Alexandria Real Estate Equities, Inc. Financial Ratios — ARE

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	10,848.53	11,986.86	16,418.45	10,634.34	16,559.86	-10,752.06	17,218.88	35,507.78	31,057.89	59,880.31	38,768.04	31,740.8	6,050.15	18,770.65	-83,429.82
Return on Assets (%)	2.11	1.49	1.86	1.3	1.69	-0.69	1.51	2.86	2.21	3.74	2.15	1.59	0.29	0.87	-3.99
Return on Capital (%)	6.12	4.91	5.62	4.6	5.67	- -	5.32	8.95	6.87	9.86	5.81	3.54	- -	1.94	- -
Return on Invested Capital (%)	3.11	2.37	2.83	3.06	3	- -	2.93	2.97	2.73	2.68	2.06	1.99	2.04	2.22	- -
Gross Margin (%)	70.42	69.08	69.56	69.58	68.13	68.98	70.99	71.01	70.63	71.77	70.42	69.6	69.77	70.19	68.67
EBITDA Margin (%)	64.04	61.67	62.01	62.15	60.85	61.86	64.3	64.14	63.46	61.62	60.64	59.83	59.48	61.86	63.42
Operating Margin (%)	34.38	27.3	31.29	31.04	28.97	26.94	27.17	27.81	27.55	27.5	24.29	23.81	24.29	25.24	18.85
Incremental Operating Margin (%)	5.68	-118.52	67.08	29.47	13.92	5.62	28.08	31.52	25.9	27.29	-1.9	21.65	28.9	38.24	205.35
Pretax Margin (%)	21.83	17.31	22.44	14.65	17.83	-5.55	17.3	30.64	26.64	44.04	31.03	26.04	9.89	16.75	-41.31
Profit Margin (%)	24.66	18.28	21.94	14.1	17.6	-7.34	15.07	28.85	23.94	41.05	27.1	20.25	3.65	10.59	-48.54
Net Income to Common Margin (%)	19.34	13.39	17.77	10.53	14.55	-9.6	14.38	28.46	23.73	41.05	27.1	20.25	3.65	10.59	-48.54
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	116.26	174.47	143.9	238.18	177.22	-449.81	148.4	90.4	101.41	60.33	88.97	92.44	184.9	128.64	-90.79
Sustainable Growth Rate (%)	-1,763.92	-8,926.49	-7,207.6	-14,694.34	-12,787.91	-59,115.99	-8,333.68	3,408.62	-438.81	23,752.14	4,277.32	2,400.67	-5,136.52	-5,375.5	-159,177.88

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	2,779	3,182	3,061	3,679	3,936	4,164	4,765	5,478	7,049	7,909	9,227	10,566	11,699	12,752	12,761
ST Debt	370	566	204	304	151	28	50	208	384	100	270	- -	100	- -	353
LT Debt	2,409	2,616	2,857	3,375	3,785	4,136	4,715	5,270	6,665	7,809	8,957	10,566	11,599	12,752	12,408
Total Debt/EBITDA	8.14	9.23	7.95	8.22	7.89	7.5	6.6	6.5	7.32	6.83	7.22	6.86	6.92	6.76	6.83
Net Debt/EBITDA	7.91	8.83	7.8	8.02	7.64	7.28	6.25	6.22	6.84	6.04	6.59	6.06	6.33	6.2	6.35
Total Debt/EBIT	15.17	20.86	15.75	16.45	16.58	17.22	15.63	14.98	16.87	15.31	18.01	17.22	16.94	16.57	22.99
Net Debt/EBIT	14.74	19.93	15.46	16.07	16.05	16.7	14.79	14.34	15.76	13.54	16.46	15.22	15.49	15.19	21.35
EBITDA to Interest Expense	5.38	4.98	5.67	5.65	4.71	5.19	5.61	5.35	5.54	6.74	8.99	16.36	22.78	10.15	8.24
