Alexandria Real Estate Equities, Inc. (ARE) Balance Sheet
ARE balance sheet, 2025
December 31, 2025 · U.S. dollars$34.08B assets = $14.93B liabilities + $19.16B equity
Both columns are drawn to the same scale: what ARE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARE financial health
Descriptive bands, not a rating. Fiscal 2025.
ARE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.35B2016 | $34.08B2025 | +14.2%/yr | |
| Total liabilities | $4.97B2016 | $14.93B2025 | +13.0%/yr | |
| Shareholders’ equity | $4.90B2016 | $15.47B2025 | +13.6%/yr | |
| Cash & short-term investments | $125.0M2016 | $549.1M2025 | +17.9%/yr | |
| Total debt | $4.22B2016 | $12.76B2025 | +13.1%/yr | |
| Net cash (debt) | −$4.10B2016 | −$12.21B2025 | −$8.1B | |
| Working capital | −$500.4M2016 | −$1.24B2025 | −$742.4M | |
| Book value per share | $64.332016 | $90.792025 | +3.9%/yr | |
| Current ratio | 0.292016 | 0.432025 | +0.14 | |
| Debt / equity | 0.862016 | 0.822025 | −0.04 | |
| Shares outstanding | 76.1M2016 | 170.4M2025 | +9.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARE assets
ARE liabilities and equity
ARE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $549.1M | $552.1M | $618.2M | $825.2M | $361.3M | $568.5M | $189.7M | $234.2M | $254.4M | $125.0M |
| Cash & equivalents | $549.1M | $552.1M | $618.2M | $825.2M | $361.3M | $568.5M | $189.7M | $234.2M | $254.4M | $125.0M |
| Short-term investments | — | — | — | $1.62B | $24.98B | — | — | — | $523.3M | $342.5M |
| Receivables | $323.7M | $168.5M | $64.1M | $7.6M | $7.4M | $48.6M | $51.0M | $49.5M | $49.3M | $47.7M |
| Inventory | $0 | $0 | −$32.6M | −$49.1M | $489.6M | $637.6M | $306.8M | $39.1M | $0 | $0 |
| Other current assets | $67.0M | $63.0M | $132.0M | $81.9M | $0 | $0 | $0 | $25.5M | $44.4M | $29.4M |
| Total current assets | $939.8M | $783.6M | $781.8M | $865.6M | $422.6M | $727.8M | $336.1M | $348.3M | $348.0M | $202.1M |
| Property, plant & equipment (net) | $1.10B | $1.25B | $1.15B | $1.35B | $1.26B | $983.0M | $743.7M | $228.7M | $108.1M | $96.1M |
| Goodwill & intangible assets | $204.0M | $305.1M | $461.6M | $615.6M | $609.9M | $462.3M | $281.6M | $150.3M | $77.7M | $76.3M |
| Long-term investments | $1.53B | $1.52B | $1.49B | $38.4M | $1.92B | $332.3M | $346.9M | $237.5M | $110.6M | $50.2M |
| Other non-current assets | $30.30B | $33.67B | $32.89B | $32.66B | $26.01B | $20.32B | $16.68B | $13.50B | $11.46B | $9.93B |
| Total assets | $34.08B | $37.53B | $36.77B | $35.52B | $30.22B | $22.83B | $18.39B | $14.46B | $12.10B | $10.35B |
| Liabilities | ||||||||||
| Accounts payable | $510.6M | $534.8M | $524.4M | $2.47B | $2.21B | $285.0M | $199.0M | $215.5M | $349.9M | $366.2M |
| Short-term debt | $353.2M | $0 | $100.0M | $350.0M | $270.0M | $100.0M | $384.0M | $208.0M | $50.0M | $28.0M |
| Deferred revenue | $876.3M | $691.9M | $548.5M | $449.6M | $326.9M | $276.8M | $275.9M | $250.9M | $248.9M | $231.4M |
| Total current liabilities | $2.18B | $1.96B | $2.00B | $2.68B | $2.66B | $1.15B | $1.26B | $1.06B | $741.0M | $702.5M |
| Long-term debt | $11.75B | $11.64B | $11.32B | $10.16B | $8.79B | $7.46B | $6.39B | $5.27B | $4.71B | $4.14B |
| Lease obligations | $360.5M | $507.1M | $382.9M | $406.7M | $434.7M | $633.8M | $466.6M | $134.8M | $88.2M | $59.5M |
| Other long-term liabilities | $992.2M | $1.53B | $831.7M | $0 | $0 | $774.8M | $569.6M | $239.4M | $165.0M | $134.1M |
| Total liabilities | $14.93B | $15.13B | $14.15B | $12.84B | $11.19B | $9.38B | $8.22B | $6.57B | $5.62B | $4.97B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.6M | $1.4M | $1.2M | $1.1M | $5.83B | $4.67B |
| Retained earnings (deficit) | — | — | $18.47B | $2.51B | $16.19B | $11.73B | $8.87B | $7.34B | $5.95B | $4.90B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$29.4M | −$46.3M | −$15.9M | −$20.8M | −$7.3M | −$6.6M | −$9.7M | −$10.4M | $50.0M | $5.4M |
