ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Dec 31, 2025. Filed Jan 26, 2026.
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FY2025 · Filed Jan 26, 2026
ARE$44.70-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Alexandria Real Estate Equities, Inc.Consolidated Statements of Cash Flows(In thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Operating Activities | |||
| Net (loss) income | $(1,216,726) | $510,733 | $280,994 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,350,478 | 1,202,380 | 1,093,473 |
| Impairment of real estate | 2,202,818 | 223,068 | 461,114 |
| Gain on sales of real estate | (642,445) | (129,312) | (277,037) |
| Loss on early extinguishment of debt | 107 | — | — |
| Equity in losses (earnings) of unconsolidated real estate joint ventures | 9,631 | (7,059) | (980) |
| Distributions of earnings from unconsolidated real estate joint ventures | 2,179 | 2,982 | 3,257 |
| Amortization of loan fees | 18,292 | 17,130 | 15,486 |
| Amortization of debt discounts | 1,336 | 1,309 | 1,207 |
| Amortization of acquired above- and below-market leases | (37,763) | (85,679) | (93,331) |
| Deferred rent | (73,476) | (143,329) | (133,917) |
| Stock compensation expense | 41,119 | 59,634 | 82,858 |
| Investment loss | 56,343 | 53,122 | 195,397 |
| Changes in operating assets and liabilities: | |||
| Tenant receivables | (252) | 1,766 | (102) |
| Deferred leasing costs | (123,195) | (108,346) | (109,339) |
| Other assets | (56,577) | (37,052) | 798 |
| Accounts payable, accrued expenses, and other liabilities | (117,823) | (56,823) | 110,672 |
| Net cash provided by operating activities | 1,414,046 | 1,504,524 | 1,630,550 |
| Investing Activities | |||
| Proceeds from sales of real estate | 2,320,875 | 1,220,206 | 1,195,743 |
| Additions to real estate | (1,870,924) | (2,422,625) | (3,418,296) |
| Purchases of real estate | — | (248,699) | (265,750) |
| Change in escrow deposits | (7,364) | 3,864 | (5,582) |
| Investments in unconsolidated real estate joint ventures | (11,296) | (3,927) | (658) |
| Return of capital from unconsolidated real estate joint ventures | 566 | 2,916 | — |
| Additions to non-real estate investments | (238,763) | (236,357) | (189,472) |
| Sales of and distributions from non-real estate investments | 169,003 | 173,927 | 183,396 |
| Net cash provided by (used in) investing activities | $362,097 | $(1,510,695) | $(2,500,619) |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
| Alexandria Real Estate Equities, Inc.Consolidated Statements of Cash Flows(In thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Financing Activities | |||
| Borrowings under secured notes payable | $4,031 | $29,919 | $59,957 |
| Repayments of borrowings under secured notes payable | (154,212) | (32) | (30) |
| Proceeds from issuances of unsecured senior notes payable | 548,532 | 998,806 | 996,205 |
| Repayment of unsecured senior notes payable | (600,000) | — | — |
| Borrowings under unsecured senior line of credit | 700,000 | — | 1,245,000 |
| Repayments of borrowings under unsecured senior line of credit | (700,000) | — | (1,245,000) |
| Proceeds from issuances under commercial paper program | 25,426,375 | 13,010,600 | 9,234,000 |
| Repayments of borrowings under commercial paper program | (25,072,875) | (13,110,600) | (9,134,000) |
| Payments of loan fees | (5,307) | (35,871) | (16,047) |
| Taxes paid related to net settlement of equity awards | (24,409) | (62,413) | (24,592) |
| Proceeds from issuance of common stock | — | 27,103 | 103,846 |
| Repurchase of common stock | (208,187) | (50,107) | — |
| Dividends on common stock | (911,450) | (898,557) | (847,483) |
| Contributions from and sales of noncontrolling interests | 165,488 | 306,473 | 547,391 |
| Distributions to and purchases of noncontrolling interests | (951,780) | (308,636) | (245,091) |
| Net cash (used in) provided by financing activities | (1,783,794) | (93,315) | 674,156 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,559 | (1,438) | (1,291) |
| Net decrease in cash, cash equivalents, and restricted cash | (6,092) | (100,924) | (197,204) |
| Cash, cash equivalents, and restricted cash as of the beginning of period | 559,847 | 660,771 | 857,975 |
| Cash, cash equivalents, and restricted cash as of the end of period | $553,755 | $559,847 | $660,771 |
| Supplemental Disclosure and Non-Cash Investing and Financing Activities: | |||
| Cash paid during the period for interest, net of interest capitalized | $204,030 | $160,082 | $46,583 |
| Accrued construction for current-period additions to real estate | $339,481 | $465,611 | $629,351 |
| Derecognition of net investment in real estate from sales-type lease | $4,677 | $— | $— |
| Deconsolidation of noncontrolling interests upon real estate sales | $153,475 | $— | $— |
| Contribution of assets from and issuance of noncontrolling interest to real estate joint venture partner | $— | $106,941 | $33,250 |
| Transfer of real estate assets and/or equipment from tenants | $178,651 | $129,154 | $31,310 |
| Reallocation of additional paid-in-capital to consolidated joint venture partner’s noncontrolling interest | $6,831 | $30,185 | $— |
| Notes receivable issued in connection with sales of real estate | $123,950 | $104,166 | $— |
| Initial recognition of right-of-use asset and lease liability | $— | $265,203 | $— |
| Payable for purchase of noncontrolling interest | $— | $— | $(35,250) |
| Exchange of joint venture interests:(1) | |||
| Disposition of our interest in Pacific Technology Park | $82,392 | $— | $— |
| Acquisition of our partner’s noncontrolling interest in 199 East Blaine Street | $96,543 | $— | $— |
(1)Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” for additional information.
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