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Alexandria Real Estate Equities (ARE) Q1 2025 earnings results (first quarter 2025)

10-Q filed Apr 28, 2025

Alexandria Real Estate Equities (ARE) reported revenue of $758M for the first quarter 2025 (Q1 2025), -1% from a year earlier and -4% from the quarter before. Operating margin was 10.0%, net earnings $38.7M (5.1% of revenue).

Revenue$758M
Year over year-1%
Quarter over quarter-4%
Operating margin10.0%
Net earnings$38.7M

Alexandria Real Estate Equities, Q1 2025: revenue $758M (-1% year over year), operating margin 10.0%, net earnings $38.7M, operating cash flow $208M. The chart follows the revenue to costs, profit and cash.

Q1 2025AmountQ/QY/Y
Revenue$758M-4%-1%
Operating profit$76.0M—-57%
Net earnings$38.7M—-82%
Operating cash flow$208M-24%-39%

What changed

Revenue was $758.2M in Q1 2025, down 1% year over year and down 4% from the previous quarter. Income from rentals was the largest line at 98% of revenue. Income from rentals lost $12.4M year over year (down 2%), 113% of the total change.

Operating profit was $76.0M, a 10.0% margin (down 12.8 points year over year). Total costs grew 15% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were −$8.9M. The effective tax rate was 0.0%.

Operating cash flow was $207.9M (down 39% year over year), 538% of net income including minority interests. Non-cash charges added back $342.1M of depreciation and amortization and $10.1M of share-based compensation. Working capital and other items used $182.8M. Capital expenditures of $645.8M exceeded it, leaving free cash flow of −$437.9M.

Questions

What was Alexandria Real Estate Equities' revenue in the first quarter 2025?

Alexandria Real Estate Equities (ARE) reported revenue of $758M for the first quarter 2025 (Q1 2025), -1% from a year earlier and -4% from the quarter before.

Was Alexandria Real Estate Equities profitable in the first quarter 2025?

Operating profit was $76.0M (10.0% of revenue) and net earnings $38.7M.

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Source: Alexandria Real Estate Equities 10-Q on SEC EDGAR.