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 (%)	3.72	2.47	3.34	2.17	3.37	-2.08	3.06	5.69	4.46	7.49	4.09	2.97	0.55	1.78	-8.57
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 (%)	3.24	2.6	2.92	2.4	3.14	- -	2.62	4.17	3.24	4.6	2.54	1.52	- -	0.92	- -
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 (%)	-0.6	-1.84	-1.47	-3	-2.6	-11.43	-1.48	0.55	-0.06	2.97	0.45	0.22	-0.47	-0.51	-16.35

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	45.55	42.82	46.97	42.54	40.63	45.19	48.54	50.31	48.21	51.37	53.57	53.41	50.23	47.67	45.39
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 (%)	38.78	39.13	40.58	44.47	45.99	43.33	41.92	39.41	38.72	36.57	31.69	31.78	33.79	36.28	38.87
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 (%)	44.74	47.6	43.48	48.48	47.82	43.62	42.36	40.97	40.95	37.04	32.65	31.78	34.09	36.28	39.98
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 (%)	44.03	46.47	43.01	47.89	47.02	42.87	41.03	39.91	38.69	33.65	30.22	28.79	31.74	33.79	37.78
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	45.55	42.82	46.97	42.54	40.63	45.19	48.54	50.31	48.21	51.37	53.57	53.41	50.23	47.67	45.39
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 (%)	38.78	39.13	40.58	44.47	45.99	43.33	41.92	39.41	38.72	36.57	31.69	31.78	33.79	36.28	38.87
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 (%)	44.74	47.6	43.48	48.48	47.82	43.62	42.36	40.97	40.95	37.04	32.65	31.78	34.09	36.28	39.98
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	0.89	0.74	0.85	0.99	0.98	1.28	1.53	1.28	1.52	1.69	1.98	1.27	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	4,246	4,384	4,528	6,342	6,555	9,742	13,031	12,793	19,519	24,361	35,237	24,873	21,793	16,798	8,346
- 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	7,385	7,866	7,973	10,383	11,052	14,485	18,149	18,654	27,679	33,420	46,946	38,325	37,025	33,507	24,245
Total Capital	6,212	6,685	7,040	7,588	8,230	9,546	11,248	13,373	17,216	21,353	28,260	33,250	34,322	35,150	31,918
Total Debt/Capital (%)	44.74	47.6	43.48	48.48	47.82	43.62	42.36	40.97	40.95	37.04	32.65	31.78	34.09	36.28	39.98
Total Debt / EV	0.38	0.4	0.38	0.35	0.36	0.29	0.26	0.29	0.25	0.24	0.2	0.28	0.32	0.38	0.53
EV/Sales	13.86	14.08	12.84	14.41	13.49	16.14	16.17	14.19	18.25	17.79	22.27	14.88	13.03	10.99	8.23
EV/EBITDA	21.64	22.83	20.71	23.19	22.16	26.09	25.15	22.12	28.76	28.87	36.72	24.87	21.9	17.76	12.98
EV/EBIT	40.3	51.56	41.03	46.43	46.55	59.91	59.52	51.02	66.23	64.7	91.66	62.47	53.62	43.53	43.68
EV/Cash Flow to Firm	23.8	20.99	20.95	25.1	24.65	28.94	31.32	25.63	32.28	31.7	40.74	27.6	21.72	19.82	14.78
EV/Free Cash Flow to Firm	7.06	20.99	20.95	25.1	24.65	28.94	31.32	25.63	32.28	31.7	40.74	27.6	21.72	19.82	14.78
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	119.96	124.38	112.03	145.28	152.34	165.23	181.88	168.04	229.13	244.49	297.05	224.45	215.38	194.58	142.17
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	40.3	51.56	41.03	46.43	46.55	59.91	59.52	51.02	66.23	64.7	91.66	62.47	53.62	43.53	43.68