EBITDA-CapEx/Interest Expense	-6.21	4.98	5.67	5.65	4.71	5.19	5.61	5.35	5.54	6.74	8.99	16.36	22.78	10.15	8.24
EBIT to Interest Expense	2.89	2.21	2.86	2.82	2.24	2.26	2.37	2.32	2.41	3.01	3.6	6.51	9.3	4.14	2.45
Interest Expense	63	69	68	79	106	107	129	157	174	172	142	94	74	186	227
Common Equity/Total Assets	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	- -	- -	- -	0.01
Long-Term Debt/Equity (%)	70.18	74.68	71.8	86.32	88.14	76.85	72.72	66.76	65.56	58.09	47.06	46.58	51.27	56.93	64.77
Long-Term Debt/Capital (%)	74.87	72.19	81.54	81.76	81.88	84.96	87.74	86.45	79.81	81.1	74.19	74	73.17	73.87	75.43
Long-Term Debt/Total Assets (%)	36.65	36.59	37.94	41.48	42.62	39.94	38.95	36.43	36.24	34.21	29.64	29.75	31.54	33.98	36.41
Total Debt/Equity (%)	80.96	90.83	76.93	94.09	91.66	77.37	73.5	69.39	69.34	58.83	48.48	46.58	51.71	56.93	66.62
Total Debt/Capital (%)	86.36	87.81	87.36	89.12	85.14	85.53	88.67	89.86	84.41	82.14	76.43	74	73.8	73.87	77.58
Total Debt/Total Assets (%)	42.28	44.5	40.65	45.21	44.32	40.21	39.37	37.87	38.33	34.65	30.53	29.75	31.81	33.98	37.44
Net Debt to Equity	78.67	86.81	75.48	91.89	88.74	75.04	69.57	66.43	64.8	52.03	44.29	41.15	47.29	52.2	61.87
Net Debt/Capital (%)	86.02	87.31	87.15	88.89	84.73	85.15	88.11	89.45	80.72	77.21	71.99	69.38	70.22	69.97	74.54
EBITDA	341	345	385	448	499	555	722	843	963	1,157	1,278	1,541	1,691	1,886	1,868
EBITDA-CapEx	-394	345	385	448	499	555	722	843	963	1,157	1,278	1,541	1,691	1,886	1,868
Operating Income (Loss)	183	153	194	224	237	242	305	366	418	517	512	613	690	770	555

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.12	0.15	0.09	0.11	0.19	0.18	0.34	0.22	0.15	0.5	0.21	0.49	0.31	0.28	0.25
Current Ratio	0.17	0.2	0.15	0.23	0.3	0.29	0.47	0.33	0.27	0.64	0.41	0.58	0.39	0.4	0.43
Quick Ratio	0.14	0.16	0.11	0.15	0.23	0.25	0.41	0.27	0.19	0.54	0.26	0.53	0.34	0.37	0.4
CFO/Avg Current Liab	0.78	0.39	0.4	0.48	0.48	0.58	0.62	0.63	0.59	0.73	0.7	0.76	0.89	0.76	0.68
Common Equity/Total Assets	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	- -	- -	- -	0.01
Long-Term Debt/Equity (%)	70.18	74.68	71.8	86.32	88.14	76.85	72.72	66.76	65.56	58.09	47.06	46.58	51.27	56.93	64.77
Long-Term Debt/Capital (%)	74.87	72.19	81.54	81.76	81.88	84.96	87.74	86.45	79.81	81.1	74.19	74	73.17	73.87	75.43
Long-Term Debt/Total Assets (%)	36.65	36.59	37.94	41.48	42.62	39.94	38.95	36.43	36.24	34.21	29.64	29.75	31.54	33.98	36.41
Total Debt/Equity (%)	80.96	90.83	76.93	94.09	91.66	77.37	73.5	69.39	69.34	58.83	48.48	46.58	51.71	56.93	66.62
