ARE Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Property Revenue	2,945	3,050	2,842	2,576	2,108
Service and Other Revenue	81.38	66.69	43.24	12.92	5.9
Revenue	3,027	3,116	2,886	2,589	2,114
Revenue Growth (YoY)	-2.88%	7.99%	11.46%	22.46%	12.12%
Property Expenses	922.61	909.27	859.18	783.15	623.56
Total Property Expenses	922.61	909.27	859.18	783.15	623.56
Gross Profit	2,104	2,207	2,027	1,806	1,491
Selling, General & Admin	117.05	168.36	199.35	177.28	151.46
Depreciation & Amortization Expenses	1,350	1,202	1,093	1,002	821.06
Other Operating Expenses	2,203	223.07	461.11	64.97	52.68
Operating Income	-1,566	613.32	272.58	561.42	465.4
Net Gains on Disposal of Properties	642.45	129.31	277.04	537.92	126.57
Interest Income	-65.97	-46.06	-194.42	-331.11	271.73
Interest Expense	-226.7	-185.84	-74.2	-94.2	-142.17
Other Non-Operating Income (Expense)	-0.11	-	-	-3.32	-67.25
Total Non-Operating Income (Expense)	349.67	-102.59	8.42	109.29	188.88
Pretax Income	-1,217	510.73	280.99	670.7	654.28
Net Income	-1,438	309.56	92.44	513.27	563.4
Minority Interest in Earnings	-221.26	-201.18	-188.55	-157.43	-90.88
Net Income to Common	-1,438	309.56	92.44	513.27	563.4
Net Income Growth	-	234.86%	-81.99%	-8.90%	-25.95%
Shares Outstanding (Basic)	170	172	171	162	147
Shares Outstanding (Diluted)	170	172	171	162	147
Shares Change (YoY)	-1.03%	0.68%	5.72%	9.63%	16.58%
EPS (Basic)	-8.44	1.80	0.54	3.18	3.83
EPS (Diluted)	-8.44	1.80	0.54	3.18	3.82
EPS Growth	-	233.33%	-83.02%	-16.75%	-36.65%
Shares Outstanding	170.54	172.2	171.91	170.75	158.04
Free Cash Flow	-456.88	-918.1	-1,788	-2,013	-1,080
Free Cash Flow Per Share	-2.68	-5.34	-10.46	-12.45	-7.32
Dividends Per Share	4.680	5.190	4.960	4.720	4.480
Dividend Growth	-9.83%	4.64%	5.08%	5.36%	5.66%
Gross Margin	69.52%	70.82%	70.23%	69.75%	70.51%
Operating Margin	-51.75%	19.68%	9.45%	21.68%	22.01%
Profit Margin	-40.20%	16.39%	9.74%	25.91%	30.95%
FCF Margin	-15.10%	-29.46%	-61.95%	-77.75%	-51.07%
EBITDA	-215.91	1,816	1,366	1,564	1,286
EBITDA Margin	-7.13%	58.26%	47.34%	60.39%	60.85%
EBIT	-1,566	613.32	272.58	561.42	465.4
EBIT Margin	-51.75%	19.68%	9.45%	21.68%	22.01%

Updated Jan 26, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q