Alexandria Real Estate Equities (ARE) FY2024 results: revenue $3.1 billion, up 8.0% on the year

Alexandria Real Estate Equities, Inc. (ARE) reported revenue of $3.1 billion for fiscal 2024, the year ended 31 December 2024, up 8.0% on the year before. Net income was $323 million, up 211.6%, and diluted earnings per share $1.80. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2025.

Revenue

$3.1 billion

+8.0% on the year

FY2017FY2024

Operating margin

13.7%

6.9% a year earlier

FY2017FY2024

Net income

$323 million

+211.6% on the year

FY2017FY2024

Diluted EPS

$1.80

+233.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,116	2,886	2,589	+8.0%
Operating income	427	198	464	+115.5%
Operating margin	13.7%	6.9%	17.9%
Interest expense	186	74.2	94.2	+150.4%
Net income	323	104	522	+211.6%
Net margin	10.4%	3.6%	20.1%
Diluted EPS	$1.80	$0.54	$3.18	+233.3%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,505	1,631	1,294	-7.7%
Capital expenditure	2,423	3,418	3,307	-29.1%
Free cash flow	-918	-1,788	-2,013
Free cash flow margin	-29.5%	-62.0%	-77.8%
Cash from investing	-1,511	-2,501	-5,080
Cash from financing	-93.3	674	4,230
Depreciation and amortisation	1,202	1,093	1,002	+10.0%
Share-based compensation	59.6	82.9	57.7	-28.0%
Buybacks	50.1	0.0	0.0
Dividends paid	899	847	758	+6.0%
Dividend per share	$5.19	$4.96	$4.72	+4.6%
Diluted shares, weighted	172m	171m	162m	+0.7%
Shares outstanding at period end	172m	172m	171m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	17,889	18,471	18,972	-3.2%
Non-controlling interest	4,489	4,135	3,701	+8.6%
Redeemable equity	20.0	16.5	9.6	+21.2%
Debt	12,244	11,316	10,160	+8.2%
Other liabilities	2,885	2,833	2,680	+1.8%
Total liabilities and equity	37,527	36,771	35,523	+2.1%
Fixed assets	39.6	26.6	23.2	+48.9%
Cash and equivalents	552	618	825	-10.7%
Other assets	36,936	36,127	34,675	+2.2%
Total assets	37,527	36,771	35,523	+2.1%

10-K for the year ended 31 December 2024, filed 27 January 2025: the filing.