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Held by 140 of 2,417 reporting institutions (92th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $911.5M dividends + $208.2M buybacks = $1.12B returned on -$456.9M FCF.
9 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.03B 100.0% | $3.12B 100.0% | $2.89B 100.0% | $2.59B 100.0% | $2.11B 100.0% | $1.89B 100.0% | $1.53B 100.0% | $1.33B 100.0% | $1.13B 100.0% | $921.7M 100.0% |
| Selling, General & Admin | $117.0M 3.9% | $168.4M 5.4% | $199.4M 6.9% | $177.3M 6.8% | $151.5M 7.2% | $133.3M 7.1% | $108.8M 7.1% | $90.4M 6.8% | $75.0M 6.6% | $63.9M 6.9% |
| Total Operating Expenses | $4.82B 159.2% | $2.69B 86.3% | $2.69B 93.1% | $2.13B 82.1% | $1.86B 87.9% | $1.64B 87.1% | $1.33B 87.0% | $1.11B 83.9% | $949.7M 84.2% | $975.1M 105.8% |
| Interest Expense | $226.7M 7.5% | $185.8M 6.0% | $74.2M 2.6% | $94.2M 3.6% | $142.2M 6.7% | $171.6M 9.1% | $173.7M 11.3% | $157.5M 11.9% | $128.6M 11.4% | $107.0M 11.6% |
| Net Income | -$1.43B -47.2% | $322.9M 10.4% | $103.6M 3.6% | $521.7M 20.1% | $571.2M 27.0% | $771.0M 40.9% | $363.2M 23.7% | $379.3M 28.6% | $169.1M 15.0% | -$65.9M -7.1% |
| Per Share | ||||||||||
| EPS (Basic) | -$8.44 | $1.80 | $0.54 | $3.18 | $3.83 | $6.03 | $3.13 | $3.53 | $1.59 | -$1.99 |
| EPS (Diluted) | -$8.44 | $1.80 | $0.54 | $3.18 | $3.82 | $6.01 | $3.12 | $3.52 | $1.58 | -$1.99 |
| Weighted Avg Shares (Basic) | 170.3M | 172.1M | 170.9M | 161.7M | 146.9M | 126.1M | 112.2M | 103.0M | 91.5M | 76.1M |
| Weighted Avg Shares (Diluted) | 170.3M | 172.1M | 170.9M | 161.7M | 147.5M | 126.5M | 112.5M | 103.3M | 92.1M | 76.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $549.1M (at 2025-12-31) covers the $0 due within a year 549062000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~1.8% on $12.40B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SUI | $13.8B | 10.4× | 113.4× | 6.0× | 2.0% | — | 61.3% | 20.3% | 20.3% | -4.9× | 114 |
| REG | $13.7B | — | 12.0× | 8.8× | 6.9% | — | 34.0% | 7.6% | 4.5% | 3.1× | — |
| MAA | $13.6B | 31.0× | — | 6.2× | 0.8% | — | 20.2% | 7.9% | 7.9% | — | 172 |
| DOC | $13.1B | 190.3× | — | 4.7× | 4.5% | — | 2.5% | 1.0% | 0.4% | — | 216 |
| AHR | $11.7B | 127.4× | 19.2× | 5.2× | 9.1% | 20.6% | 3.1% | 2.1% | 2.1% | -0.2× | 131 |
| ELS | $11.5B | 29.4× | — | 7.5× | 0.3% | — | 26.3% | 22.9% | 7.9% | — | 100 |
| UDR | $11.4B | 31.4× | 14.0× | 6.7× | 2.4% | — | 22.1% | 11.5% | 4.1% | 4.7× | 121 |
| GLPI | $11.3B | 13.2× | 12.5× | 7.1× | 4.1% | — | 51.7% | 17.8% | 7.0% | 4.8× | 138 |
| EGP | $10.7B | 40.8× | — | 14.8× | 12.7% | — | 35.7% | 7.4% | 7.4% | — | 126 |
| BXP | $10.0B | 36.1× | — | 2.9× | 2.2% | 59.1% | 7.9% | 5.4% | 5.4% | — | 129 |
| CUBE | $9.6B | 29.3× | — | 8.6× | 5.3% | 68.7% | 29.5% | 12.2% | 12.2% | — | 107 |
| FRT | $9.6B | 23.5× | — | 7.5× | 6.4% | — | 32.1% | 12.7% | 5.0% | — | 138 |
| RHP | $9.2B | 35.3× | 11.6× | 3.6× | 10.2% | 44.1% | 9.4% | 32.5% | 32.5% | -0.6× | 93 |
| BRX | $8.9B | 23.3× | — | 6.5× | 6.7% | — | 28.2% | 12.8% | 4.5% | — | 94 |
| CTRE | $8.6B | 23.2× | — | 18.1× | 60.8% | — | 67.3% | 7.9% | 6.5% | — | 104 |
| REXR | $8.5B | 44.4× | — | 8.5× | 7.1% | — | 21.1% | 2.5% | 1.8% | — | 94 |
| ADC | $8.3B | 37.9× | — | 11.6× | 16.4% | — | 28.4% | 3.3% | 3.3% | — | 105 |
