ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Rental								608.8
Tenant recoveries								209.1
Other								25.6
Total revenues [+]	2,589.0	2,114.2	1,885.6	1,531.3	1,327.5	1,128.1	921.7	843.5
Tenant reimbursements								209.1
Lease / rental								608.8
Other income								25.6
Revenue growth [+]	22.5%	12.1%	23.1%	15.4%	17.7%	22.4%	9.3%	16.0%
Rental								11.9%
Tenant recoveries								20.5%
Cost of goods sold	783.2	623.6	530.2	445.5	381.1	325.6	278.4	261.2
Gross profit	1,805.8	1,490.6	1,355.4	1,085.8	946.3	802.5	643.3	582.2
Gross margin	69.8%	70.5%	71.9%	70.9%	71.3%	71.1%	69.8%	69.0%
Selling, general and administrative [+]	177.3	151.5	133.3	108.8	90.4	75.0	63.9	59.6
General and administrative	177.3	151.5	133.3	108.8	90.4	75.0	63.9	59.6
Equity in earnings	0.6	12.3	8.1	10.1	44.0	15.4	-0.2	1.7
Other operating expenses	-199.5	-251.5	-454.1	-100.0	-143.2	6.5	2.7	-12.0
EBITDA [+]	1,828.7	1,602.9	1,684.3	1,087.1	1,043.1	736.4	576.6	536.3
EBITDA growth	14.1%	-4.8%	54.9%	4.2%	41.7%	27.7%	7.5%	17.9%
EBITDA margin	70.6%	75.8%	89.3%	71.0%	78.6%	65.3%	62.6%	63.6%
Depreciation and amortization	1,002.1	821.1	698.1	544.6	477.7	416.8	313.4	261.3
EBIT [+]	826.6	781.9	986.2	542.5	565.5	319.6	263.2	275.0
EBIT growth	5.7%	-20.7%	81.8%	-4.1%	76.9%	21.4%	-4.3%	19.2%
EBIT margin	31.9%	37.0%	52.3%	35.4%	42.6%	28.3%	28.6%	32.6%
Non-recurring items [+]	65.0	52.7	48.1	12.3	6.3	0.2	209.3	23.3
Asset impairment	65.0	52.7	48.1	12.3	6.3	0.2	209.3	23.3
Interest expense, net [+]	94.2	142.2	171.6	173.7	157.5	128.6	107.0	86.9
Interest expense	94.2	142.2	171.6	173.7	157.5	128.6	107.0	105.8
Interest income								18.9
Other income (expense), net [+]	3.3	67.3	60.7	47.6	1.1	3.5	3.2	-18.8
Gain (loss) on sale of assets	537.9	126.6	154.1
Gain (loss) on debt retirement	-3.3	-67.3	-60.7	-47.6	-1.1	-3.5	-3.2	-0.2
Pre-tax income	670.7	654.3	827.2	404.0	402.8	194.2	-49.8	146.2
Income taxes	149.0	83.0	56.2	40.9	23.5	25.1	16.1	1.9
Tax rate	22.2%	12.7%	6.8%	10.1%	5.8%	12.9%		1.3%
Minority interest	149.0	83.0	56.2	40.9	23.5	25.1	16.1	1.9
Earnings from continuing ops	513.3	563.4	760.8	351.0	364.0	145.4	-151.1	116.9
Earnings from discontinued ops								0.0
Net income	513.3	563.4	760.8	351.0	364.0	145.4	-151.1	116.9
Net margin	19.8%	26.6%	40.3%	22.9%	27.4%	12.9%	-16.4%	13.9%

Basic EPS [+]	$3.18	$3.83	$6.03	$3.13	$3.53	$1.59	($1.99)	$1.63
Growth	-17.2%	-36.4%	92.9%	-11.5%	122.5%	-180.0%	-221.5%	64.1%
Diluted EPS [+]	$3.18	$3.82	$6.01	$3.12	$3.52	$1.58	($1.99)	$1.63
Growth	-16.9%	-36.5%	92.8%	-11.5%	123.1%	-179.5%	-221.5%	64.1%

Dividends per share [+]	$4.69	$4.48	$4.24	$4.00	$3.70	$3.45	$3.16	$3.05
Growth	4.6%	5.7%	6.0%	8.3%	7.1%	9.2%	3.6%	7.2%

Shares outstanding (basic) [+]	161.7	146.9	126.1	112.2	103.0	91.5	76.1	71.5
Growth	10.0%	16.5%	12.4%	8.9%	12.5%	20.3%	6.4%	0.5%
Shares outstanding (diluted) [+]	161.7	147.5	126.5	112.5	103.3	92.1	76.1	71.5
Growth	9.6%	16.6%	12.4%	8.9%	12.2%	21.0%	6.4%	0.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.