ALEXANDRIA REAL ESTATE EQUITIES, INC.

ARE

Quality scores

Data as of Sep 5, 2026

5 / 9

Neutral

5/9 — middling fundamentals (neutral zone).

FailROA > 0 — ROA last year = -4.19 %
PassFCF > 0 — FCF last year = 1,414.05 mill.
PassFCF > net income (accrual quality) — FCF 1,414.05 vs. net income -1,429.57 (mill.)
FailRising ROA — ROA -4.19 % vs. prior year 0.86 %

FailLower long-term leverage — long-term debt/assets 0.36 vs. prior 0.33
PassRising current ratio (more liquidity) — Current ratio 0.43 vs. prior 0.40
PassNo dilution (shares do not grow) — Shares 170.54 mill. vs. prior 172.20 mill.

Z-Score (original)

0.31

Distress zone

Z''-Score (non-manufacturing)

3.90

Safe zone

Ratio	Value
X1 — Working capital / Total assets	-0.04
X2 — Retained earnings / Total assets	0.00
X3 — EBIT / Total assets	-0.03
X4 — Market cap / Total liabilities	0.60
X4 — Book equity / Total liabilities	1.04
X5 — Sales / Total assets	0.09