| Minority interest | $3.69B | $4.51B | $4.15B | $3.70B | — | $1.71B | $1.29B | $542.0M | $522.0M | $475.2M |
| Total shareholders' equity | $15.47B | $17.89B | $18.47B | $22.68B | $19.03B | $11.73B | $8.87B | $7.34B | $5.95B | $4.90B |
| Key figures | ||||||||||
| Total debt | $12.76B | $12.75B | $11.70B | $10.51B | $9.06B | $7.91B | $7.05B | $5.48B | $4.85B | $4.22B |
| Net cash (debt) | −$12.21B | −$12.20B | −$11.08B | −$9.68B | −$8.70B | −$7.34B | −$6.86B | −$5.24B | −$4.60B | −$4.10B |
| Working capital | −$1.24B | −$1.17B | −$1.22B | −$1.81B | −$2.24B | −$418.2M | −$924.9M | −$712.4M | −$393.0M | −$500.4M |
| Tangible book value | $15.27B | $17.58B | $18.01B | $22.07B | $18.42B | $11.26B | $8.58B | $7.19B | $5.87B | $4.82B |
| Book value per share | $90.79 | $103.96 | $108.08 | $140.32 | $129.07 | $92.70 | $78.79 | $71.06 | $64.63 | $64.33 |
| Shares outstanding | 170.4M | 172.1M | 170.9M | 161.7M | 147.5M | 126.5M | 112.5M | 103.3M | 92.1M | 76.1M |
| Current ratio | 0.43 | 0.40 | 0.39 | 0.32 | 0.16 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Quick ratio | 0.40 | 0.37 | 0.34 | 0.31 | 0.14 | 0.54 | 0.19 | 0.27 | 0.41 | 0.25 |
| Debt / equity | 0.82 | 0.71 | 0.63 | 0.46 | 0.48 | 0.67 | 0.80 | 0.75 | 0.82 | 0.86 |
| Equity / assets | 45.4% | 47.7% | 50.2% | 63.9% | 63.0% | 51.4% | 48.2% | 50.8% | 49.2% | 47.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $470.4M | $418.7M | $549.1M | $579.5M | $520.5M | $476.4M | $552.1M | $562.6M | $561.0M | $722.2M | $618.2M | $532.4M |
| Cash & equivalents | $470.4M | $418.7M | $549.1M | $579.5M | $520.5M | $476.4M | $552.1M | $562.6M | $561.0M | $722.2M | $618.2M | $532.4M |
| Receivables | $7.7M | $327.0M | $323.7M | $284.8M | $283.3M | $280.2M | $168.5M | $64.8M | $64.3M | $64.2M | $64.1M | $62.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$153.1M | $0 | $0 | $784.2M | $696.2M |
| Other current assets | $32.0M | $97.4M | $67.0M | $80.9M | $64.3M | $100.8M | $63.0M | $241.5M | $54.1M | $90.9M | $0 | $0 |
| Total current assets | $510.1M | $843.1M | $939.8M | $945.2M | $868.1M | $857.4M | $783.6M | $715.7M | $679.4M | $877.3M | $781.8M | $700.8M |
| Property, plant & equipment (net) | $30.05B | $1.09B | $1.10B | $1.14B | $1.16B | $1.20B | $1.25B | $1.33B | $1.08B | $1.11B | $1.15B | $1.20B |
| Goodwill & intangible assets | $178.5M | $0 | $204.0M | $235.3M | $255.2M | $280.4M | $305.1M | $373.8M | $398.0M | $426.7M | $461.6M | $492.7M |
| Long-term investments | $1.71B | $1.57B | $1.53B | $1.58B | $1.52B | $1.53B | $1.52B | $1.56B | $1.53B | $1.55B | $1.49B | $1.47B |
| Other non-current assets | $2.18B | $30.67B | $30.30B | $33.47B | $33.82B | $33.74B | $33.67B | $34.51B | $34.15B | $33.73B | $32.89B | $32.93B |
| Total assets | $34.63B | $34.17B | $34.08B | $37.38B | $37.62B | $37.60B | $37.53B | $38.49B | $37.85B | $37.70B | $36.77B | $36.78B |
| Liabilities | ||||||||||||
| Accounts payable | $2.51B | $368.1M | $510.6M | $514.9M | $407.0M | $383.0M | $534.8M | $470.0M | $434.7M | $432.3M | $524.4M | $516.4M |
| Short-term debt | $1.99B | $1.35B | $353.2M | $1.55B | $1.10B | $299.9M | $0 | $454.6M | $199.6M | $32,000 | $100.0M | $5.4M |
| Deferred revenue | $1.18B | $860.5M | $876.3M | $876.9M | $890.7M | $733.4M | $691.9M | $651.8M | $583.6M | $561.8M | $548.5M | $503.1M |
| Total current liabilities | $4.64B | $2.95B | $2.18B | $3.48B | $2.95B | $2.05B | $1.96B | $2.39B | $2.06B | $1.86B | $2.00B | $1.94B |
| Long-term debt | $10.82B | $11.17B | $11.75B | $13.59B | $13.29B | $12.49B | $11.64B | $12.69B | $12.22B | $12.22B | $11.22B | $11.20B |
| Lease obligations | $354.9M | $358.6M | $360.5M | $362.0M | $363.4M | $371.4M | $507.1M | $648.3M | $379.2M | $381.6M | $382.9M | $385.0M |
