Sales down 2.9%
The latest figures
All key numbers (29) From EDGAR
| EPS (ttm) | -8.41 | Sales (ttm) | 2.8B | Net income (ttm) | -1.4B | Sales growth | -2.9% | EPS growth | -569% | Sales Q/Q | -10.7% |
| Free cash flow | - | Gross margin | - | Oper. margin | - | Net margin | -51.8% | FCF margin | - | ROE | -9.7% |
| ROA | -4.2% | R&D / sales | - | Dividend | 4.68 | Debt/Eq | 0.87 | Curr. ratio | - | Cash | 508.9M |
| Op. cash flow (ttm) | 1.2B | Net debt | 12.4B | Stock pay / sales | 1.4% | Shares out. | 174.2M | Shares Y/Y | -1.0% | Book / share | 85.02 |
| Cash / share | 2.92 | Sales / share | 15.84 | Asset turnover | 0.08 | Sales 3Y CAGR | +5.3% | Sales 5Y CAGR | +9.9% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to -2.9%+8.0% → -2.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Net income turned to a loss$322.9M → −$1.4B · Net income attributable to the company · 10-K ↗
ARE against Real estate peers
Ten years, side by side → · All 30 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| ARE Alexandria Real Estate Equities | $2.8B | -2.9% | - | -51.8% | -9.7% | - | 0.87 |
| DOC Healthpeak Properties | $3.1B | +4.5% | - | 12.3% | 4.8% | 12.3% | 1.19 |
| INVH Invitation Homes | $2.9B | +4.2% | - | 23.5% | 7.7% | - | 0.99 |
| SBAC SBA Communications | $2.9B | +5.1% | 75.7% | 34.5% | - | 36.9% | - |
| MAA Mid-America Apartment Communities | $2.2B | +0.8% | - | 17.6% | 7.0% | - | - |
| KIM Kimco Realty | $2.2B | +5.1% | - | 27.8% | 5.9% | 53.1% | 0.75 |
Profitability
0 of 3- !Net margin below the peer median-51.8% vs 21.7%
- !Return on equity below 15%-9.7%
- !A profit in 8 of 10 years
Cash and shareholders
1 of 2- !Share count up over 5 years+34.6%
- ✓Dividend per share up over 5 years$4.24 → $4.68
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$13.0B of principal due, schedule of Sep 30, 2026
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Revenue and net income, FY2016 to FY2025
Revenue 3.0B Net income -1.4BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $3.0B of revenue came from
by segment, year to Dec 31, 2025- Reportable Segment, Aggregation before Other Operating Segment $2.8B · 94%
- Other Operating Segment $191.3M · 6%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
ARE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Reportable Segment, Aggregation before Other Operating Segment | 2.8B | 93.7% | -3.2% |
| Other Operating Segment | 191.3M | 6.3% | +1.3% |
10-K 0001035443-26-000013, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Income from rentals | 2.9B | 97.3% | -3.4% |
| Income from rentals | 2.9B | 97.3% | -3.4% |
10-K 0001035443-26-000013, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 921.7M | 1.1B | 1.3B | 1.5B | 1.9B | 2.1B | 2.6B | 2.9B | 3.1B | 3.0B |
| SG&A | 63.9M | 75.0M | 90.4M | 108.8M | 133.3M | 151.5M | 177.3M | 199.4M | 168.4M | 117.0M |
| Interest expense | 107.0M | 128.6M | 157.5M | 173.7M | 171.6M | 142.2M | 94.2M | 74.2M | 185.8M | 226.7M |
