Alexandria Real Estate Equities management check
ARE · Real Estate · Office REITs · CEO Peter M. Moglia
Filings as of
3 good · 1 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $34, against $165 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.73 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
CEO stake ≈ 1.5 years of payThe CEO holds 370,886 shares, directly or through trusts (unvested awards not counted): about 1.5 years of pay. Both: 2 buyers ($1.7m) and 3 sellers ($1.5m) in six months. 1 of 3 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.2% a year over the last three fiscal years. Stock-based pay was 1.4% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Joel S. Marcus, Peter M. Moglia, Stephen A. Richardson. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 45 | |
| Pay for performance | 86 | 86 | |
| CEO cost | — | — | 23 |
| Skin in the game | 44 | 32 | |
| Dilution | 52 | 23 | |
| Stable leadership | 5 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Office REITs, by management score. Alexandria Real Estate Equities is 26th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 1, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Joel S. Marcus, Peter M. Moglia | $11.6m | $4.3m | $5.0m | $34 | $165 | — |
| 2024 | Joel S. Marcus, Peter M. Moglia | $17.7m | $14.2m | $6.8m | $63 | $128 | — |
| 2023 | Joel S. Marcus, Peter M. Moglia | $15.5m | $12.9m | $7.7m | $78 | $103 | — |
| 2022 | Joel S. Marcus, Peter M. Moglia, Stephen A. Richardson | $13.0m | $5.2m | $7.9m | $86 | $91 | — |
| 2021 | Joel S. Marcus, Peter M. Moglia, Stephen A. Richardson | $12.7m | $20.2m | $7.3m | $128 | $116 | — |
The board says pay is tied most to FFO Per Share, As Adjusted**. Its other key measures: Net Debt to Adjusted EBITDA Ratio**, Adjusted EBITDA Margin**, Total Shareholder Return (TSR).
Insiders and the CEO's stake
Peter M Moglia (Chief Executive Officer) held 370,886 shares directly after their latest Form 4 on Sep 30, 2026, roughly $17.6m at that filing's price.
Both: 2 buyers ($1.7m) and 3 sellers ($1.5m) in six months. 1 of 3 sales ran on pre-arranged 10b5-1 plans.
- BoughtJoel S MarcusExecutive Chairman$1.6mSep 11, 2026
- BoughtGregory Calvin ThomasEVP - CTO$144kApr 30, 2026
- SoldKristina Fukuzaki-CarlsonEVP - Business Operations$849kSep 11, 2026
- SoldAndres GavinetChief Accounting Officer$509kAug 31, 2026
Leadership and governance on file
- Jan 12, 2026Leadership change8-K 5.02
- Dec 8, 2025Leadership change8-K 5.02
- May 15, 2025Leadership change8-K 5.02
- Mar 6, 2025Leadership change8-K 5.02
- Dec 9, 2024Leadership change8-K 5.02
- May 16, 2024Leadership change8-K 5.02
- Jan 11, 2024Leadership change8-K 5.02
- Dec 4, 2023Leadership change8-K 5.02
- Aug 31, 2023Leadership change8-K 5.02
- Aug 17, 2023Leadership change8-K 5.02
- Mar 24, 2023Leadership change8-K 5.02
- Jul 8, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 14, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.3bn returned to owners in buybacks and dividends, 4815% of net income, and $290.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1bn | $2.6bn | $2.9bn | $3.1bn | $3.0bn |
| Net income | $571.2m | $521.7m | $103.6m | $322.9m | −$1.4bn |
| Stock-based pay | $48.7m | $57.7m | $82.9m | $59.6m | $41.1m |
| Buybacks | — | $0 | $0 | $50.1m | $208.2m |
| Dividends | $656.0m | $757.7m | $847.5m | $898.6m | $911.5m |
| Diluted shares | 147m | 162m | 171m | 172m | 170m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.