Total Debt/Capital (%)	86.36	87.81	87.36	89.12	85.14	85.53	88.67	89.86	84.41	82.14	76.43	74	73.8	73.87	77.58
Total Debt/Total Assets (%)	42.28	44.5	40.65	45.21	44.32	40.21	39.37	37.87	38.33	34.65	30.53	29.75	31.81	33.98	37.44
CFO/Total Liabilities	7.86	8.38	8.81	7.91	7.47	7.91	8.02	8.68	8.32	9.4	9.03	10.08	11.52	9.94	9.47
CFO/CapEx	0.34	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.86	0.73	0.81	0.99	0.96	1.13	1.41	1.2	1.42	1.57	1.84	1.21	1.02	0.78	0.43

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	142.48	70.16	67.62	70.4	77.93	88.73	112.2	131.08	148.07	208.41	286.6	343.63	359.24	417.2	450.3
Days Sales Outstanding	2.56	5.2	5.4	5.18	4.68	4.11	3.25	2.78	2.47	1.75	1.27	1.06	1.02	0.87	0.81
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	3.65	1.8	1.86	1.38	1.14	0.92	0.91	1.35	2.15	2.19	1.56	1.73	1.88	1.72	1.77
Accounts Payable Turnover Days	100.05	202.76	196.52	263.95	320.51	397.25	401.34	270.75	169.82	166.6	233.68	210.46	194.18	212.6	206.79
Cash Conversion Cycle	-97.49	-197.56	-191.12	-258.76	-315.82	-393.14	-398.09	-267.97	-167.35	-164.84	-232.41	-209.4	-193.17	-211.73	-205.98
Inventory to Cash Days	2.56	5.2	5.4	5.18	4.68	4.11	3.25	2.78	2.47	1.75	1.27	1.06	1.02	0.87	0.81
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	4,074	4,309	4,329	6,316	6,463	8,457	11,955	11,871	18,130	22,475	32,758	23,549	21,666	16,786	8,335
- Cash & Cash Equivalents	79	141	58	86	125	125	254	234	190	569	361	825	618	552	549
+ Preferred Equity and Hybrid Capital	380	380	380	367	367	217	74	64	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	59	61	62	81	319	486	534	553	1,301	1,718	2,844	3,711	4,152	4,509	3,686
+ Total Debt	2,779	3,182	3,061	3,679	3,936	4,164	4,765	5,478	7,049	7,909	9,227	10,566	11,699	12,752	12,761
Enterprise Value	7,213	7,791	7,774	10,356	10,960	13,200	17,073	17,732	26,290	31,533	44,466	37,001	36,898	33,494	24,233
Total Capital	3,218	3,624	3,504	4,128	4,622	4,868	5,374	6,096	8,351	9,628	12,072	14,279	15,852	17,263	16,449
Total Debt/Capital (%)	86.36	87.81	87.36	89.12	85.14	85.53	88.67	89.86	84.41	82.14	76.43	74	73.8	73.87	77.58
Total Debt / EV	0.39	0.41	0.39	0.36	0.36	0.32	0.28	0.31	0.27	0.25	0.21	0.29	0.32	0.38	0.53
EV/Sales	13.54	13.94	12.52	14.38	13.37	14.71	15.21	13.49	17.33	16.79	21.09	14.36	12.98	10.98	8.23
EV/EBITDA	21.14	22.61	20.19	23.13	21.98	23.78	23.66	21.03	27.31	27.24	34.78	24.01	21.83	17.76	12.97
EV/EBIT	39.37	51.07	40.01	46.32	46.16	54.59	55.99	48.5	62.9	61.05	86.82	60.31	53.44	43.52	43.66