| Other long-term liabilities | $0 | $682.8M | $992.2M | $0 | $0 | $1.06B | $1.53B | $703.4M | $898.6M | $866.3M | $931.6M | $926.7M |
| Total liabilities | $15.47B | $14.80B | $14.93B | $16.26B | $15.88B | $15.60B | $15.13B | $15.78B | $15.18B | $14.94B | $14.15B | $14.07B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M |
| Accumulated other comprehensive income | −$33.0M | −$30.9M | −$29.4M | −$32.2M | −$27.4M | −$46.2M | −$46.3M | −$22.5M | −$27.7M | −$23.8M | −$15.9M | −$25.0M |
| Minority interest | $3.62B | $3.63B | $3.69B | $4.48B | $4.56B | — | — | — | — | — | — | — |
| Total shareholders' equity | $15.55B | $15.73B | $15.47B | $16.64B | $17.18B | $17.46B | $17.89B | $18.22B | $18.26B | $18.41B | $18.47B | $18.63B |
| Key figures | ||||||||||||
| Total debt | $12.81B | $12.88B | $12.76B | $13.96B | $13.66B | $13.46B | $12.75B | $13.34B | $12.80B | $12.60B | $11.70B | $11.59B |
| Net cash (debt) | −$12.34B | −$12.46B | −$12.21B | −$13.38B | −$13.14B | −$12.99B | −$12.20B | −$12.78B | −$12.24B | −$11.88B | −$11.08B | −$11.06B |
| Working capital | −$4.13B | −$2.11B | −$1.24B | −$2.53B | −$2.09B | −$1.19B | −$1.17B | −$1.67B | −$1.38B | −$982.4M | −$1.22B | −$1.24B |
| Tangible book value | $15.38B | $15.73B | $15.27B | $16.40B | $16.92B | $17.18B | $17.58B | $17.84B | $17.86B | $17.99B | $18.01B | $18.14B |
| Book value per share | $82.57 | $83.52 | $90.79 | $97.80 | $100.95 | $102.42 | $103.97 | $105.88 | $106.15 | $107.08 | $107.96 | $109.01 |
| Shares outstanding | 188.4M | 188.4M | 170.4M | 170.1M | 170.1M | 170.5M | 172.1M | 172.1M | 172.0M | 171.9M | 171.1M | 170.9M |
| Current ratio | 0.11 | 0.29 | 0.43 | 0.27 | 0.29 | 0.42 | 0.40 | 0.30 | 0.33 | 0.47 | 0.39 | 0.36 |
| Quick ratio | 0.10 | 0.25 | 0.40 | 0.25 | 0.27 | 0.37 | 0.37 | 0.26 | 0.30 | 0.42 | 0.34 | 0.31 |
| Debt / equity | 0.82 | 0.82 | 0.82 | 0.84 | 0.80 | 0.77 | 0.71 | 0.73 | 0.70 | 0.68 | 0.63 | 0.62 |
| Equity / assets | 44.9% | 46.1% | 45.4% | 44.5% | 45.7% | 46.4% | 47.7% | 47.3% | 48.2% | 48.8% | 50.2% | 50.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 26, 2026); data from EODHD.
ARE financial position
At the end of fiscal 2025 (December 31, 2025), Alexandria Real Estate had total assets of $34.1 billion (down 9.2% from a year earlier), total liabilities of $14.9 billion and shareholders' equity of $15.5 billion. It held $549.1 million in cash and short-term investments against $12.8 billion of debt, net debt of $12.2 billion. Its current ratio was 0.43. In the latest quarter (ended June 30, 2026) total assets were $34.6 billion and equity $15.6 billion.
Related: ARE income statement, ARE cash flow statement, ARE key metrics. See the ARE stock overview for the latest quote and news.
ARE balance sheet FAQ
What are Alexandria Real Estate's total assets?
Alexandria Real Estate reported total assets of $34.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $37.5 billion a year earlier.
How much debt does Alexandria Real Estate have?
Alexandria Real Estate had $12.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.82.
How much cash does Alexandria Real Estate have?
Alexandria Real Estate held $549.1 million in cash and short-term investments at the end of fiscal 2025; with $12.8 billion of debt that is net debt of $12.2 billion.
What is Alexandria Real Estate's book value?
Alexandria Real Estate's shareholders' equity (book value) was $15.5 billion at the end of fiscal 2025, or $90.79 per share.
What is Alexandria Real Estate's current ratio?
Alexandria Real Estate had current assets of $939.8 million and current liabilities of $2.2 billion, a current ratio of 0.43 (current liabilities exceed current assets).
How much goodwill does Alexandria Real Estate have?
Alexandria Real Estate carried $204.0 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.