Alexandria Real Estate Equities, Inc. (ARE) Cash Flow Statement
Where ARE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.41B −6.0% vs 2024
- Capital expenditures
- $1.87B 63.0% of revenue
- Free cash flow
- $1.41B 47.6% margin
- Returned to shareholders
- $1.12B 79% of free cash flow
- Change in cash
- −$6.1M cash at year-end $553.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ARE operating cash flow, capex and free cash flow
ARE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $392.5M2016 | $1.41B2025 | +15.3%/yr | |
| Capital expenditures | $1.44B2016 | $1.87B2025 | +3.0%/yr | |
| Free cash flow | −$1.04B2016 | $1.41B2025 | — | |
| Free cash flow margin | −116.3%2016 | 47.6%2025 | +163.9 pts | |
| Operating cash flow / net income | 2.322017 | 2.952024 | +0.63 | |
| Stock-based compensation | $25.4M2016 | $41.1M2025 | +5.5%/yr | |
| Dividends paid | $262.8M2016 | $911.5M2025 | +14.8%/yr | |
| Share buybacks (net) | $206.8M2016 | $208.2M2025 | +0.1%/yr | |
| Capex / revenue | 160.0%2016 | 63.0%2025 | −97.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARE cash flow by activity
ARE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ARE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.44B | $510.7M | $281.0M | $670.7M | $654.3M | $827.2M | $404.0M | $402.8M | $194.2M | −$49.8M |
| Depreciation & amortization | $1.35B | $1.20B | $1.09B | $927.8M | $821.1M | $698.1M | $544.6M | $477.7M | $416.8M | $313.4M |
| Stock-based compensation | $41.1M | $59.6M | $82.9M | $57.7M | $48.7M | $43.5M | $43.6M | $35.0M | $25.6M | $25.4M |
| Change in working capital | −$297.8M | −$200.5M | $2.0M | −$122.7M | −$95.3M | −$70.4M | −$37.2M | −$55.6M | −$56.3M | −$42.6M |
| Other non-cash items | $1.76B | −$67.8M | $171.2M | −$239.2M | −$418.5M | −$615.9M | −$271.3M | −$289.5M | −$129.9M | $146.1M |
| Cash from operating activities | $1.41B | $1.50B | $1.63B | $1.29B | $1.01B | $882.5M | $683.9M | $570.3M | $450.3M | $392.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.87B | −$2.67B | −$2.49B | −$6.19B | −$7.33B | −$3.27B | −$3.48B | −$1.94B | −$1.55B | −$1.44B |
| Investments (net) | −$69.8M | −$1.51B | −$3.47B | $110.4M | $388.3M | −$9.3M | $18.1M | $2.0M | $3.3M | $450,000 |
| Acquisitions & other investing | $2.30B | $2.67B | $3.46B | $994.3M | −$161.7M | $0 | −$181.7M | −$219.6M | −$187.6M | −$60.6M |
| Cash from investing activities | $362.1M | −$1.51B | −$2.50B | −$5.08B | −$7.11B | −$3.28B | −$3.64B | −$2.16B | −$1.74B | −$1.50B |
| Financing activities | ||||||||||
| Dividends paid | −$911.5M | −$898.6M | −$847.5M | −$757.7M | −$656.0M | −$533.0M | −$451.2M | −$385.8M | −$321.8M | −$262.8M |
| Share repurchases & issuance (net) | −$208.2M | −$50.1M | −$24.6M | $3.70B | $36.23B | $27.94B | −$9.2M | −$14.0M | −$148.3M | −$206.8M |
| Net borrowing (repayment) | $151.9M | $928.7M | $1.16B | $1.54B | $1.26B | $742.9M | $306.2M | $17.8M | $153.4M | $291.4M |
| Shares issued | $0 | $27.1M | $1.50B | $2.35B | $3.53B | $2.32B | $1.22B | $1.29B | $0 | $0 |
| Other financing | −$816.0M | −$100.4M | −$1.11B | −$2.59B | −$34.44B | −$27.71B | $1.87B | $677.2M | $1.74B | $1.28B |
| Cash from financing activities | −$1.78B | −$93.3M | $674.2M | $4.23B | $5.92B | $2.75B | $2.93B | $1.59B | $1.42B | $1.11B |
| Summary | ||||||||||
| Net change in cash | −$6.1M | −$100.9M | −$197.2M | $442.7M | −$182.5M | $355.0M | −$29.4M | −$5.1M | $129.3M | −$66,000 |
| Cash at end of period | $553.8M | $559.8M | $660.8M | $858.0M | $415.2M | $597.7M | $242.7M | $272.1M | $254.4M | $125.0M |
| Free cash flow | $1.41B | $1.50B | $1.63B | $1.29B | −$6.32B | −$2.39B | $683.9M | −$1.37B | −$1.10B | −$1.04B |
| Free cash flow margin | 47.6% | 49.3% | 57.4% | 50.2% | −299.1% | −126.6% | 44.7% | −103.5% | −98.1% | −116.3% |
| Capex / revenue | 63.0% | 87.6% | 87.5% | 240.1% | 346.9% | 173.4% | 227.1% | 146.5% | 138.2% | 160.0% |
| Operating cash flow / net income | — | 2.95 | 5.80 | 1.93 | 1.54 | 1.07 | 1.69 | 1.42 | 2.32 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$39.0M | $398.4M | −$1.08B | −$197.8M | −$62.2M | $38.7M | −$16.1M | $213.6M | $94.0M | $219.2M | −$42.7M | $68.3M |
| Depreciation & amortization | $304.4M | $305.4M | $322.1M | $340.2M | $349.9M | $342.1M | $314.6M | $276.7M | $268.2M | $257.2M | $261.6M | $246.1M |