| LINE | $8.2B | — | 13.3× | 1.5× | 0.3% | 32.1% | -1.9% | -1.2% | -0.7% | 5.7× | 59 |
| NNN | $7.8B | 19.8× | 9.1× | 8.4× | 6.6% | — | 42.1% | 8.8% | 8.8% | -0.0× | 150 |
| FR | $7.2B | 29.1× | 15.6× | 9.9× | 8.6% | — | 34.0% | 9.3% | 9.3% | -0.2× | 100 |
| ARE | $7.0B | — | — | 2.3× | -2.9% | — | -47.2% | -9.2% | -5.1% | — | 140 |
| VNO | $6.5B | 8.2× | — | 3.6× | 1.3% | — | 50.0% | 15.1% | 11.0% | — | 93 |
| RYN | $5.8B | 6.4× | — | 12.0× | -51.0% | 32.5% | 97.9% | 21.5% | 14.6% | — | 115 |
| EPRT | $5.8B | 20.9× | 16.3× | 10.3× | 24.8% | — | 45.1% | 6.0% | 3.8% | 4.9× | 65 |
| OUT | $5.6B | 39.0× | 21.1× | 3.1× | 0.0% | — | 8.0% | 20.7% | 4.5% | 6.5× | 65 |
Peers = companies sharing ARE's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-15 | Woronoff Michael A Director | Grant | 500 | $0.00 | $0 |
| 2026-10-15 | Cain James P Director | Grant | 168 | $0.00 | $0 |
| 2026-10-15 | Hash Steve Director | Grant | 398 | $0.00 | $0 |
| 2026-10-15 | Mcgrath Sheila K. Director | Grant |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | not reported | -7.1% |
| FY2017 | not reported | not reported | 15.0% |
| FY2018 | not reported | not reported | 28.6% |
| FY2019 | not reported | not reported | 23.7% |
| FY2020 | not reported | not reported | 40.9% |
| FY2021 | not reported | not reported | 27.0% |
| FY2022 | not reported | not reported | 20.1% |
| FY2023 | not reported | not reported | 3.6% |
| FY2024 | not reported | not reported | 10.4% |
| FY2025 | not reported | not reported | -47.2% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
| 150 |
| $0.00 |
| $0 |
| 2026-10-15 | Klein Richard Hunter Director | Grant | 130 | $0.00 | $0 |
| 2026-09-30 | Woronoff Michael A Director | Grant | 896 | $0.00 | $0 |
| 2026-09-30 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,068 | $47.46 | $51k |
| 2026-09-15 | Thomas Gregory Calvin EVP - CTO | Tax withholding | 1,096 | $52.93 | $58k |
| 2026-09-15 | Nelson Jesse J. EVP - RMD | Tax withholding | 3,611 | $52.93 | $191k |
| 2026-09-15 | Gossett Bret E. EVP - Co-RMD | Tax withholding | 584 | $52.93 | $31k |
| 2026-09-15 | Kuhn Hallie E. EVP - Cap Market & Co-Lead -LS | Tax withholding | 914 | $52.93 | $48k |
| 2026-09-15 | Foger Jenna R. EVP - Co-Lead - Life Science | Tax withholding | 1,086 | $52.93 | $57k |
| 2026-09-15 | Stevens Blake L. Regional Market Director | Tax withholding | 471 | $52.93 | $25k |
| 2026-09-15 | Boss Michael E. Co-Regional Market Director | Tax withholding | 1,462 | $52.93 | $77k |
| 2026-09-15 | Cole John Hart Co-President, & Co-RMD | Tax withholding | 2,208 | $52.93 | $117k |
| 2026-09-11 | Fukuzaki-Carlson Kristina EVP - Business Operations | Open-market sale | 16,810 | $50.51 | $849k |
| 2026-09-11 | Marcus Joel S Executive Chairman | Open-market buy | 5,000 | $49.68 | $248k |
| 2026-08-31 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,068 | $51.29 | $55k |
| 2026-08-31 | Gavinet Andres Chief Accounting Officer | Open-market sale | 10,000 | $50.93 | $509k |
| 2026-08-17 | Marcus Joel S Executive Chairman | Open-market buy | 5,000 | $46.28 | $231k |
| 2026-07-31 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,068 | $51.45 | $55k |
| 2026-07-15 | Mcgrath Sheila K. Director | Grant | 128 | $0.00 | $0 |
| 2026-07-15 | Woronoff Michael A Director | Grant | 415 | $0.00 | $0 |