EV/Cash Flow to Firm	23.24	20.79	20.42	25.04	24.44	26.38	29.46	24.36	30.66	29.91	38.59	26.65	21.64	19.81	14.77
EV/Free Cash Flow to Firm	6.9	20.79	20.42	25.04	24.44	26.38	29.46	24.36	30.66	29.91	38.59	26.65	21.64	19.81	14.77
Diluted Market Cap	4,075	4,309	4,329	6,316	6,463	8,457	12,023	11,907	18,182	22,543	32,878	23,549	21,666	16,786	8,335
Diluted Enterprise Value	7,214	7,791	7,774	10,356	10,960	13,200	17,141	17,768	26,342	31,602	44,587	37,001	36,898	33,494	24,233
EV per Share	122.11	125.34	114.26	145.52	153.22	173.45	186.5	172.14	234.31	250.05	302.66	228.88	215.89	194.65	142.29
TTM Sales	533	559	621	720	820	897	1,122	1,315	1,517	1,878	2,108	2,576	2,842	3,050	2,945
TTM EBITDA	341	345	385	448	499	555	722	843	963	1,157	1,278	1,541	1,691	1,886	1,868
TTM Operating Income	183	153	194	224	237	242	305	366	418	517	512	613	690	770	555
TTM Cash Flow to Firm	310	375	381	414	448	500	580	728	858	1,054	1,152	1,389	1,705	1,690	1,641
TTM Free Cash Flow to Firm	1,045	375	381	414	448	500	580	728	858	1,054	1,152	1,389	1,705	1,690	1,641

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	4.15	14.1	13.84	18.89	18.87	21.49	26.66	20.88	26.59	25.54	32.55	18.19	13.29	11.16	5.89
EV/EBIT	39.37	51.07	40.01	46.32	46.16	54.59	55.99	48.5	62.9	61.05	86.82	60.31	53.44	43.52	43.66
Enterprise Value	7,213	7,791	7,774	10,356	10,960	13,200	17,073	17,732	26,290	31,533	44,466	37,001	36,898	33,494	24,233
Low Price	56.1	64.09	60.86	62.93	82.91	70.69	106.89	109.04	110.66	109.22	154.37	126.74	90.73	96.44	44.1
EV/Sales	13.54	13.94	12.52	14.38	13.37	14.71	15.21	13.49	17.33	16.79	21.09	14.36	12.98	10.98	8.23
EV/EBITDA	21.14	22.61	20.19	23.13	21.98	23.78	23.66	21.03	27.31	27.24	34.78	24.01	21.83	17.76	12.97
Price/Earnings	39.53	57.61	39.23	83.24	54.21	- -	74.06	31.72	50.37	29.15	57.34	45.14	209.05	51.98	- -
Price/Earnings Average	42.06	59.61	42.02	72	55.39	-86.99	67.41	34.23	45.37	26.25	48.41	51.3	201.78	62.73	-9.23
Price/Earnings High	48.9	64.07	48.37	85.82	61.77	-101.33	76.2	36.06	50.97	29.41	57.86	69.52	284.71	69.99	-12.53
Price/Earnings Low	32.15	53.26	37.53	59.03	49.74	-62.46	60.62	30.01	34.49	17.87	39.7	39.28	149.62	51.38	-5.25
Price/Book Value	6,613.37	6,817.92	6,079.46	8,833.04	8,914.98	9,643.47	11,978.95	10,694.48	15,008.21	16,440.83	20,732.6	13,795.47	12,603.92	9,747.69	4,888.46
Price/Book Value Average	7,036.91	7,055.2	6,511.57	7,640.23	9,108.99	8,542.81	10,903.93	11,541.41	13,518.67	14,804.25	17,501.8	15,678.08	12,165.58	11,763.66	7,741.57