| Stock-based compensation | $10.1M | $11.0M | $8.2M | $10.3M | $12.5M | $10.1M | $12.5M | $15.5M | $14.5M | $17.1M | $34.6M | $16.3M |
| Change in working capital | −$23.3M | −$143.5M | −$109.3M | $14.5M | $17.2M | −$220.3M | −$170.6M | $31.9M | $3.8M | −$65.6M | $11.0M | $10.6M |
| Other non-cash items | $84.7M | −$374.7M | $1.17B | $266.3M | $142.8M | $37.5M | $133.8M | −$60.3M | $31.2M | −$86.7M | $164.1M | $76.6M |
| Cash from operating activities | $337.0M | $196.6M | $312.4M | $433.5M | $460.2M | $207.9M | $274.2M | $477.4M | $411.8M | $341.2M | $428.6M | $417.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$403.3M | $0 | −$1.87B | −$1.54B | −$1.08B | −$645.8M | −$2.67B | −$2.13B | $0 | $0 | −$391.3M | −$644.1M |
| Investments (net) | −$12.8M | −$38.6M | $38.1M | −$407.9M | −$374.9M | −$654.8M | $446.3M | −$488.5M | −$573.6M | −$894.9M | −$390.1M | −$676.5M |
| Acquisitions & other investing | $6.4M | −$528.1M | $3.63B | $1.54B | $1.08B | $645.8M | $2.67B | $2.13B | $0 | $0 | $391.3M | −$790.0M |
| Cash from investing activities | −$409.7M | −$566.7M | $1.80B | −$407.9M | −$374.9M | −$654.8M | $446.3M | −$488.5M | −$573.6M | −$894.9M | −$390.1M | −$2.11B |
| Financing activities | ||||||||||||
| Dividends paid | −$123.8M | −$123.8M | −$227.0M | −$227.2M | −$227.2M | −$230.0M | −$227.2M | −$227.4M | −$222.1M | −$221.8M | −$214.5M | −$214.6M |
| Share repurchases & issuance (net) | $0 | $0 | −$208.2M | −$10.9M | −$713,000 | −$208.2M | −$50.1M | −$18.7M | −$3.1M | −$24.0M | −$4.4M | −$7.7M |
| Net borrowing (repayment) | $291.6M | $488.3M | −$1.20B | $295.8M | $203.2M | $849.4M | −$449.9M | $264.8M | — | — | — | $17.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $103.8M | $0 |
| Other financing | −$42.8M | −$124.6M | −$512.9M | −$26.9M | −$15.9M | −$40.4M | −$11.5M | $6.2M | $221.2M | $870.2M | $170.2M | $71.6M |
| Cash from financing activities | $125.0M | $239.9M | −$2.14B | $30.8M | −$40.7M | $370.8M | −$738.7M | $24.9M | −$4.0M | $624.4M | $55.2M | −$133.6M |
| Summary | ||||||||||||
| Net change in cash | $51.8M | −$130.4M | −$30.4M | $56.2M | $44.2M | −$76.1M | −$19.8M | $13.8M | −$165.8M | $70.9M | $93.1M | −$392.6M |
| Cash at end of period | $475.1M | $423.4M | $553.8M | $584.2M | $527.9M | $483.8M | $559.8M | $579.6M | $565.9M | $731.7M | $660.8M | $567.7M |
| Free cash flow | −$66.4M | $196.6M | $312.4M | $433.5M | $460.2M | $207.9M | $274.2M | $477.4M | $411.8M | $341.2M | $37.3M | −$226.2M |
| Free cash flow margin | −8.3% | 29.3% | 41.4% | 58.9% | 62.4% | 28.0% | 35.9% | 61.5% | 54.5% | 45.2% | 5.0% | −32.0% |
| Capex / revenue | 50.7% | 0.0% | 248.0% | 209.1% | 146.6% | 86.9% | 350.0% | 275.0% | 0.0% | 0.0% | 52.7% | 91.0% |
| Operating cash flow / net income | — | 0.49 | — | — | — | 5.38 | — | 2.23 | 4.38 | 1.56 | — | 6.12 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ARE cash generation
In fiscal 2025 (ended December 31, 2025), Alexandria Real Estate generated $1.4 billion of cash from operations (down 6.0%) and spent $1.9 billion on capital expenditures, leaving free cash flow of $1.4 billion, 47.6% of revenue. It returned $1.1 billion to shareholders through dividends ($911.5 million) and net share buybacks ($208.2 million). Cash and equivalents fell by $6.1 million over the year.
Related: ARE income statement, ARE balance sheet, ARE dividend history. See the ARE stock overview for the latest quote and news.
ARE cash flow FAQ
What is Alexandria Real Estate's free cash flow?
Alexandria Real Estate's free cash flow was $1.4 billion in fiscal 2025: $1.4 billion of operating cash flow minus $1.9 billion of capital expenditures It was $1.5 billion a year earlier..
How much cash does Alexandria Real Estate generate from operations?
Alexandria Real Estate generated $1.4 billion of cash from operating activities in fiscal 2025.
How much does Alexandria Real Estate spend on capital expenditures?
Alexandria Real Estate spent $1.9 billion on capital expenditures in fiscal 2025, 63.0% of revenue, compared with $2.7 billion the year before.
How much stock does Alexandria Real Estate buy back?
Alexandria Real Estate spent $208.2 million on net share repurchases in fiscal 2025.
How much does Alexandria Real Estate pay in dividends?
Alexandria Real Estate paid $911.5 million in dividends in fiscal 2025, 64.5% of free cash flow.