Enterprise Value	7,385	7,866	7,973	10,383	11,052	14,485	18,149	18,654	27,679	33,420	46,946	38,325	37,025	33,507	24,245
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	13.86	14.08	12.84	14.41	13.49	16.14	16.17	14.19	18.25	17.79	22.27	14.88	13.03	10.99	8.23
EV/EBITDA	21.64	22.83	20.71	23.19	22.16	26.09	25.15	22.12	28.76	28.87	36.72	24.87	21.9	17.76	12.98
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	1.42	1.43	1.28	1.83	1.82	2.08	2.22	1.76	2.2	2.08	2.18	1.31	1.18	0.94	0.54
Price/Book Value Average	1.51	1.48	1.37	1.58	1.86	1.84	2.02	1.9	1.98	1.87	1.84	1.49	1.14	1.13	0.85
Price/Book Value High	1.75	1.59	1.58	1.89	2.07	2.15	2.28	2	2.23	2.1	2.2	2.02	1.61	1.26	1.16
Price/Book Value Low	1.15	1.32	1.22	1.3	1.67	1.32	1.82	1.66	1.51	1.27	1.51	1.14	0.84	0.93	0.49
Price/Tangible Book Value	1.42	1.43	1.28	1.83	1.82	2.08	2.22	1.76	2.2	2.08	2.18	1.31	1.18	0.94	0.54
Price/Tangible Book Value Average	1.51	1.48	1.37	1.58	1.86	1.84	2.02	1.9	1.98	1.87	1.84	1.49	1.14	1.13	0.85
Price/Tangible Book Value High	1.75	1.59	1.58	1.89	2.07	2.15	2.28	2	2.23	2.1	2.2	2.02	1.61	1.26	1.16
Price/Tangible Book Value Low	1.15	1.32	1.22	1.3	1.67	1.32	1.82	1.66	1.51	1.27	1.51	1.14	0.84	0.93	0.49
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	14.37	14.35	13.36	13.22	13.66	14.9	15.13	14.96	16.97	16.5	19.66	16.2	12.76	12.13	9.89
EV/Sales High	15.75	14.96	14.54	14.69	14.6	16.49	16.51	15.52	18.4	17.91	22.42	20.09	15.8	12.9	11.49
EV/Sales Low	12.37	13.49	12.52	11.85	12.83	12.19	14.06	13.66	14.19	12.77	17.13	13.62	10.85	10.92	7.95
EV/EBITDA Average	22.44	23.27	21.54	21.28	22.45	24.09	23.53	23.32	26.74	26.78	32.43	27.07	21.45	19.6	15.59
EV/EBITDA High	24.59	24.26	23.44	23.63	23.99	26.65	25.67	24.2	29	29.06	36.97	33.58	26.57	20.85	18.11
EV/EBITDA Low	19.32	21.87	20.2	19.07	21.08	19.7	21.87	21.31	22.37	20.73	28.24	22.77	18.24	17.66	12.54
EV/EBIT Average	41.79	52.56	42.69	42.6	47.15	55.31	55.68	53.8	61.59	60	80.94	68.01	52.53	48.05	52.46
EV/EBIT High	45.8	54.79	46.46	47.31	50.4	61.19	60.76	55.81	66.79	65.11	92.28	84.37	65.05	51.1	60.95
EV/EBIT Low	35.98	49.39	40.02	38.18	44.28	45.24	51.76	49.14	51.51	46.44	70.5	57.2	44.65	43.28	42.19
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	7,657	8,019	8,295	9,526	11,195	13,373	16,980	19,667	25,742	30,995	41,455	41,719	36,267	36,981	29,116
Enterprise Value High	8,392	8,358	9,028	10,579	11,966	14,795	18,526	20,404	27,912	33,634	47,261	51,756	44,913	39,329	33,829
Enterprise Value Low	6,592	7,536	7,777	8,538	10,512	10,939	15,784	17,966	21,528	23,988	36,106	35,093	30,830	33,316	23,419

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	1.28	2.23	0.81	1.2	1.72	1.43	2.55	2.11	1.57	4.16	2.29	4.83	3.6	3.21	3.22
Book Value per Share	48.65	48.41	49.69	48.43	49.73	53.37	58.88	65.56	73.39	85.78	102.44	111.11	107.45	103.88	90.71
Tangible Book Value per Share	48.65	48.41	49.69	48.43	49.73	53.37	58.88	65.56	73.39	85.78	102.44	111.11	107.45	103.88	90.71

Alexandria Real Estate Equities, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)