $767M | -1.7% |
| Jan 29, 2024 | $2.29 | $2.28 | -0.4% | $757M | +5.2% |
| Jul 24, 2023 | $2.20 | $2.24 | +1.8% | $714M | +2.8% |
| Jan 30, 2023 | $2.13 | $2.14 | +0.5% | $670M | +5.9% |
| Jul 25, 2022 | $0.66 | $1.67 | +153.0% | $644M | +2.0% |
| Jan 31, 2022 | $1.96 | $1.97 | +0.5% | $577M | +5.3% |
| Feb 1, 2021 | $1.84 | $1.84 | +0.0% | $464M | -71.1% |
ARE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Woronoff Michael Adirector | Grant | 804 | — |
| Jul 2, 2026 | Moglia Peter Mofficer: Chief Executive Officer | Tax | 1,068 | $52.85 |
| Jun 11, 2026 | Binda Marc Eofficer: CFO & Treasurer | Sell | 2,000 | $54.00 |
| Jun 2, 2026 | Moglia Peter Mofficer: Chief Executive Officer | Tax | 1,067 | $49.68 |
| May 7, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 3,989 | $45.99 |
| May 7, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 3,511 | $46.74 |
| May 6, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 2,062 | $41.89 |
| May 6, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 3,832 | $42.76 |
| May 6, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 1,606 | $43.70 |
| May 5, 2026 | MARCUS JOEL Sdirector, officer: Executive Chairman | Buy | 10,000 | $41.02 |
| May 4, 2026 | Moglia Peter Mofficer: Chief Executive Officer | Tax | 1,069 | $40.51 |
| May 4, 2026 | Thomas Gregory Calvinofficer: EVP - CTO | Buy | 3,500 | $41.00 |
| Apr 21, 2026 | Kuhn Hallie E.officer: EVP - Cap Market & Co-Lead -LS | Sell | 536 | $48.20 |
| Apr 17, 2026 | McGrath Sheila K.director | Grant | 129 | — |
| Apr 17, 2026 | KLEIN RICHARD HUNTERdirector | Grant | 112 | — |
Source: ARE SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full ARE insider & 13F page →Alexandria Real Estate Equities, Inc. company profile
Overview
Alexandria Real Estate Equities, Inc. (NYSE:ARE) is a specialized real estate investment trust founded in 1994 that pioneered the niche of developing and operating laboratory and office facilities specifically designed for life science companies. As the first and longest-tenured REIT focused exclusively on life science real estate, Alexandria has established itself as the dominant player in this specialized market. The company owns and operates a portfolio of approximately 50 million square feet across key innovation clusters in North America, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Alexandria went public in 1997 and is now a component of the S&P 500 index.
Business
Alexandria Real Estate Equities operates as a life science real estate investment trust (REIT), specializing in developing, owning, and operating laboratory and office facilities tailored specifically for companies in the life sciences industry. Unlike traditional office REITs that serve general corporate tenants, Alexandria focuses exclusively on the unique infrastructure needs of biotechnology, pharmaceutical, medical device, and agricultural technology companies. The life sciences industry requires highly specialized facilities that differ significantly from standard office buildings. Laboratory space demands sophisticated ventilation systems, specialized electrical and plumbing infrastructure, chemical-resistant materials, and compliance with strict safety regulations. These facilities must accommodate sensitive research equipment, handle hazardous materials, and provide the flexible infrastructure needed for drug development and scientific research. Alexandria's core offering centers around what it calls "collaborative mega campuses" - large-scale developments that cluster multiple life science companies in close proximity within urban innovation hubs. These campuses are designed to foster collaboration and knowledge sharing among tenants while providing the specialized infrastructure that life science companies require. The company's properties are typically Class A facilities located in what it terms "AAA innovation cluster locations" - areas with high concentrations of research universities, hospitals, and established life science companies. The company operates as a single business segment focused on life science real estate, with approximately 77% of its annual rental revenue derived from these mega campus properties. Alexandria also maintains a venture capital platform that provides strategic capital to transformative life science companies, though this represents a small portion of overall revenue.