| 2026-07-15 | Cain James P Director | Grant | 144 | $0.00 | $0 |
| 2026-07-15 | Hash Steve Director | Grant | 340 | $0.00 | $0 |
| 2026-07-15 | Klein Richard Hunter Director | Grant | 111 | $0.00 | $0 |
| 2026-06-30 | Woronoff Michael A Director | Grant | 804 | $0.00 | $0 |
| 2026-06-30 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,068 | $52.85 | $56k |
| 2026-06-09 | Binda Marc E CFO & Treasurer | 10b5-1 plan sale | 2,000 | $54.00 | $108k |
| 2026-05-29 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,067 | $49.68 | $53k |
| 2026-05-06 | 2 co-filers Executive Chairman | Open-market buy | 3,989 | $45.99 | $183k |
| 2026-05-06 | 2 co-filers Executive Chairman | Open-market buy | 3,511 | $46.74 | $164k |
| 2026-05-05 | 3 co-filers Executive Chairman | Open-market buy | 2,062 | $41.89 | $86k |
| 2026-05-05 | 3 co-filers Executive Chairman | Open-market buy | 3,832 | $42.76 | $164k |
| 2026-05-05 | 3 co-filers Executive Chairman | Open-market buy | 1,606 | $43.70 | $70k |
| 2026-05-04 | Marcus Joel S Executive Chairman | Open-market buy | 10,000 | $41.02 | $410k |
| 2026-04-30 | Thomas Gregory Calvin EVP - CTO | Open-market buy | 3,500 | $41.00 | $144k |
| 2026-04-30 | Moglia Peter M Chief Executive Officer | Tax withholding | 1,069 | $40.51 | $43k |
| 2026-04-17 | Kuhn Hallie E. EVP - Cap Market & Co-Lead -LS | 10b5-1 plan sale | 536 | $48.20 | $26k |
| 2026-04-15 | Hash Steve Director | Grant | 343 | $0.00 | $0 |
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -9% against ROIC -5% — -4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 6.8 | 7.1 | 7.1 | 7.2 | 6.8 | 6.9 | 5.4 | 3.9 |
| Net Income | 28.6 | 23.7 | 40.9 | 27.0 | 20.1 | 3.6 | 10.4 | -47.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ARE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Return on equity is 4 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$1.43B | −$1.43B |
| Share-based comp | $41M | −$1.39B |
| Other non-cash & working capital | $2.80B | $1.41B |
| Operating cash flow | $1.41B | $1.41B |
| Capex | −$1.87B | −$457M |
| Free cash flow | −$457M | −$457M |
| FCF after SBC | −$498M | −$498M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 23.1% | -31.4% | -54.5 points |
| FY2021 | 12.1% | 0.6% | -11.5 points |
| FY2022 | 22.5% | 3.2% | -19.3 points |
| FY2023 | 11.5% | 7.8% | -3.6 points |
| FY2024 | 8.0% | -21.9% | -29.9 points |
| FY2025 | -2.9% | 4.1% | 7.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 2.5 days | not reported | not reported | not reported |
| FY2020 | 1.4 days | not reported | not reported | not reported |
| FY2021 | 1.3 days | not reported | not reported | not reported |
| FY2022 | 1.1 days | not reported | not reported | not reported |
| FY2023 | 1 days | not reported | not reported | not reported |
| FY2024 | 0.8 days | not reported | not reported | not reported |
| FY2025 | 0.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.7 percent |
| FY2020 | -0.5 percent |
| FY2021 | -1.4 percent |
| FY2022 | -2.2 percent |
| FY2023 | -4.2 percent |
| FY2024 | -3.1 percent |
| FY2025 | -8.3 percent |
Reported free cash flow is -$457M; after share-based compensation it is -$498M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
Ladder as of 2025-09-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.