| Net income | -65.9M | 169.1M | 379.3M | 363.2M | 771.0M | 571.2M | 521.7M | 103.6M | 322.9M | -1.4B |
| EPS (diluted) | -1.99 | 1.58 | 3.52 | 3.12 | 6.01 | 3.82 | 3.18 | 0.54 | 1.80 | -8.44 |
| Diluted shares | 76.1M | 92.1M | 103.3M | 112.5M | 126.5M | 147.5M | 161.7M | 170.9M | 172.1M | 170.3M |
| Depreciation & amortization | 313.4M | 416.8M | 477.7M | 544.6M | 698.1M | 821.1M | 1.0B | 1.1B | 1.2B | 1.4B |
| Net margin | -7.1% | 15.0% | 28.6% | 23.7% | 40.9% | 27.0% | 20.1% | 3.6% | 10.4% | -47.2% |
| Revenue growth | - | +22.4% | +17.7% | +15.4% | +23.1% | +12.1% | +22.5% | +11.5% | +8.0% | -2.9% |
| EPS growth | - | - | +123% | -11.4% | +92.6% | -36.4% | -16.8% | -83.0% | +233% | -569% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 125.0M | 254.4M | 234.2M | 189.7M | 568.5M | 361.3M | 825.2M | 618.2M | 552.1M | 549.1M |
| Property & equipment | 12.8M | 11.1M | 14.8M | 23.0M | 31.1M | 26.4M | 23.2M | 26.6M | 39.6M | 70.3M |
| Total assets | 10.4B | 12.1B | 14.5B | 18.4B | 22.8B | 30.2B | 35.5B | 36.8B | 37.5B | 34.1B |
| Total debt | 4.2B | 4.8B | 5.5B | 6.8B | 7.6B | 8.8B | 10.2B | 11.3B | 12.2B | 12.4B |
| Total liabilities | 5.0B | 5.6B | 6.6B | 8.2B | 9.4B | 11.2B | 12.8B | 14.1B | 15.1B | 14.9B |
| Shareholders' equity | 4.9B | 5.9B | 7.3B | 8.9B | 11.7B | 16.2B | 19.0B | 18.5B | 17.9B | 15.5B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 393.5M | 450.9M | 570.3M | 683.9M | 882.5M | 1.0B | 1.3B | 1.6B | 1.5B | 1.4B |
| Stock-based pay (added back) | 25.4M | 25.6M | 35.0M | 43.6M | 43.5M | 48.7M | 57.7M | 82.9M | 59.6M | 41.1M |
| Dividends paid | 262.8M | 321.8M | 385.8M | 451.2M | 533.0M | 656.0M | 757.7M | 847.5M | 898.6M | 911.5M |
| Buybacks | - | - | - | - | - | - | 0 | 0 | 50.1M | 208.2M |
| Acquisitions | - | 659.7M | - | - | - | - | - | - | - | - |
| Debt raised | 348.6M | 1.0B | 899.3M | 2.7B | 1.7B | 1.7B | 1.8B | 996.2M | 998.8M | 548.5M |
| Investing cash flow | -1.5B | -1.7B | -2.2B | -3.6B | -3.3B | -7.1B | -5.1B | -2.5B | -1.5B | 362.1M |
| Financing cash flow | 1.1B | 1.4B | 1.6B | 2.9B | 2.8B | 5.9B | 4.2B | 674.2M | -93.3M | -1.8B |
| Dividend per share | - | 3.45 | 3.73 | 4.00 | 4.24 | 4.48 | 4.72 | 4.96 | 5.19 | 4.68 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 25.4M | 25.6M | 35.0M | 43.6M | 43.5M | 48.7M | 57.7M | 82.9M | 59.6M | 41.1M |
| Stock-based pay / revenue | 2.8% | 2.3% | 2.6% | 2.8% | 2.3% | 2.3% | 2.2% | 2.9% | 1.9% | 1.4% |
| Operating lease cost | - | - | - | - | 23.5M | 28.6M | 36.5M | 39.9M | 40.7M | 46.0M |
| Operating lease cash paid | - | 14.6M | 14.8M | 17.7M | 20.8M | 24.7M | 55.2M | 32.2M | 167.8M | 171.9M |
| Right-of-use assets | - | - | 0 | 264.7M | 335.9M | 474.3M | 558.3M | 516.5M | 764.5M | 697.9M |
| Operating lease liabilities | - | - | 0 | 271.8M | 345.8M | 434.7M | 406.7M | 382.9M | 507.1M | 360.5M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.