What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Alexandria Real Estate Equities (ARE) spend its free cash flow?

For TTM through Q1 2026, Alexandria Real Estate Equities generated $1.4B of operating cash flow and $1.4B of free cash flow — a free cash flow margin of 100% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Alexandria Real Estate Equities (ARE) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Alexandria Real Estate Equities's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Alexandria Real Estate Equities (ARE) Cash Flow Waterfall

Operating CF

$1.4B

Capex

$0.00

Free Cash Flow

$1.4B

FCF Margin

+100.0%

Cash flow waterfall for Alexandria Real Estate Equities (ARE) — TTM through Q1 2026

Free cash flow: $1.4B

Note: Other Investing is large — driven mainly by acquisitions and investment activity.

Cash flow breakdown for Alexandria Real Estate Equities (ARE) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.4B	$1.4B
Capital Expenditure	$0.00	$1.4B
Free Cash Flow	$1.4B	$1.4B
Other Investing	$450M	$1.85B
Dividends Paid	-$805M	$1.05B
Net Debt Change	-$868M	$180M
Other Financing & FX	-$240M	-$60.4M
Net Cash Decrease	-$60.4M	-$60.4M

Operating Cash Flow$1.4B
Capital Expenditure$0.00
Free Cash Flow$1.4B
Other Investing$450M
Dividends Paid-$805M
Net Debt Change-$868M
Other Financing & FX-$240M
Net Cash Decrease-$60.4M

Want to see what drove the FCF change?Free Cash Flow Bridge

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Data & methodology

Alexandria Real Estate Equities (ARE) Key Financials

Charts, filings, and peer comparison for every metric

Income Statement

Balance Sheet

Profitability

Operating Margin-42.8%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees514.0

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