Filing Flows

Filing Flows › Companies › Alexandria Real Estate Equities › Cash flow

Alexandria Real Estate Equities cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$37.0M in Q3 2026 · −$473M over twelve months

Operating cash flow$342M
Capital spending−$379M
Free cash flow−$37.0M

Analysis

In Q3 2026, Alexandria Real Estate Equities generated $342M of operating cash flow and spent $379M on capital projects, leaving free cash flow of −$37.0M. That is $12.8M less than in Q3 2025 (−$24.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were capital spending ($1.7B), net borrowing (+) / repaid (−) ($1.3B), partners ($866M); besides operations, cash came from asset & business sales ($2.1B), other financing ($901M); the cash balance fell by $70.4M.

Operating cash flow was $342M against net income of −$599M. The largest differences: depreciation & amortization +$304M, prepaid and other assets −$28.9M, gains on investments −$24.0M.

Free cash flow

Alexandria Real Estate Equities: free cash flow by quarterAlexandria Real Estate Equities: free cash flow by quarter−$216MQ4 2024−$438MQ1 2025$25.1MQ2 2025−$24.1MQ3 2025−$19.9MQ4 2025−$349MQ1 2026−$66.4MQ2 2026−$37.0MQ3 2026
Operating cash flow less capital spending.
Alexandria Real Estate Equities: operating cash flow against capital spendingAlexandria Real Estate Equities: operating cash flow against capital spendingOperating cash flowCapital spending$274M$490MQ4 2024$208M$646MQ1 2025$460M$435MQ2 2025$433M$458MQ3 2025$312M$332MQ4 2025$197M$546MQ1 2026$337M$403MQ2 2026$342M$379MQ3 2026
Latest (Q3 2026): Operating cash flow $342M, Capital spending $379M.

Capital allocation, year by year

Alexandria Real Estate Equities: where the cash came from (up) and went (down), by fiscal yearAlexandria Real Estate Equities: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.0BFY2021: Net borrowing $1.9BFY2021: Shares issued $3.5BFY2021: Asset sales $191MFY2021: Capital spending −$2.1BFY2021: Acquisitions −$9.0MFY2021: Dividends −$656M$6.6BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing $1.5BFY2022: Shares issued $2.3BFY2022: Asset sales $994MFY2022: Capital spending −$3.3BFY2022: Dividends −$758M$6.2BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing $1.1BFY2023: Shares issued $104MFY2023: Asset sales $1.2BFY2023: Capital spending −$3.4BFY2023: Dividends −$847M$4.0BFY2023FY2024: Operating cash flow $1.5BFY2024: Net borrowing $899MFY2024: Shares issued $27.1MFY2024: Asset sales $1.2BFY2024: Capital spending −$2.4BFY2024: Buybacks −$50.1MFY2024: Dividends −$899M$3.7BFY2024FY2025: Operating cash flow $1.4BFY2025: Net borrowing $148MFY2025: Asset sales $2.3BFY2025: Capital spending −$1.9BFY2025: Buybacks −$208MFY2025: Dividends −$911M$3.9BFY2025
Over these 5 years operating cash flow totalled $6.9B; the largest uses were capital spending ($13.1B) and dividends ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$509M
Debt$12.9B
Net debt$12.4B
Due within a year$600M

Alexandria Real Estate Equities's operations bring cash in ($1.2B over twelve months), and it spends more than that on capital projects: a gap of $473M funded from its $509M of cash and investments and from borrowing ($12.9B of debt, $600M due within a year). That is a choice to invest, not a cash runway running down.

Alexandria Real Estate Equities: debt maturities by year (FY2024)Alexandria Real Estate Equities: debt maturities by year (FY2024)$600MYear 1$800MYear 2$350MYear 3$425MYear 4$700MYear 5$9.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $509M of cash and investments now.

Where the cash came from and went

Alexandria Real Estate Equities: sources (+) and uses (−) of cash, Q3 2026Alexandria Real Estate Equities: sources (+) and uses (−) of cash, Q3 2026Other financing$951MNet borrowing (+) / repaid (−)−$904MCapital spending−$379MOperating cash flow$342MAsset & business sales$232MDividends−$124MPartners−$50.4MCash drawn (+) / kept (−)−$38.6MOther investing−$24.1MTaxes on employees’ shares−$4.2MExchange rates$97K
Alexandria Real Estate Equities: sources (+) and uses (−) of cash, TTM to Q3 2026Alexandria Real Estate Equities: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$2.1BCapital spending−$1.7BNet borrowing (+) / repaid (−)−$1.3BOperating cash flow$1.2BOther financing$901MPartners−$866MDividends−$598MOther investing$193MCash drawn (+) / kept (−)$70.4MTaxes on employees’ shares−$17.8MExchange rates$1.7M

From profit to cash

Alexandria Real Estate Equities: net income to operating cash flow, Q3 2026Alexandria Real Estate Equities: net income to operating cash flow, Q3 2026Net income−$599MDepreciation & amortization$304MStock-based pay$12.0MGains on investments−$24.0MPrepaid and other assets−$28.9MOperating cash flow$342M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$342M−$379M—−$124M−$904M−$38.6M−$37.0M
Q2 2026$337M−$403M—−$124M$292M−$51.8M−$66.4M
Q1 2026$197M−$546M—−$124M$497M$130M−$349M
Q4 2025$312M−$332M—−$227M−$1.2B$30.4M−$19.9M
Q3 2025$433M−$458M—−$227M$296M−$56.2M−$24.1M
Q2 2025$460M−$435M—−$227M$200M−$44.2M$25.1M
Q1 2025$208M−$646M−$208M−$230M$849M$76.1M−$438M
Q4 2024$274M−$490M−$50.1M−$227M−$455M$19.8M−$216M

Alexandria Real Estate Equities: income statement and cash flow

Alexandria Real Estate Equities, Q3 2026: revenue $671M (-11% year over year), operating margin -92.3%. The chart follows the revenue to costs, profit and cash.

Alexandria Real Estate Equities: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.