Alexandria Real Estate Equities
Alexandria Real Estate Equities, Inc., is a mission-driven life science REIT. The firm is pioneered the life science real estate niche. The firm is the preeminent and longest-tenured owner, operator and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology inn…
Alexandria Real Estate Equities, Inc., is a mission-driven life science REIT. The firm is pioneered the life science real estate niche. The firm is the preeminent and longest-tenured owner, operator and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. Alexandria Real Estate Equities, Inc. was established on 5th January 1994 and was incorporated in Maryland.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Dividend discount model agrees.
Why: Latest free cash flow is depressed by heavy investment or one-off items, so a three-year average is used instead.
Details and the full model are below.
Market price within modeled range
Normalised free-cash-flow DCF using a three-year average of free cash flow, because the latest figure is depressed by heavy investment or one-off items, with cash, debt, and shares from the latest report. Base assumptions are 2% growth, 2.3% terminal growth, and 9% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9%, terminal growth 2.30% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.1%, own revenue history 4.6%, analyst revenue consensus -3.1%).
Analyst consensus expects revenue growth of -3.1% a year; the growth assumption used is 2.0%.
Adjust assumptions
Why this model: Latest free cash flow is depressed by heavy investment or one-off items, so a three-year average is used instead.
Compare models- Recommended: Normalised free-cash-flow DCF — USD 59.22 (+31.1%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— not applicable
Not used: Cannot be computed: revenue is missing.
| Bear USD 23.25 | -94.3% |
| Base USD 59.22 | 23.7% |
| Bull USD 126.70 | 64.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 45.17 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.3%, discount 9.0%).
Compare: the market implies -0.5% a year, this model assumes 2.0%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Normalised free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| -2.0% | 84.33 | 56.92 | 37.67 | 23.42 | 12.43 |
| 0.0% | 99.60 | 69.31 | 48.05 | 32.30 | 20.17 |
| 2.0% | 116.09 | 82.67 | 59.22 | 41.86 | 28.50 |
| 4.0% | 133.86 | 97.06 | 71.25 | 52.15 | 37.45 |
| 6.0% | 152.98 | 112.53 | 84.18 | 63.20 | 47.06 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 44 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +2.9% a year | 12 / 20 |
| Balance sheet | net debt 940.2x EBITDA | 0 / 20 |
| Margins | EBITDA margin 0% | 0 / 20 |
Peers in Real Estate
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ARE (this company) | USD 45.17 | 23.7% | – | 0.5 | 7.8% | 44 |
| HST Host Hotels & Resorts | USD 24.63 | 44.2% | 16.4 | 2.6 | 3.9% | 100 |
| VMRK Vivmark Residential | USD 65.25 | 22.5% | 28.6 | 2.4 | 4.2% | 82 |
| UDR UDR, Inc. | USD 37.01 | 8.2% | 17.2 | 3.8 | 7.1% | 82 |
| VICI Vici Properties | USD 25.21 | 6.2% | 11.8 | 1.0 | 7.0% | 80 |
| UTG.L Unite Group PLC | GBP 4.95 | -3.3% | 24.9 | 0.5 | 6.3% | 68 |
| DLN.L Derwent London Plc | GBP 19.57 | -4.9% | 13.6 | 0.6 | 4.1% | 60 |
| WDP.BR Warehouses De Pauw SA | EUR 19.33 | -5.5% | 11.9 | 0.9 | 6.2% | 80 |
| DOC Healthpeak Properties | USD 20.12 | -8.0% | 36.7 | 1.8 | 6.1% | 93 |
| Peer median | 16.8 | 1.4 | ||||
Dividends
Paid in the last 12 months: USD 2.88 per share · yield 6.38% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.160 |
| 2025 | 4.680 |
| 2024 | 5.190 |
| 2023 | 4.960 |
| 2022 | 4.720 |
| 2021 | 4.480 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:29
| Revenue | USD 2,892,629,000 |
|---|---|
| EBITDA | USD 13,552,000 |
| EBIT | USD -1,222,755,000 |
| Net income | USD -1,308,928,000 |
| Free cash flow | USD 405,695,000 |
| Capital expenditures | USD 2,653,017,000 |
| Debt | USD 13,251,024,000 |
| Cash | USD 508,855,000 |
| Working capital | USD -2,601,887,000 |
| Shares outstanding | 170,751,000 |
| Reported dividends per share | USD 3.5049 |