Alexandria Real Estate Equities (ARE) FY2023 results: revenue $2.9 billion, up 11.5% on the year
Alexandria Real Estate Equities, Inc. (ARE) reported revenue of $2.9 billion for fiscal 2023, the year ended 31 December 2023, up 11.5% on the year before. Net income was $104 million, down 80.1%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2024.
Revenue
$2.9 billion
+11.5% on the year
FY2016FY2023
Operating margin
6.9%
17.9% a year earlier
FY2016FY2023
Net income
$104 million
-80.1% on the year
FY2016FY2023
Diluted EPS
$0.54
-83.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,631
1,294
1,010
+26.0%
Capital expenditure
3,418
3,307
2,090
+3.4%
Free cash flow
-1,788
-2,013
-1,080
Free cash flow margin
-62.0%
-77.8%
-51.1%
Cash from investing
-2,501
-5,080
-7,107
Cash from financing
674
4,230
5,916
-84.1%
Depreciation and amortisation
1,093
1,002
821
+9.1%
Share-based compensation
82.9
57.7
48.7
+43.5%
Buybacks
0.0
0.0
n/a
Dividends paid
847
758
656
+11.8%
Dividend per share
$4.96
$4.72
$4.48
+5.1%
Diluted shares, weighted
171m
162m
147m
+5.7%
Shares outstanding at period end
172m
171m
158m
+0.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
18,471
18,972
16,190
-2.6%
Non-controlling interest
4,135
3,701
2,834
+11.7%
Redeemable equity
16.5
9.6
9.6
+71.5%
Debt
11,316
10,160
8,792
+11.4%
Other liabilities
2,833
2,680
2,394
+5.7%
Total liabilities and equity
36,771
35,523
30,219
+3.5%
Fixed assets
26.6
23.2
26.4
+14.6%
Cash and equivalents
618
825
361
-25.1%
Other assets
36,127
34,675
29,832
+4.2%
Total assets
36,771
35,523
30,219
+3.5%
10-K for the year ended 31 December 2023, filed 29 January 2024: the filing.