Alexandria Real Estate Equities, Inc. (ARE)

ARE Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-857.01	-1,217	510.73	280.99	670.7	654.28
Depreciation & Amortization	1,314	1,350	1,202	1,093	1,002	821.06
Stock-Based Compensation	42.09	41.12	59.63	82.86	57.74	48.67
Other Adjustments	1,125	1,537	-67.77	171.2	-313.56	-418.55
Change in Receivables	-0.48	-0.25	1.77	-0.1	-0.27	-0.04
Changes in Other Operating Activities	-220.6	-297.6	-202.22	2.13	-122.43	-95.22
Operating Cash Flow	1,403	1,414	1,505	1,631	1,294	1,010
Operating Cash Flow Growth	2.29%	-6.01%	-7.73%	25.98%	28.13%	14.47%
Capital Expenditures	-1,771	-1,871	-2,423	-3,418	-3,307	-2,090
Sale of Property, Plant & Equipment	2,253	2,321	1,220	1,196	994.33	190.58
Purchases of Investments	-243.68	-250.06	-488.98	-455.88	-3,122	-5,866
Proceeds from Sale of Investments	191.53	169.57	176.84	183.4	198.79	819.58
Other Investing Activities	2.14	-7.36	3.86	-5.58	155.97	-161.7
Investing Cash Flow	432.07	362.1	-1,511	-2,501	-5,080	-7,107
Short-Term Debt Issued	35,046	26,126	13,011	10,479	15,823	34,472
Short-Term Debt Repaid	-33,991	-25,773	-13,111	-10,379	-16,093	-34,302
Net Short-Term Debt Issued (Repaid)	1,055	353.5	-100	100	-270	170
Long-Term Debt Issued	750.8	552.56	1,029	1,056	1,843	1,754
Long-Term Debt Repaid	-1,861	-754.21	-0.03	-0.03	-199.24	-667.98
Net Long-Term Debt Issued (Repaid)	-1,110	-201.65	1,029	1,056	1,644	1,086
Issuance of Common Stock	-	-	27.1	103.85	2,346	3,529
Repurchase of Common Stock	-	-208.19	-50.11	-	-	-
Net Common Stock Issued (Repurchased)	-	-208.19	-23	103.85	2,346	3,529
Common Dividends Paid	-805.22	-911.45	-898.56	-847.48	-757.74	-655.97
Other Financing Activities	-895.25	-816.01	-100.45	261.66	1,267	1,787
Financing Cash Flow	-1,897	-1,784	-93.32	674.16	4,230	5,916
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1.41	1.56	-1.44	-1.29	-0.89	-1.71
Net Cash Flow	-60.37	-6.09	-100.92	-197.2	442.75	-182.48
Free Cash Flow	-368.36	-456.88	-918.1	-1,788	-2,013	-1,080
FCF Margin	-12.53%	-15.10%	-29.46%	-61.95%	-77.75%	-51.07%
Free Cash Flow Per Share	-2.16	-2.68	-5.34	-10.46	-12.45	-7.32
Levered Free Cash Flow	-1,800	-2,104	-184.22	-1,074	-540.54	455.13
Unlevered Free Cash Flow	-2,270	-2,384	-809.14	-2,050	-1,866	-898.61

Updated Apr 27, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q