Alexandria Real Estate Equities (ARE) FY2019 results: revenue $1.5 billion, up 15.4% on the year
Alexandria Real Estate Equities, Inc. (ARE) reported revenue of $1.5 billion for fiscal 2019, the year ended 31 December 2019, up 15.4% on the year before. Net income was $363 million, down 4.3%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2020.
Revenue
$1.5 billion
+15.4% on the year
FY2012FY2019
Operating margin
13.0%
16.1% a year earlier
FY2012FY2019
Net income
$363 million
-4.3% on the year
FY2012FY2019
Diluted EPS
$3.12
-11.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,531
1,327
1,128
+15.4%
Operating income
199
213
178
-6.8%
Operating margin
13.0%
16.1%
15.8%
Interest expense
174
157
129
+10.3%
Net income
363
379
169
-4.3%
Net margin
23.7%
28.6%
15.0%
Diluted EPS
$3.12
$3.52
$1.58
-11.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
684
570
450
+19.9%
Capital expenditure
1,225
927
894
+32.1%
Free cash flow
-541
-357
-443
Free cash flow margin
-35.3%
-26.9%
-39.3%
Cash from investing
-3,641
-2,162
-1,738
Cash from financing
2,927
1,588
1,420
+84.3%
Depreciation and amortisation
545
478
417
+14.0%
Share-based compensation
43.6
35.0
25.6
+24.6%
Dividends paid
447
381
312
+17.4%
Dividend per share
$4.00
$3.73
$3.45
+7.2%
Diluted shares, weighted
113m
103m
92m
+8.9%
Shares outstanding at period end
121m
111m
100m
+8.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,866
7,342
5,950
+20.8%
Non-controlling interest
1,288
542
522
+137.7%
Redeemable equity
12.3
10.8
11.5
+14.0%
Debt
6,777
5,478
4,765
+23.7%
Other liabilities
1,447
1,092
856
+32.5%
Total liabilities and equity
18,391
14,465
12,104
+27.1%
Fixed assets
23.0
14.8
11.1
+55.8%
Cash and equivalents
190
234
254
-19.0%
Other assets
18,178
14,216
11,839
+27.9%
Total assets
18,391
14,465
12,104
+27.1%
10-K for the year ended 31 December 2019, filed 4 February 2020: the filing.