Revenue model
Alexandria generates revenue primarily through rental income from long-term lease agreements with life science tenants. The company's business model is built on owning and operating specialized laboratory and office facilities, collecting monthly rent payments from tenants who sign multi-year leases. The paying customers are primarily biotechnology companies, pharmaceutical firms, medical device manufacturers, academic institutions, and government agencies involved in life science research. The company's revenue model benefits from several key characteristics of life science tenants. First, these companies typically sign longer lease terms than traditional office tenants due to the significant cost and complexity of relocating specialized laboratory operations. Second, most leases include contractual rental rate increases - approximately 96% of Alexandria's leases contain built-in annual rent escalations, providing predictable revenue growth. Third, the specialized nature of the facilities creates high switching costs for tenants, as relocating laboratory operations requires substantial time and expense. Alexandria's margins are influenced by several factors that can increase profitability. Rental rate growth has been strong, with the company achieving 16-28% increases on lease renewals and re-lettings in recent periods. The company's focus on mega campuses in high-barrier-to-entry markets provides pricing power, as alternative locations are limited. Additionally, the long-term nature of leases provides stable cash flows with built-in escalations. Factors that could pressure margins include rising construction and development costs, increased competition from new supply in certain markets, and potential tenant credit issues if biotech funding becomes constrained. Interest rate increases also impact the company's cost of capital for development projects and refinancing existing debt. The company's margins are also sensitive to occupancy rates, which have declined modestly in recent quarters as the biotech funding environment has tightened.
Competitive moat
Alexandria possesses a strong competitive moat built on several interconnected advantages that would be difficult for competitors to replicate. The company's primary moat stems from its first-mover advantage and specialized expertise in life science real estate, having pioneered this niche when it was founded in 1994. This early entry allowed Alexandria to secure prime locations in key innovation clusters before they became highly sought-after and expensive. The company's mega campus strategy creates significant barriers to entry, as assembling large contiguous parcels of land in established life science hubs like Cambridge, South San Francisco, and San Diego is extremely difficult and expensive today. These locations benefit from powerful network effects - life science companies prefer to locate near research universities, hospitals, other biotech firms, and specialized service providers, creating a self-reinforcing ecosystem that is nearly impossible to replicate elsewhere. Alexandria's tenant relationships and operational expertise represent another key moat element. The company has developed deep relationships with over 750 tenants, including 17 of the top 20 multinational pharmaceutical companies. Its specialized knowledge of life science facility requirements, regulatory compliance, and tenant needs creates switching costs and makes it the preferred landlord for many companies in the sector. However, the moat faces some potential vulnerabilities. Economic sensitivity in the biotech sector could pressure demand, as venture funding cycles and public market conditions significantly impact tenant expansion plans. Additionally, while barriers to entry are high in established markets, new life science clusters could potentially emerge in other locations, though this would likely take many years to develop the necessary ecosystem. The specialized nature of the facilities also means that if demand from life science tenants were to decline significantly, the properties would be difficult to repurpose for other uses.
Risks & safety
Alexandria maintains a moderate margin of safety with some areas of strength and concern: **Overall Assessment:** The company has reasonable financial stability but faces some pressure from market conditions and elevated leverage. **Liquidity and Solvency:** - Strong liquidity position with $5.3 billion available - Cash and short-term investments of $552 million as of Q4 2024 - Debt-to-equity ratio of 0.71x, representing moderate leverage - Net debt to EBITDA of 5.2x, which is elevated for a REIT - Long debt maturity profile provides refinancing flexibility **Valuation Metrics:** - EV/EBITDA of 8.8x (Q1 2025) appears reasonable for a specialized REIT - Price-to-book ratio of 0.72x suggests trading below book value - FFO yield provides income component for total returns **Other Considerations:** - Occupancy declining to 91.7% creates near-term cash flow pressure - Strong development pipeline could drive future NOI growth - Asset disposition program provides capital recycling flexibility - Exposure to volatile biotech sector creates earnings variability risk
Recent development
Over the past few years, Alexandria has executed several key strategic initiatives focused on optimizing its portfolio and navigating a challenging biotech funding environment. The company has pursued an aggressive asset disposition strategy, completing $1.4 billion in sales during 2024 and targeting $1.95 billion in total dispositions. This capital recycling program focuses on selling non-core assets, land parcels, and properties outside their mega campus strategy to fund development projects and return capital to shareholders. The company has doubled down on its mega campus strategy, with the goal of increasing the percentage of annual rental revenue from these collaborative campuses from the current 77% to 80-90% over time. This strategic focus recognizes that tenants increasingly prefer locations that offer the networking effects and shared amenities that come from clustering with other life science companies. Alexandria has also adapted its development approach in response to market conditions. The company maintains a substantial development pipeline of 4.4 million rentable square feet expected to generate $395 million in incremental annual NOI over the next 3.5 years. However, management has become more selective about new development starts, focusing on projects with strong pre-leasing or tenant demand visibility. In response to market pressures, the company initiated a $500 million share buyback program in 2024, completing $200 million of repurchases. This represents a shift toward returning capital to shareholders rather than purely focusing on growth. Additionally, Alexandria has implemented significant cost reduction measures, targeting over $30 million in G&A savings for 2025 through operational efficiencies and organizational restructuring.
ARE company profile · for informational purposes only — not investment advice.
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