Price/Book Value High	8,182.1	7,583.12	7,494.69	9,106.77	10,158.1	9,950.66	12,325.69	12,157.04	15,187.48	16,585.66	20,917.64	21,244.85	17,165.47	13,126.16	10,502.1
Price/Book Value Low	5,379.3	6,303.53	5,815.72	6,263.96	8,179.96	6,134.23	9,804.96	10,119.11	10,278.56	10,075.56	14,354.55	12,002.73	9,020.69	9,636.78	4,405.01
Price/Tangible Book Value	1.33	1.38	1.2	1.78	1.65	1.64	1.87	1.52	1.78	1.67	1.72	1.04	0.96	0.75	0.44
Price/Tangible Book Value Average	1.42	1.43	1.29	1.54	1.68	1.45	1.7	1.64	1.61	1.51	1.45	1.18	0.92	0.9	0.69
Price/Tangible Book Value High	1.65	1.53	1.48	1.84	1.88	1.69	1.92	1.72	1.8	1.69	1.74	1.6	1.3	1.01	0.93
Price/Tangible Book Value Low	1.09	1.28	1.15	1.26	1.51	1.04	1.53	1.43	1.22	1.02	1.19	0.9	0.69	0.74	0.39
Price/Sales	7.64	7.71	6.97	8.77	7.89	9.42	10.65	9.03	11.95	11.97	15.54	9.14	7.62	5.5	2.83
Price/Sales Average	8.13	7.98	7.47	7.58	8.06	8.35	9.7	9.74	10.77	10.77	13.12	10.39	7.36	6.64	4.48
Price/Sales High	9.46	8.58	8.59	9.04	8.99	9.72	10.96	10.26	12.1	12.07	15.68	14.08	10.38	7.41	6.08
Price/Sales Low	6.22	7.13	6.67	6.22	7.24	5.99	8.72	8.54	8.19	7.33	10.76	7.95	5.46	5.44	2.55
Price/Cash Flow	16.5	14.1	13.84	18.89	18.87	21.49	26.51	20.81	26.51	25.47	32.43	18.19	13.29	11.16	5.89
Price/Cash Flow Average	17.55	14.59	14.83	16.34	19.28	19.04	24.14	22.46	23.88	22.93	27.37	20.68	12.83	13.46	9.33
Price/Cash Flow High	20.41	15.69	17.06	19.48	21.5	22.18	27.28	23.66	26.83	25.69	32.72	28.02	18.1	15.02	12.66
Price/Cash Flow Low	13.42	13.04	13.24	13.4	17.31	13.67	21.7	19.69	18.16	15.61	22.45	15.83	9.51	11.03	5.31
Price/Free Cash Flow Average	4.41	14.59	14.83	16.34	19.28	19.04	24.27	22.53	23.95	23	27.47	20.68	12.83	13.46	9.33
Price/Free Cash Flow High	5.13	15.69	17.06	19.48	21.5	22.18	27.44	23.73	26.9	25.77	32.84	28.02	18.1	15.02	12.66
Price/Free Cash Flow Low	3.37	13.04	13.24	13.4	17.31	13.67	21.83	19.75	18.21	15.65	22.53	15.83	9.51	11.03	5.31
EV/Sales Average	14.03	14.21	13.01	13.19	13.54	13.63	14.26	14.2	16.15	15.6	18.67	15.61	12.72	12.12	9.88
EV/Sales High	15.35	14.81	14.14	14.65	14.47	15.01	15.52	14.72	17.47	16.89	21.23	19.3	15.74	12.89	11.48
EV/Sales Low	12.11	13.36	12.22	11.83	12.72	11.28	13.28	13	13.57	12.16	16.31	13.18	10.81	10.92	7.95
EV/EBITDA Average	21.9	23.05	20.99	21.23	22.26	22.04	22.17	22.14	25.44	25.31	30.79	26.09	21.38	19.6	15.58
EV/EBITDA High	23.97	24.01	22.8	23.57	23.78	24.26	24.14	22.95	27.54	27.42	35.01	32.26	26.46	20.84	18.1
EV/EBITDA Low	18.91	21.67	19.7	19.03	20.91	18.23	20.65	20.27	21.38	19.73	26.9	22.02	18.18	17.65	12.53
