AREMEDIUM SIGNALFINANCIAL10-K

Alexandria Real Estate Equities shows contracting operations with reduced portfolio size, higher interest costs, and declining market capitalization amid challenging real estate conditions.

The company's total market capitalization dropped from $29.0 billion to $20.75 billion, while its operating property base contracted from 39.8 million RSF to 35.9 million RSF, indicating portfolio optimization or asset dispositions in a difficult market environment. Rising interest expense of 22% coupled with reduced stockholders' equity suggests pressure from higher financing costs and potential asset write-downs affecting book value.

Comparing 2026-01-26 vs 2025-01-27View on EDGAR →
FINANCIAL ANALYSIS

Alexandria's financial position reflects the challenges facing commercial real estate, with interest expense rising 22% to $226.7 million as borrowing costs increased. Stockholders' equity declined 13.5% to $15.5 billion, indicating either asset impairments or distributions exceeding earnings. The combination of higher financing costs and reduced equity signals margin pressure in the current interest rate environment.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+22%
$185.8M$226.7M

Interest costs rose 22% — monitor debt levels and coverage ratio in rising rate environment.

Stockholders Equity
Balance Sheet
-13.5%
$17.9B$15.5B

Equity decreased 13.5% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-01-26
PRIOR — 2025-01-27
ADDED
As of January 15, 2026 , 173,300,361 shares of common stock were outstanding.
Generally Accepted Accounting Principles HVAC Heating, Ventilation, and Air Conditioning IRS Internal Revenue Service JV Joint Venture LEED Leadership in Energy and Environmental Design Nareit National Association of Real Estate Investment Trusts NAV Net Asset Value NIH U.S.
National Institutes of Health NYSE New York Stock Exchange REIT Real Estate Investment Trust RSF Rentable Square Feet/Foot SEC Securities and Exchange Commission SF Square Feet/Foot SoDo South of Downtown submarket of Seattle SOFR Secured Overnight Financing Rate SoMa South of Market submarket of San Francisco U.S.
Alexandria , Lighthouse Design logo, Building the Future of Life-Changing Innovation , That s What s in Our DNA , Labspace , Megacampus , Alexandria Center , Alexandria Technology Square , Alexandria Technology Center , Alexandria Innovation Center , and Alexandria Summit are copyrights and trademarks of Alexandria Real Estate Equities, Inc.
As of December 31, 2025 , Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction .
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REMOVED
As of January 15, 2025 , 173,091,762 shares of common stock were outstanding.
Generally Accepted Accounting Principles HVAC Heating, Ventilation, and Air Conditioning IRS Internal Revenue Service JV Joint Venture LEED Leadership in Energy and Environmental Design Nareit National Association of Real Estate Investment Trusts NAV Net Asset Value NYSE New York Stock Exchange REIT Real Estate Investment Trust RSF Rentable Square Feet/Foot SEC Securities and Exchange Commission SF Square Feet/Foot SoDo South of Downtown submarket of Seattle SOFR Secured Overnight Financing Rate SoMa South of Market submarket of San Francisco U.S.
Alexandria , Lighthouse Design logo, Building the Future of Life-Changing Innovation , Megacampus , Labspace , Alexandria Lifeline , Alexandria Center , Alexandria Technology Square , Alexandria Technology Center , Alexandria Innovation Center , and Alexandria Summit are copyrights and trademarks of Alexandria Real Estate Equities, Inc.
As of December 31, 2024 , Alexandria has a total market capitalization of $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction .
As of December 31, 2024 , we had 391 properties in North America consisting of approximately 44.1 million RSF of operating properties and new Class A/A+ development and redevelopment properties under construction , including 67 operating properties and development projects that are held by consolidated real estate joint ventures and four properties that are held by unconsolidated real estate joint ventures.
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