Companies · ARE
Alexandria Real Estate
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Latest analysis
Updated Aug 21, 2026
ARE issues $1B subordinated notes with 7.25% coupon, resetting in 2032 to 5Y Treasury plus 289bp.
Alexandria Real Estate Equities issued $1 billion in Series A Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057 on August 21, 2026. The Notes carry a fixed 7.25% coupon through February 2032, then reset annually at Five-Year U.S. Treasury Rate plus 289 basis points with a floor of 7.25%. The issuance taps ARE's existing shelf registration and is fully guaranteed by its operating partnership on a subordinated unsecured basis. Interest payment dates are February 15 and August 15 annually, beginning February 15, 2027.
Tone: neutralRevenue
$3B
ARE 10-K · FY 2025
Employees
514
Revenue FY2024
$3.1B
Founded
1994
Profile
ARE 10-K Item 1 · Jan 26, 2026Alexandria Real Estate Equities is a Maryland REIT and the pioneer of the life science real estate niche, founded in 1994. The company owns, operates, and develops Class A/A+ laboratory and collaborative Megacampus ecosystems in AAA life science innovation clusters across North America. It also maintains a venture capital platform providing strategic capital to life science companies.
Read filing description ↓ Collapse description ↑
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. 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. We develop dynamic Megacampus ecosystems that enable and inspire the world's most brilliant minds and innovative companies to create life-changing scientific and technological innovations. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
Primary products
- Class A/A+ laboratory space
- Megacampus ecosystems
- Ground-up development of laboratory facilities
- Redevelopment of office/warehouse/shell space into laboratory space
- Pre-construction services
- Venture capital platform
Business segments
End markets
Geographies
“With our founding in 1994, Alexandria pioneered the life science real estate niche. Today, we are the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues decreased by $89.8 million, or 2.9%, to $3.03 billion for the year ended December 31, 2025, compared to $3.12 billion for 2024, primarily driven by dispositions of real estate assets; excluding those dispositions, total revenues would have increased by 2.3%.
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