EV/EBIT Average	40.79	52.05	41.59	42.5	46.76	50.6	52.47	51.07	58.6	56.72	76.85	65.55	52.35	48.03	52.42
EV/EBIT High	44.64	54.24	45.19	47.19	49.96	55.71	57.13	52.94	63.42	61.43	87.39	81.04	64.8	51.07	60.9
EV/EBIT Low	35.22	48.94	39.04	38.1	43.92	41.86	48.88	46.75	49.23	44.2	67.14	55.33	44.52	43.27	42.17
Last Price	68.97	69.32	63.62	88.74	90.36	111.13	130.59	115.24	161.58	178.22	222.96	145.67	126.77	97.55	48.94
High Price	85.33	77.1	78.43	91.49	102.96	114.67	134.37	131	163.51	179.79	224.95	224.33	172.65	131.36	105.14
Enterprise Value Average	7,474	7,941	8,082	9,504	11,101	12,234	16,000	18,672	24,491	29,296	39,362	40,215	36,145	36,966	29,098
Enterprise Value High	8,179	8,275	8,782	10,552	11,861	13,469	17,419	19,355	26,507	31,731	44,759	49,717	44,740	39,312	33,804
Enterprise Value Low	6,453	7,466	7,586	8,520	10,427	10,122	14,904	17,093	20,577	22,832	34,389	33,941	30,739	33,303	23,409

Shares Outstanding	62	63	71	71	73	88	100	111	121	137	158	171	172	172	171
Diluted Weighted Avg Shares	59	62	68	71	72	76	92	103	113	126	147	162	171	172	170
Basic Weighted Avg Shares	59	62	68	71	72	76	92	103	112	126	147	162	171	172	170
Revenue per Share	9.02	8.99	9.13	10.12	11.46	11.79	12.26	12.76	13.52	14.89	14.35	15.94	16.63	17.72	17.29
EBITDA per Share	5.78	5.54	5.66	6.29	6.97	7.3	7.88	8.19	8.58	9.18	8.7	9.53	9.89	10.96	10.97
Operating Income per Share	3.1	2.45	2.86	3.14	3.32	3.18	3.33	3.55	3.72	4.1	3.49	3.79	4.04	4.47	3.26
Basic EPS, GAAP	1.74	1.2	1.62	1.07	1.67	-1.13	1.76	3.63	3.21	6.11	3.89	3.23	0.61	1.88	-8.39
Basic EPS from Cont Ops	1.97	1.56	2.05	1.48	2.04	-0.65	2.12	3.91	3.6	6.56	4.45	4.15	1.64	2.97	-7.14
Diluted EPS, GAAP	1.74	1.2	1.62	1.07	1.67	-1.13	1.75	3.62	3.2	6.1	3.87	3.23	0.61	1.88	-8.39
Diluted EPS from Cont Ops	1.97	1.56	2.05	1.48	2.04	-0.65	2.11	3.9	3.59	6.54	4.44	4.15	1.64	2.97	-7.14
Dividend per Share	2.29	2.48	2.87	3.21	3.4	3.45	3.51	3.75	4.02	4.23	4.46	4.69	4.96	5.22	5.35
Cash Flow per Share	4.18	4.92	4.6	4.7	4.79	5.17	4.93	5.54	6.09	7	6.88	8.01	9.54	8.74	8.3
Free Cash Flow per Basic Share	-8.26	4.92	4.6	4.7	4.79	5.17	4.93	5.54	6.09	7	6.88	8.01	9.54	8.74	8.3
Cash & Equivalents per Share	1.33	2.27	0.85	1.21	1.75	1.64	2.78	2.27	1.69	4.51	2.46	5.1	3.62	3.21	3.22
Book Value per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Tangible Book Value per Share	51.69	50.24	52.9	49.77	54.9	67.87	70.01	76.02	90.61	106.61	129.55	140.32	132.37	130.17	112.48

Alexandria Real Estate Equities, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)